Global Switchgear Market

Switchgear Market Overview

Switchgears are electrical devices used for controlling, regulating, monitoring, and switching on or off the electrical circuit in the electrical power system. Switchgears are composed of switches, fuses, circuit breaker, isolator, indicating instrument, relays, current and potential transformer, lightning arresters and control panels. Switchgear is used for de-energizing the equipment for testing and maintenance and allows the smooth flow of current load by clearing the fault.

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Major Switchgear Market Drivers

Growing energy demand, rising concern for efficient energy transmission and distribution control systems, replacement of aging power infrastructure, along with growing investments in renewable energy are some of the major factors driving the growth of the switchgear market. Additionally, Switchgear helps in providing uninterrupted power supply owing to the capability of handling sudden power spikes and drops in the electric power system. It helps in protecting the lines, generators, transformers and other electrical equipment from damage owing to which it is highly utilized by residential, commercial, utilities and industrial customers across low, medium and high voltage applications. This is expected to boost the growth of the market.

Moreover, increasing investments toward infrastructural development, development of power generation plants along with growing inclination toward renewable power generation including wind, solar, and hydro power generation are expected to increase the need for new transmission and distribution lines, thereby, augmenting the growth of the switchgear market during the forecast period. However, high cost of switchgears and harsh environmental conditions such as temperature and humidity, as well as water seepage out of the ground are expected to hamper the growth of the market during the forecast period.

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Based on the insulation, the market is segmented into gas insulated and air insulated. The air insulated segment is expected to account for a huge share in the market over the forecast period. This is primarily due to the utilization of the air insulated switchgears in a variety of sectors including power transmission & distribution centres, manufacturing and processing, infrastructure, transportation, oil & gas, and other industries. Additionally, air insulated switchgears are relatively cost-effective, easy to construct, easy to maintain, and pollution-free. This is further expected to drive the market over the forecast period.

Based on the installation, the market is segmented into indoor and outdoor. The indoor segment is anticipated to hold a significant share in the market owing to its several advantages including easier maintenance, lower operating cost, and durability. Moreover, it has lesser prone to environment conditions and takes lesser space than the outdoor system, also, it has reduced risk of electrocuting due to grounded metal enclosures. These factors are expected to escalate the growth of the market.

Based on the end-user, the market is segmented into T&D utilities, industries, commercial & residential, and others. The T&D utilities segment is projected to account for a high share in the switchgear market over the forecast period owing to the increasing demand for safe, reliable, high-performance communications network for the power generation, transmission, and distribution of electricity globally. Additionally, rising number of private and public owned electric utilities are further stimulating the growth of the market over the forecast period.

Based on voltage, the market is segmented into less than 1 KV, 1-36 KV, more than 36 KV. Medium voltage that includes 1-36 KV switchgear market is estimated to witness substantial growth during the forecast period owing to the growing demand of switchgears in power and energy sector along with the rising expansion and renovation of grid infrastructure across the developing economies globally. Additionally, rapid development across industrial and commercial establishments is further supporting the growth of the market over the forecast period.

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Regional – Segment Analysis

Based on the region, Asia-Pacific region is anticipated to witness a significant growth in the switchgear market during the forecast period. This is primarily due to the growing economies including China, Japan, India, and South Korea in the region coupled with the increasing demand of uninterrupted power supply for various residential, industrial, commercial, and utility applications. In addition, increasing targets of government of providing electricity in remote and rural areas and rising investment in the power sector are also expected to contribute to the increasing demand of switchgears during the forecast period. North America is projected to account for prominent share in the switchgear market owing to the increasing investment infrastructure development for renewable energy sources, replacement of old installations and grid modernization in the region. Moreover, rapid economic development, increased standard of living, the robust infrastructure development along with the implementation of regulations for the safety of power distribution are further supporting the market growth in the region.

Top Market Players

Various notable players operating in the global Switchgear market, include, ABB Ltd., CG Power and Industrial Solutions Limited, Hitachi Ltd., Hyundai Motor Company, Schneider Electric, Siemens AG, Eaton Corporation Plc, General Electric Company, Fuji Electric Co., Ltd., and Larsen & Toubro Limited among other companies. 

Key Developments:

• • In 2020, Siemens AG acquired C&S Electric, one of largest switchgear and power equipment companies in India. Siemens has acquired low voltage switchgear components and panels, low voltage and minimum voltage busbars, and protection and metering devices of C&S Electric. With this acquisition, Siemens AG is expected to expand its business portfolio in the Indian and Asia-Pacific market.
  • In 2019, ABB Ltd. launched the NeoGear,a low-voltage switchgear. The NeoGear has laminated bus plate technology, which replaces traditional horizontal and vertical bus bar systems. This is expected to enhance the product portfolio of the company in the switchgear market.
  • In 2019, Eaton Corporation Plc, a power management company acquired Innovative Switchgear Solutions, Inc. (ISG), a manufacturer of medium-voltage electrical equipment for commercial and industrial markets in North America. This acquisition is expected enhance the medium-voltage switchgear solutions segment of Eaton Corporation Plc.

Segments covered in the Report:

The global Switchgear market has been segmented on the insulation, installation, end-user, voltage, and region. On the basis of insulation, the market is segmented into gas insulated and air insulated. Based on the installation, the market is segmented into indoor and outdoor. On the basis of end-user, the market is segmented into T&D utilities, industries, commercial & residential, and others. On the basis of voltage, the market is segmented into less than 1 KV, 1-36 KV, more than 36 KV.

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Key questions answered in this research report:

• • At what pace is global Switchgear market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Switchgear market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Switchgear market?
  • Which insulation generated maximum revenues in 2019 and identify the most promising insulation during the forecast period?
  • What are the various end-users of global Switchgear market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Insulation, By Installation, By End-User, By Voltage, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ABB Ltd., CG Power and Industrial Solutions Limited, Hitachi Ltd., Hyundai Motor Company, Schneider Electric, Siemens AG, Eaton Corporation Plc, General Electric Company, Fuji Electric Co., Ltd., and Larsen & Toubro Limited among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Switchgear Market by Insulation

• • Gas Insulated
  • Air Insulated

Global Switchgear Market by Installation

• • Indoor
  • Outdoor

Global Switchgear Market by End-User

• • T&D Utilities
  • Industries
  • Commercial & Residential
  • Others

Global Switchgear Market by Voltage

• • Less than 1 KV
  • 1-36 KV
  • More Than 36 KV

Global Switchgear Market by Region

• • North America Switchgear Market (Option 1: As a part of the free 25% customization)

    • North America Market by Insulation
    • North America Market by Installation
    • North America Market by End-User
    • North America Market by Voltage
    • US Market All-Up
    • Canada Market All-Up

  • Europe Switchgear Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Insulation
    • Europe Market by Installation
    • Europe Market by End-User
    • Europe Market by Voltage
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Switchgear Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Insulation
    • Asia-Pacific Market by Installation
    • Asia-Pacific Market by End-User
    • Asia-Pacific Market by Voltage
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Switchgear Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Insulation
    • RoW Market by Installation
    • RoW Market by End-User
    • RoW Market by Voltage
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Switchgear Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ABB Ltd.
  • CG Power and Industrial Solutions Limited
  • Hitachi Ltd.
  • Hyundai Motor Company
  • Schneider Electric
  • Siemens AG
  • Eaton Corporation Plc
  • General Electric Company
  • Fuji Electric Co., Ltd.
  • Larsen & Toubro Limited