Global Switchgear Market to Reach US$ 168.8 Billion by 2032, Impelled by Escalating Demand for Energy

The latest report by IMARC Group, titled “Switchgear Market Report by Voltage Type (Low-Voltage, Medium-Voltage, High-Voltage), Insulation (Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), and Others), Installation (Indoor, Outdoor), End Use (Commercial, Residential, Industrial), and Region 2024-2032,” finds that the global switchgear market size reached US$ 111.8 Billion in 2023. A switchgear is a device that controls, regulates, and switches on and off an electrical circuit. It comprises fuses, switches, circuit breakers, relays, isolators, current, and potential transformers, indicating instruments, lightning arresters, and control panels. It also safeguards equipment from short circuits and fault currents and provides protection to individuals by limiting the current flow. As a result, switchgear finds extensive applications across the commercial, residential, and industrial sectors.

Global Switchgear Market Trends:

The market is primarily driven by the escalating demand for energy due to the surging population across the globe. In addition, the expanding transmission and distribution (T&D) networks represent another major growth-inducing factor. Besides this, there has been a surging need for gas-insulated switchgear (GIS) as it is insensitive to contamination and can provide safety from electric shocks. As a result, it is utilized in confined spaces, such as city buildings, office spaces, roofs, offshore platforms, extensions, and industrial and hydropower plants. This, coupled with the increasing requirement for renewable energy across multiple industry verticals, is creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to reach US$ 168.8 Billion by 2032, exhibiting a CAGR of 4.6% during 2024-2032. 

Market Summary:

• Based on the voltage type, the market has been categorized into low, medium, and high voltage.
• On the basis of insulation, the market has been segregated into gas-insulated switchgear (GIS), air-insulated switchgear (AIS), and others.
• Based on the installation, the market has been segmented into indoor and outdoor.
• On the basis of the end use, the market has been classified into commercial, residential, and industrial.
• Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been examined in the report, with some of the key players being 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, and Toshiba Corporation.

Report Coverage:

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