Switchgear Market: Valued at USD 88.44 Billion (2023) & Record 6.3% CAGR During 2024-30

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Switchgear Market

Switchgear refers to the vital constituent of electrical power systems that controls, protects, and isolates electrical equipment. MarkNtel Advisors recently published a research report stating that the Global Switchgear Market size was valued at USD 88.44 billion in 2023 and is estimated to grow at a CAGR of around 6.3% during the forecast period, i.e., 2024-30. The market growth is likely to be propelled by numerous factors, such as booming construction activities in developing economies, increasing mandate for effective and economical power distribution systems, and transformation of power grids.

Additionally, the prominent companies in the Global Switchgear Market, are undertaking mergers, acquisitions, contractual agreements, and partnerships with the associated sectors and the business firms across the Switchgear Market, further targeting to enhance their revenue and preserve their market share for the future run.

Evaluation of the Market Segmentation of the Global Switchgear Market

  • By Components (Software, Hardware, and Services)
  • By Deployment Mode (On-Premise and Cloud)
  • By Organization Size (Large Enterprise and Small & Medium Enterprise)
  • By End Users (BFSI, IT & Telecommunication, Government, Healthcare & Lifesciences, Education, Retail, Real Estate, and Others)
  • By Region (North America, South America, Europe, Asia-Pacific, and Middle East & Africa)

The Air-Insulated Switchgear (AIS) segment retained the maximum share accounting for almost 70% of the Global Switchgear Market. The segment’s growth is mainly driven by the flow in demand for extended distribution networks, commercial settlements, and residential segments. Moreover, the AIS usually contains critical electrical mechanisms such as circuit breakers, earth switches, and disconnectors that enable real control over the isolation and safety of numerous types of electric equipment by using air insulation tools that are pollution-free, thus making them a reasonable alternative as compared to others, while having modest construction ways.

Asia-Pacific region is anticipated to achieve the highest share in the Switchgear Market during the projection period with China leading in the front followed by India and Japan. The Asia-Pacific region houses some of the prominent economies like China, India, Japan, Australia, and other Southeast Asian countries like South Korea and the Association of Southeast Asian Nations (ASEAN) resulting in the regional growth. Moreover, the fast expansion in bigger markets of the region is a facilitator for development across several sectors, including power distribution transmission to commercial or residential applications to transportation. Additionally, the thriving marine industry of Japan, South Korea, and China has predominantly raised the necessity for switchgear in safeguarding electrical equipment onboard sea vessels, mainly within the maritime trade division.

Significant Market Contenders in the Global Switchgear Market

Some of the major market players in the Global Switchgear Market include ABB, General Electric, Siemens, Schneider Electric, Eaton, Mitsubishi Electric Corporation, Powell Industries, Havells India Ltd., Bharat Heavy Electricals Limited (BHEL), HD Hyundai Electric Co. Ltd., Hubbell, Fuji Electric Co. Ltd., Hitachi Ltd., Legrand, CG Power and Industrial Solutions Ltd., and Others. Being the leading contenders, the companies continuously work to better & enhance the product, making it suitable for the transforming industries and environment.

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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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Written by steve