High Voltage Switchgear Market Report 2025

This High Voltage Switchgear market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The high voltage switchgear market size has grown strongly in recent years. It will grow from $11 billion in 2024 to $11.63 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to electrical grid expansion, industrialization, technological advancements, infrastructure development.

The high voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $14.58 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to renewable energy integration, grid modernization, electrification trends, grid resilience, digital twin technologies. Major trends in the forecast period include grid modernization, renewable energy integration, smart grids, digital substations, gas-insulated switchgear (gis).

The high-voltage switchgear market is anticipated to experience growth driven by the rising demand for electricity generation. The availability of electricity is now a critical factor in promoting economic development and alleviating poverty. As industrialization and urbanization continue to expand, there is a growing need for a constant and reliable electricity supply, and the performance of switchgear plays a pivotal role in ensuring this reliability. Hence, the surge in electricity demand is expected to fuel the market for high-voltage switchgear in the forecast period. For instance, the International Energy Agency (IEA), a Paris-based intergovernmental organization, projects that global electricity generation demand will increase at a rate of 2.1% annually until 2040, which is twice the rate of primary energy demand growth.

The rapid adoption of renewable energy sources is also set to drive the growth of the high-voltage switchgear market in the coming years. This pertains to the use of clean energy sources like solar, wind, hydropower, and geothermal energy to generate power and meet various energy requirements. The integration of renewable energy, particularly wind and solar power, into the electrical grid necessitates the use of high-voltage switchgear to manage variable power generation and maintain grid stability. For instance, a report from the National Renewable Energy Laboratory (NREL) noted that global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc) in April 2023, with a cumulative total of 1.2 terawatts of direct current (TWdc) in 2022. This growth is driven by factors such as China's significant annual PV installations, which are expected to surpass 300 GW by 2023 and exceed 400 GW by 2025. Hence, the rapid expansion of renewable energy sources will propel the high-voltage switchgear market.

Electronics and telecommunications companies are increasingly incorporating mobile substations into their infrastructure. These mobile substations are designed for rapid deployment in outdoor or unforeseen scenarios, ensuring the swift restoration of electricity supply. They are equipped with generators, transformers, metal-clad switchgear, outdoor load break switches, and breakers, serving purposes such as network extensions and temporary switching stations. A notable example is the ABB Group, a Swiss multinational corporation, which designed a mobile substation for the Italian railway network. The adoption of mobile substations to meet on-demand energy generation requirements is emerging as a prominent trend in the market.

Prominent companies in the high-voltage switchgear market are embracing innovative space-saving switchgear solutions like the VC-V20A-1 to achieve benefits such as optimized floor space utilization, reduced installation and maintenance costs, and enhanced operational efficiency. The VC-V20A-1 is a space-efficient switchgear system featuring a smaller physical footprint and an innovative cooling mechanism for increased installation flexibility. In December 2022, Fuji Electric Co., Ltd., a Japan-based electrical equipment company, introduced the VC-V20A-1 Switchgear, notable for its significantly reduced size. Leveraging advanced analysis techniques, Fuji Electric has refined the design of key components, particularly insulators, and introduced a shielding structure to minimize insulation distances. This results in a 20% size reduction compared to previous models, setting a new industry benchmark for space efficiency. Additionally, the VC-V20A-1 incorporates an internal cooling system within the exhaust component, effectively cooling hot gases within the panel, eliminating the need for external gas release.

In February 2023, Mitsubishi Electric Corporation, a Japan-based multinational electronics and electrical equipment manufacturing company, acquired Scibreak AB for an undisclosed amount. This acquisition aims to strengthen Mitsubishi Electric's ability to deliver innovative and sustainable technology solutions. Scibreak AB, a Sweden-based company, specializes in developing direct current circuit breakers (DCCBs), particularly for high-voltage direct current (HVDC) systems.

High voltage switchgear is electrical equipment utilized in electrical systems handling voltages above 36 kV, designed to execute various functions such as control, regulation, and the switching on/off of electric circuits as necessary.

The primary insulation types in high voltage switchgear encompass gas-insulated, oil-insulated, and air-insulated variants. Gas-insulated high-voltage switchgear (GIS) is a compact, metal-encased switchgear configuration, featuring high-voltage components like circuit-breakers and disconnectors, engineered for safe operation even within confined spaces. It incorporates diverse components such as circuit breakers and relays. High voltage switchgear adheres to established standards like the IEC and ANSI standards, which are widely employed in applications related to transmission and distribution networks, manufacturing and processing, infrastructure, and transportation.

The high voltage switchgear market research report is one of a series of new reports that provides high voltage switchgear market statistics, including high voltage switchgear industry global market size, regional shares, competitors with a high voltage switchgear market share, detailed high voltage switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the high voltage switchgear industry. This high voltage switchgear 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.

Major companies operating in the high voltage switchgear market include ABB Ltd., General Electric Company, Crompton Greaves Limited, Fuji Electric Co. Ltd., Hitachi Ltd., Hyosung Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Siemens Aktiengesellschaft, Eaton Corporation PLC, Schneider Electric SE, China XD Electric Co. Ltd., Henan Pinggao Electric Co. Ltd., Hyundai Heavy Industries Co. Ltd., Nissin Electric Co. Ltd., Shanghai Siyuan Electric Co. Ltd., Bharat Heavy Electricals Limited, LSIS Co. Ltd., Shenyang High-Voltage Switchgear Co. Ltd., Energomash, New Northeast Electric Group High Voltage Switchgear Co. Ltd., Shandong Taikai High-volt Switchgear Co. Ltd., Larsen & Toubro Limited, Hubbell Incorporated, Powell Industries Inc., Rittal GmbH & Co. KG, Meidensha Corporation, Iljin Electric Co. Ltd., Ormazabal Velatia S.L., Alstom SA, OJSC Power Machines, Howard Industries Inc., Koncar Distribution and Special Transformers Inc., Ormazabal, Raychem RPG Private Limited, SPX Transformer Solutions Inc., Tianan Electric Group Co. Ltd., Transformers and Rectifiers (India) Limited, Triad Magnetics, Voltamp Transformers Limited.

Asia-Pacific was the largest region in the high voltage switchgear market in 2024. Western Europe was the second-largest region in the high voltage switchgear market analysis. The regions covered in the high voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the high voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The high voltage switchgear market consists of sales of gas-insulated switchgear, air-insulated switchgear, and other high voltage switchgear. 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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