Switchboard Global Market Report 2024

The switchboard market size has grown steadily in recent years. It will grow from $93.09 billion in 2023 to $96.7 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The expansion observed in the historical period can be linked to the increase in industrialization and infrastructure development, urbanization, and commercial construction. Additionally, the growth is attributed to the expansion of power generation and distribution networks, along with upgrades and retrofitting of electrical systems to meet safety and compliance standards.

The switchboard market size is expected to see steady growth in the next few years. It will grow to $109.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.The anticipated growth in the forecast period can be ascribed to the increasing integration of renewable energy, advancements in smart buildings and energy efficiency, initiatives for infrastructure modernization, the electrification of transportation, and a focus on resilience and grid reliability. Key trends expected during this period encompass a shift towards environmentally friendly insulation materials, heightened customization tailored for specific industries, improved connectivity through Industrial IoT (IIoT), the implementation of fault-tolerant designs, and the adoption of cloud-based monitoring and analytics.

The increasing emphasis on enhancing manufacturing efficiency to ensure product durability is driving the demand for switchboards. Leading companies are heavily invested in innovative approaches to switchboard design, incorporating new technologies to enhance production efficiency and extend product service life. For instance, the Shanghai municipal government collaborated with ABB, investing approximately $2.4 billion in China to upgrade functionality, fostering smart manufacturing for efficient and secure connectivity within Shanghai's local enterprises. This efficiency boost contributes to the growth of the switchboard market.

The growing global demand for electricity is a key factor propelling the switchboard market. Switchboards play a crucial role in electricity distribution and control, ensuring safety, efficiency, and reliability in commercial infrastructure. As an example, data from Our World in Data indicates that US electricity demand increased from 4,192.9 TWh in 2021 to 4,338.1 TWh in 2022. This surge in electricity demand globally drives the demand for switchboards, thus contributing to market growth.

The upward trend in the prices of raw materials is expected to impede the growth of the switchboard market. The volatility in prices of materials such as copper, aluminum, and steel significantly impacts the manufacturing costs of switchboards, escalating expenses for manufacturers. For instance, in July 2021, steel prices surged by over 200% to $1,800 from fluctuating between $500 and $800, according to Mining Technology. Experts anticipate that these elevated prices will persist at least until 2022. Fluctuations in raw material prices affecting manufacturing costs are such as ly to restrain the market growth of switchboards.

Ethernet-connected switchboards are increasingly prevalent in both residential and commercial buildings, offering energy savings and reduced maintenance costs. These switchboards can be linked to a computer through an Ethernet cable, transmitting electricity usage, system status, and other data for analysis by energy experts. The insights gained are utilized to provide suggestions for minimizing energy consumption. For instance, Schneider Electric manufactures the Enerlin'x system, a smart panel that communicates energy consumption data to computers through Ethernet and Modbus interfaces. Key players in the Ethernet-connected switchboard market include Schneider Electric, Southwire Company LLC, Siemens AG, and Prysmian Group.

Major companies in the switchboard market are actively introducing innovative products such as Quadro Evo to cater to the UK market's specific needs and expand their market share. Quadro Evo is a modular switchboard designed for customization to suit various applications, available in different sizes and configurations. Equipped with modules such as circuit breakers, switches, and fuses, it was launched by Hager Group in June 2023, meeting British standards for electrical distribution and control. Quadro Evo ensures a safe, reliable, and flexible solution while being easy to install and maintain, offering a comprehensive solution for diverse applications in the UK market.

In August 2021, Mitsubishi Electric Power Products, Inc. (MEPPI) and Mitsubishi Electric Corporation (MELCO) jointly acquired the UK-based Smarter Grid Solutions (SGS), a leading developer of software management solutions for the distributed energy resources (DER) market. The acquisition reflects the global trend towards decentralized generation sources, aligning with the rise of distributed, clean, and flexible energy assets. SGS, now under the umbrella of Mitsubishi Electric Corporation's North American power systems subsidiary, will continue its operations in Glasgow, Scotland, maintaining its focus on software solutions for managing power grids and market participation in energy systems with high DER penetrations.

Major companies operating in the switchboard market report are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation PLC, Emerson Process Management Co., Delta Electronics Inc., Rockwell Automation Inc., Leoni AG, Vertiv Holdings Co., Chint Group Co. Ltd., Rittal GmbH & Co. KG, Crompton Greaves Limited, Powell Industries Inc., CandS Electric Ltd., Industrial Electric Mfg, Natus Medical Incorporated, ROMAC Electrical Power Equipment Inc., Nilsen Electric Pty Ltd., Mastervolt B.V., Merriam-Webster Inc., CUBIC Modular Systems A/S, Larson Electronics LLC, Rolla Pty Ltd., Aussie Switchboards Pty Ltd., Powerwell Pty Ltd., Gulf Electrical Distribution Apparatuses Co. Ltd., Kounis Electrical Supply Pty Ltd. Asia-Pacific was the largest region in the switchboard market in 2023. Western Europe was the second-largest region in the global switchboard market share. The regions covered in the switchboard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Switchboards are broadly categorized into low-voltage, middle-voltage, and high-voltage types. The low-voltage distribution control panel serves as the primary switchboard, ensuring the reliability of an electrical system. It functions as a pivotal component responsible for distributing electricity across various sections of a facility. Switchboards adhere to various product standards, including the IEC standard and ANSI standard, catering to the needs of industrial, residential, commercial, and other end users.

The switchboard market research report is one of a series of new reports that provides switchboard market statistics, including switchboard industry global market size, regional shares, competitors with a switchboard market share, detailed switchboard market segments, market trends and opportunities, and any further data you may need to thrive in the switchboard industry. This switchboard market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the switchboard market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The switchboard market consists of sales of ducts, fuses, cubicles, panel boards, power switchboards, and other switchboards. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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