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North America HV Switchgear Market Size

Report ID: GMI6740
Published Date: Sep 2023
Report Format: PDF

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North America HV Switchgear Market Size

North America HV Switchgear Market size was valued at around USD 402.5 million in 2023 and is estimated to register a CAGR of over 6.2% between 2024 and 2032. The region's ongoing investment in upgrading and modernizing its aging electrical infrastructure is propelling the demand for advanced high voltage switchgear solutions. The need for enhanced grid reliability, reduced downtime, and efficient power distribution is pushing utilities and industries to adopt state-of-the-art switchgear technologies.

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The increasing integration of renewable energy sources, such as wind and solar power, into the electrical grid is creating complexities that require flexible and reliable switchgear solutions to manage intermittent power generation. Stringent environmental regulations and sustainability initiatives are encouraging the adoption of eco-friendly and low-emission switchgear technologies. Moreover, the growth of data centers, electric vehicle charging infrastructure, and smart grid deployments is boosting the demand for high voltage switchgear to ensure robust and secure power distribution.

North America HV Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America HV Switchgear Market Size in 2023:	USD 402.5 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.2%
2032 Value Projection:	USD 696.7 Million
Historical Data for:	2019 to 2023
No. of Pages:	205
Tables, Charts & Figures:	288
Segments covered:	Voltage, Installation, Breaking Capacity, Current, Product, and Country
Growth Drivers:	Growing integration of smart grid infrastructure Renovation and modernization of the current grid infrastructure Rising need for electricity
Pitfalls & Challenges:	Volatility in raw material prices High dependency on imports

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America HV switchgear was worth over USD 402.5 million in 2023 and may record over USD 696.7 million by 2032, due to the ongoing investments in upgrading and modernizing aging electrical infrastructure in the region.

North America36 kV HV switchgear market size is anticipated to observe over 6.5% CAGR from 2023 to 2032, due to the increasing demand for energy coupled with higher government backing for sustainable electricity grids in the region.

U.S. HV switchgear industry size will register over 5.5% CAGR from 2023 to 2032, due to the increasing focus on refurbishing the transmission and distribution infrastructure, including substations and high voltage lines in the nation.

General Electric, Siemens Energy, Mitsubishi Electric Corporation, Hitachi Energy Ltd., Bharat Heavy Electricals Limited, CG Power & Industrial Solutions Ltd., CHINT Group, Powell Industries, among others.