According to the recent study the Switchgear Market is projected to reach an estimated $229 billion by 2030 from $126 billion in 2023, at a CAGR of 7.5% from 2023 to 2030. Growth in this market is primarily driven by increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Browse 98 figures/charts
and 81 tables in this 168-page report to understand trends, opportunities and
forecast in switchgear market by voltage (high voltage, medium voltage, and low
voltage), product (other low voltage switchgear, metal enclosed & metal
clad, MCCB, fuse, power circuit breaker, and other medium & high voltage
switchgear), end use (utilities, industrial, commercial and residential) and
region (North America, Europe, Asia Pacific, and the Rest of the World).
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Switchgear Market.
Lucintel forecasts that
the low voltage switchgear is expected to remain the largest segment and is
expected to experience the highest growth during the forecast period due to
increasing construction activities and renewable energy installations.
Utilities will remain
the largest end use market due to the continuous expansion in electrical
infrastructure to fulfill growing electricity demand. Switchgear for the
residential end use is expected to witness the highest growth in the forecast
period supported by growing urbanization and rapid electrification.
Asia Pacific is expected
to remain the largest market and is also expected to witness the highest growth
over the forecast period. Increasing electricity demand due to growing
population, economic expansion, urbanization, industrialization, and rural
electrification projects, particularly in India and China, are leading the
demand for switchgear.
ABB Ltd., General
Electric, CG Power and Industrial Solutions Limited, Siemens AG, Eaton, Alstom
SA, Schneider Electric, Havells India Ltd., Mitsubishi Electric Corporation,
and Bharat Heavy Electricals Ltd. are the major suppliers in the switchgear
providers.
This unique research
report will enable you to make confident business decisions in this globally
competitive marketplace. For a detailed table of contents, contact Lucintel at
+1-972-636-5056 or write us at helpdesk@lucintel.com.
About Lucintel
At Lucintel, we offer solutions for
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unmet needs analysis. We are based in
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years. We are quoted in several publications like the Wall Street Journal,
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Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. +1 972.636.5056
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