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North America Switchgear Market Trends

Report ID: GMI3241
Published Date: May 2023
Report Format: PDF

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North America Switchgear Market Trends

The power structure management industry is primarily being driven by the modernization & revamping of the existing grid infrastructure across the region. The U.S. department of energy defines the electrical grid to comprise an ecosystem of manufacturers, asset owners, federal, state, and local government entities & service providers. The Office of Electricity Delivery & Energy Reliability (OE) has been working with private & public partners to strengthen, improve, and transform their energy infrastructure to ensure access to secure, clean, and reliable energy resources.

Ongoing programs related to modernizing the power grid including grid energy storage, smart grid development & research, and advanced technologies will provide a competitive industrial scenario. Power flow controllers, network management systems, and solid-state components that can optimize the power delivery and further enhance resilience; interactive capabilities, including adaptive networks; intelligent control and communication systems will positively influence the product demand.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

North America switchgear market was worth USD 23.4 billion in 2022 and will progress at a 6.4% CAGR between 2023 and 2032 propelled by the rising demand for refurbishing electrical infrastructure and investments in grid infrastructure.

The U.S. switchgear market is slated to accrue significant revenues by 2032 as a result of the growing transmission and distribution refurbishment industry and increased investments in high-capacity alternative energy sources in the country.

The low voltage segment accounted for more than USD 11.5 billion in 2022 as a result of regulatory mandates and guidelines focusing on ensuring product standardization and influencing manufacturing and deployment trends.

The commercial & industrial application segment is anticipated to grow at over 5% CAGR through 2032 owing to the growing population in cities and efforts to ensure electrification in grid-isolated areas.