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Switchgear products captured 45% of the power distribution component market share in 2022. The product is widely deployed by industrial players, households, and manufacturers to control the amount of energy consumed to power devices, and machinery. Besides residential and industrial power distribution, switchgear is gaining substantial momentum in solar power generation. The increasing focus on renewable energy will spur the uptake of switchgear. According to the Energy Information Administration (EIA), solar will be responsible for more than 50% of the new electricity generating capacity in 2023.
Vacuum-insulated power distribution component industry size is set to reach over USD 338 billion by the end of 2032 on account of economical pricing, leakage-free technology, and reliable & safe operation of the product. Additionally, these components are extremely versatile in nature thus catering to an array of applications. For instance, vacuum-insulated switchgear offers advantages such as greater safety, superior dielectric strength, simplified breaker mechanism, improved arc quenching, and minimal maintenance requirements.
North America power distribution component market is estimated to amass USD 99 billion by 2032. The growing focus on the expansion of long-distance distribution networks and hefty investments aiming at the refurbishment of domestic grid infrastructures will proliferate regional industry growth. Governments are ramping up efforts to modernize and upgrade gaining grid networks to better address power outages and peak electricity demand. With rapid industrialization and urbanization in the U.S., and Canada, the region is expected to witness an upsurge in electricity demand, thus indicating a significant need for high-performance power distribution components.