IMARC Group, a leading market research company, has recently releases report titled “Switchgear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global switchgear market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Switchgear
A switchgear is an electrical apparatus utilized to manage, regulate, and enable or disable the flow of electricity within a circuit. It consists of a collection of components such as switches, fuses, circuit breakers, isolators, relays, current and potential transformers, indicating instruments, lightning arresters, and control panels. Its primary purpose is to safeguard equipment from short-circuits and excessive currents while also ensuring the safety of individuals by controlling the flow of current within the system, maintaining it at safe levels. Consequently, switchgear is widely employed in various sectors, including residential, commercial, and industrial applications worldwide.
How Big Is the Switchgear Market?
The global switchgear market size reached US$ 111.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 168.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.
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What are the growth prospects and trends in the switchgear industry?
The increasing global population has led to a rising demand for energy, which serves as a significant driver for the market. Switchgear plays a crucial role in ensuring uninterrupted connectivity and enabling higher capacity in power generation stations. It also serves the purpose of isolating faulty sections of the circuit in the event of a malfunction. Additionally, switchgear improves system availability by allowing multiple sources to supply power to a load.
This, combined with the expansion of transmission and distribution networks, contributes to the market’s growth. Currently, there is a growing adoption of gas-insulated switchgear (GIS) due to its resistance to contamination and ability to provide protection against electric shocks. GIS finds applications in confined spaces like roofs, city buildings, offices, offshore platforms, extensions, as well as industrial and hydropower plants. This, along with the flourishing construction industry, creates a positive market outlook.
Furthermore, increased investments in the power sector present lucrative growth opportunities for market players. Numerous other factors, such as product innovations, technological advancements, and the growing demand for renewable energy across various industry sectors, are expected to further drive the global demand for switchgear.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Voltage Type:
- Low-Voltage
- Medium-Voltage
- High-Voltage
Breakup by Insulation:
- Gas Insulated Switchgear (GIS)
- Air Insulated Switchgear (AIS)
- Others
Breakup by Installation:
- Indoor
- Outdoor
Breakup by End Use:
- Commercial
- Residential
- Industrial
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd.
- CG Power and Industrial Solutions Limited
- Eaton Corporation PLC
- Fuji Electric Co. Ltd.
- General Electric Company
- Havells India Limited
- Hitachi Ltd.
- Larsen Toubro Limited
- Meidensha Corporation
- Mitsubishi Electric Corporation
- Powell Industries Inc.
- Schneider Electric SE
- Siemens AG
- Toshiba Corporation
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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