Switchgear Market Report 2025

The switchgear market size has grown strongly in recent years. It will grow from $87.67 billion in 2024 to $94.17 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise in power consumption, favorable government initiatives, and economic growth in emerging markets.

The switchgear market size is expected to see strong growth in the next few years. It will grow to $119.24 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing demand for electricity, growing use of electricity in transportation, investments in renewable energy, increasing demand for electricity from manufacturing, interest rates, replacement of old switchgears, and load management and balance. Major trends in the forecast period include focusing on digital technologies, focusing on developing innovative products to meet the changing requirements of the power generation industry, investing in eco-efficient solutions for minimizing the impact on the environment, deploying internet of things (iot) enabled switchgears for automated operations and energy management, promoting automated switchgear within power generation and transmission industries to adopt smart grid operations, and developing and promoting specialized switchgear for critical industries.

The switchgear market is anticipated to be driven by the growing demand for electricity generation. The availability of electricity is crucial for economic development and poverty alleviation, with industrialization and urbanization relying heavily on a consistent electricity supply. The performance of switchgear plays a pivotal role in ensuring reliable electrical supply, thereby driving the demand for switchgear in the forecast period. For instance, global electricity demand is projected to increase by 2.1% per year until 2040 in the Specified Policies Scenario, doubling the rate of primary energy growth by 2040.

The expanding construction industry is projected to drive the growth of the switchgear market. The construction industry encompasses a broad range of activities related to the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. In this context, switchgear provides essential electrical distribution, control, and protection for various construction sites and projects, ensuring that operations run smoothly and without interruption. For example, in November 2023, the Office for National Statistics, a UK-based government department, reported that the value of new construction work in Great Britain reached a record high of $179.53 billion in 2022, representing a 15.8% increase from the previous year. This growth was driven by a $18.32 billion increase in private sector projects and a $5.085 billion rise in public sector initiatives. Additionally, new construction orders climbed by 11.4% to $109.13 billion, primarily fueled by gains in private infrastructure, private commercial projects, and various public non-housing sectors. The only area that saw a decline was private industrial construction. Therefore, the growth of the construction industry is expected to boost the demand for the cloud switchgear market.

The growing demand for the installation of electric substations to swiftly restore normal power supply in emergencies. Mobile substations have gained popularity as they facilitate the restoration of electricity under outdoor conditions or unforeseen circumstances. Functionally designed to provide temporary power supplies rapidly, these mobile substations incorporate a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers. They are used for network extensions and temporary switching stations. For instance, Siemens delivered two mobile substations for the national grid SA, while Aktif group supplied 10 mobile substations to the Ministry of Electricity in Iraq. The increasing adoption of mobile substations is a recent trend that is expected to have a positive impact on the switchgear market.

Major companies in the switchgear market are focusing on developing innovative products, such as HYpact switchgear, to enhance the reliability of electrical grids. The HYpact switchgear is a hybrid compact switchgear assembly designed to make electrical grids more predictable. In November 2022, General Electric, a US-based conglomerate company, introduced the digital HYpact switchgear. This advanced switchgear incorporates digital sensors, twins, remote monitoring, health monitoring, and integration features to enhance the predictability, efficiency, and sustainability of electrical grids.

In July 2022, Eaton Corporation PLC, an Ireland-based power management company, acquired a 50% stake in Jiangsu Huineng Electric Co. Ltd. for an undisclosed amount. This strategic move aims to expand Eaton's presence in the Chinese market, access Huineng's technology, strengthen its relationship with Huineng, and support its overall growth strategy. Jiangsu Huineng Electric Co. Ltd. is a China-based manufacturer specializing in circuit breakers, switchgear, and switchboard accessories.

Major companies operating in the switchgear market include ABB Ltd, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc, Hitachi Ltd., Toshiba Corporation, Hyundai Electric & Energy Systems Co. Ltd., Larsen & Toubro Limited, Havells India Limited, LS ELECTRIC Co. Ltd., Hyosung Heavy Industries, Meidensha, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Anchor Electricals Pvt Ltd, CG Power and Industrial Solutions Limited, Orecco Electric, Tamco, Tenaga Switchgear, GE T&D India Ltd, Bharat Heavy Electrical Limited, Legrand India Private Limited, Industrial Solutions Limited, Fuji Electric, Lucy Electric, Twyver Switchgear, SwitchGear Company NV, Alan Electrical Limited, Electroshield Samara, Alstom, IZVA LLC, SIVAR, S&C Electric Company, Powell Industries, G&W Electric, Noja Power, Abunayyan Holding Company, BMC Manufacturing, TIEPCO, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), KFB Holding Group, Afcon, Matelec Group, Egyptian German Electrical Manufacturing Co.

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

Switchgear refers to a set of switching devices utilized for controlling, protecting, and managing electrical circuits and equipment. It finds applications in diverse sectors, including transmission and distribution utilities, residential, commercial, and industrial settings.

The primary product categories of switchgear encompass high voltage, medium voltage, and low voltage. These products are deployed both indoors and outdoors in various configurations, such as gas-insulated switchgear (GIS), air-insulated switchgear (AIS), and others. Gas-insulated high-voltage switchgear (GIS) is characterized by metal encapsulation housing high-voltage components such as circuit breakers and disconnectors, ensuring safe operation in confined spaces. GIS installations can be found in diverse locations, including extensions, city buildings, roofs, offshore platforms, industrial plants, and hydropower plants. The application of switchgear extends across residential, commercial, and industrial end-users.

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

The switchgear market consists of sales of circuit breakers, control panels, fuses, generator control, metering panels, knife switches, time switches, and other 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 switchgear market is segmented into low voltage switchgear market (≤1KV), medium voltage switchgear market (2KV - 36KV) and high voltage switchgear market (above 36KV).

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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