AC Switchgear Market Size

AC Switchgear Market Size

AC Switchgear Market was valued at USD 126.3 billion in 2023 and is projected to expand at more than 7.3% CAGR from 2023 to 2032. Propelled by the need for efficient Transmission and Distribution (T&D) control systems. This increasing demand is attributed to several factors, including the refurbishment of existing electrical infrastructure and heightened investments in grid infrastructure. Additionally, the lack of reliable electric networks in developing nations, coupled with a shift toward enhancing existing infrastructure in developed countries, has contributed to creating a favorable business environment in the switchgear industry.

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While some industries have managed to avoid the digital transformation that has swept the globe, the electricity sector has largely remained on the outskirts of this trend. In the power sector, investments in IT implementations have been relatively limited, as major players have primarily concentrated on expanding their capacity in their respective segments.

Many developing and developed regions worldwide rely on imported components to meet the growing demand for expanding and upgrading their electrical infrastructure. Manufacturers globally have been consistently emphasizing the reduction of their overall production costs to ensure long-term profitability and effective penetration in the industry. Nevertheless, a scarcity of raw material resources has compelled regional installers and component suppliers to depend on imports to meet the increasing energy demand.