MarkNtel Advisors recently published a detailed industry analysis of the Switchgear Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Switchgear Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The Switchgear Market size was valued at USD 88.44 billion in 2023 and is estimated to grow at a CAGR of around 6.3% during the forecast period, i.e., 2024-30.
What are the major Driver the Switchgear industry?
Modernization of Power Distribution Infrastructure to Fuel Global Market Growth – The power industry is seeing a surge in market demand for advanced switchgear and monitoring solutions due to the emergence of new regulations aimed at reducing blackouts and improving power distribution networks. These innovative technologies empower maintenance crews by providing real-time data that enables them to identify aging or overused equipment, proactively reduce failures, and maximize grid efficiency. Moreover, investing in these solutions is essential for ensuring a dependable and strong electricity supply amidst rising demand, as well as changing climate conditions. This will ultimately lead to the growth of the switchgear market worldwide.
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What segments define the Switchgear market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
- By Insulation
- Air-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)
- Gas-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
According to report, The Air-Insulated Switchgear (AIS) segment held around 70% share of the Global Switchgear Market.
- By Installation
- Indoor- Market Size & Forecast 2019-2030, (USD Million)
- Outdoor- Market Size & Forecast 2019-2030, (USD Million)
- By Current
- AC- Market Size & Forecast 2019-2030, (USD Million)
- DC- Market Size & Forecast 2019-2030, (USD Million)
According to report, DC Power grabbed a significant share of the Switchgear Market in 2023.
- By Voltage
- Low (Up to 1kV)- Market Size & Forecast 2019-2030, (USD Million)
- Medium (2-36 kV)- Market Size & Forecast 2019-2030, (USD Million)
- High (Above 36kV)- Market Size & Forecast 2019-2030, (USD Million)
- By End User
- Transmission & Distribution Utilities- Market Size & Forecast 2019-2030, (USD Million)
- Industries- Market Size & Forecast 2019-2030, (USD Million)
- Commercial & Residential Users- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
Explore the Complete Switchgear Market Analysis Report – https://www.marknteladvisors.com/research-library/global-switchgear-market-analysis.html
Geographical Analysis: Switchgear Market
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Switchgear Market Share & Competitive Landscape:
The Switchgear Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Switchgear Market are:
- ABB
- General Electric
- Siemens
- Schneider Electric
- Eaton
- Mitsubishi Electric Corporation
- Powell Industries
- Havells India Ltd.
- Bharat Heavy Electricals Limited (BHEL)
- HD Hyundai Electric Co. Ltd
- Hubbell
- Fuji Electric Co. Ltd.,
- Hitachi Ltd.
- Legrand
- CG Power and Industrial Solutions Ltd.
Switchgear Industry Recent Development:
- 2023: Havells India Ltd. partnered with Swedish tech startup Blixt Tech AB to introduce the solid-state circuit breaker (SSCB) technology in the national market, demonstrating its dedication to providing advanced and adaptable solutions while establishing a strong foothold in the switchgear segment.
- 2022: Fuji Electric launched the VC-V20A-1 switchgear, featuring a smaller size, to meet the standards of the International Electrotechnical Commission (IEC). The product received widespread promotion across Southeast Asia and other parts of the world.
- 2022: Schneider Electric and ARDECO collaborated to produce power and energy technology solutions within the United Arab Emirates. As per the agreement, Schneider Electric had a responsibility to create an assortment of sophisticated energy automation and integrated power systems such as switchgear and control panel integrations in addition to creating designs for engineering automated energies.
Questions Addressed in this Study
1. What factors are driving the Switchgear Market growth?
2. How is the Switchgear Market expected to grow over the next five years?
3. What are the key insights into the current trends in the Switchgear Market?
4. What is the current size of the Switchgear Market, and how is it projected to change in the future?
6.What is the future outlook for the Switchgear Market in terms of technological advancements and market expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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