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North America Switchgear Market Size
- Report ID: GMI3241
- Published Date: May 2023
- Report Format: PDF
North America Switchgear Market Size
North America Switchgear Market size valued at USD 23.4 billion in 2022 and is anticipated to expand at 6.4% CAGR from 2023 to 2032. The demand for refurbishing electrical infrastructure and investments in grid infrastructure will complement the business growth. Lack of efficient & reliable electric networks in line with the shifting inclination toward the development of existing infrastructure in the region have further integrated a favourable business scenario. Some of the key parameters stimulating the industry include cost-effectiveness, safety, and compact product design.
Switchgear is an essential component of electrical power systems that is responsible for controlling, regulating, and managing the flow of electricity. It is directly connected to the power supply system and is installed on both the high and low voltage sides of power transformers. Switchgear plays a crucial role in de-energizing equipment for maintenance and testing purposes, as well as in isolating and clearing faults in the electrical system. The increasing adoption of distributed generation and smart grid networks has led to a greater need for efficient power supply units.
Furthermore, the growing use of heavy-duty industrial machinery, particularly for motor control operations, has led by demand for circuit protection equipment. The significant migration to suburban areas, driven by the increased reliance on manufactured products, has further emphasized the expansion of electricity networks in residential, commercial, and industrial sectors. The market for DC switchgear to witness 8.4% growth rate during 2023 to 2032.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| North America Switchgear Market Size in 2022: | USD 23.4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6.4% |
| 2032 Value Projection: | USD 44.1 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 224 |
| Segments covered: | Voltage, Insulation, Current, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Geopolitical imbalances in developing regions have created doubts among industry players and investors, causing hesitation regarding investment or divestment in those regions. Consequently, uncertainties have hindered the adoption of technology and the integration of advanced transmission components. This slow technological evolution in developing regions will negatively impact the overall dynamics of the industry. In addition, the rapid commercial expansion coupled with cross-border interconnection measures across the region has instituted a favourable business scenario.
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North America Switchgear Market Scope
