Global Switchgear Market Size By Voltage (LV, MV, HV), By Insulation (Air, Gas, Oil, Vacuum), By Installation (Indoor, Outdoor), By Current (AC, DC), By Application (Residential & Commercial, Industrial, Utility) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Mar 2020  |  Report ID: GMI317  |  Authors: Ankit Gupta, Riya Gupta

Report Format: PDF   |   Pages: 560   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Switchgear Market size in 2019, was valued at over USD 120 billion and is anticipated to register over 6% gains up to 2026. Increasing investments toward infrastructural development along with growing demand for efficient transmission and distribution control systems will drive the business scenario. In addition, growing inclination toward renewable power generation coupled with integration of cogeneration plants across the power grid infrastructure will propel the global industry demand.
 

Global Switchgear Market
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Switchgears are electrical devices composed of fuses, circuit breaker and electrical disconnect switches used to protect, monitor, control and isolate electrical equipment. In addition, switchgear breaks, carries and allows the smooth flow of current load by clearing the electrical fault. parameters across the power system. These devices are utilized by residential, commercial, utilities and industrial customers across low, medium and high voltage applications.
 

Refurbishment and revamping of existing electrical grid infrastructure will drive the global switchgear market outlook

Global Switchgear Market

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Low voltage switchgear market share is projected to exceed an annual installation of 70 million units by 2026. Expansion of microgrid networks along with rising investments toward rural electrification will stimulate the product demand. For instance, ABB launched Neogear low voltage switchgear in 2019 offering digital capabilities such as remote assistance, predictive & monitoring management and data analytics for industry & real-time condition. Moreover, retrofitting and refurbishment of existing electrical establishments coupled with growing inclination toward smart monitoring and control devices will further drive the market demand.
 

Medium voltage switchgear market is estimated to witness substantial growth on account of rapid development across industrial and commercial establishments. Growing fund allocation toward the expansion of grid infrastructure across the developing economies along with revamping of existing lines will drive the business scenario. Furthermore, increasing funding from several private, governmental financial institutions including the World Bank, International Finance Corporation (IFC), and the Asian Development Bank (ADB) toward electrification across developing countries will augment the business landscape.
 

Global Switchgear Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 90 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.5% 2026 Value Projection: 140 Billion (USD)
Pages: 560 Tables, Charts & Figures: 1103
Geographies covered (38): U.S., Canada, Mexico, UK, Germany, France, Russia, Italy, Austria, Spain, Netherlands, Denmark, Sweden, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Brazil, Peru, Argentina
Segments covered: Voltage, Insulation, Installation, Current, Application
Companies covered (19): Toshiba, ABB, GE, Mitsubishi Electric Systems, Siemens AG, Schneider Electric, Larson & Turbo, Crompton Greaves, Hitachi Ltd, Hubbell, Powell Industries, Rittal, BHEL, Hyosung, Hyundai Ideal Electric Co., Fuji Electric, Iljin Electric, Meidensha Corporation, Ormazabal
Growth Drivers:
  • North America & Europe
    • Expansion of smart grid networks
    • Refurbishment & retrofit of existing grid infrastructure
  • Asia Pacific
    • Rising peak load demand
    • Expansion of micro-grid networks
    • Grid stability & security of supply concerns
  • Middle East & Africa and Latin America
    • Increasing electricity demand
    • Integration of a sustainable energy infrastructure
Pitfalls & Challenges:
  • Slow paced technological evolution across developing regions
  • High dependency on imports

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Flexible product configuration including low space requirement will complement the industry scenario

Air insulated switchgear market will surge on account of effective operational safety and low capital investment. Moreover, ongoing technological advancements along with increasing investments toward product advancement will boost the industry outlook. Low space requirement, minimal maintenance, high dielectric strength and improved reliability are some of the prominent parameters which will further strengthen the product portfolio.
 

Vacuum insulated switchgear industry is anticipated to grow on account of high impulse withstanding voltages and flexible power frequencies. Economical price, reliable & safe operation, leakage-free technology and sound operational safety are key features which will complement the product adoption.   Furthermore, adoption of advanced units to control & monitor electrical equipment along with favorable government norms toward sustainable power generation systems will stimulate the product demand.
 

Ongoing investments across commercial and residential sector will complement the industry statistics

Rising space constraints along with ongoing investments in R&D sector for the enhancement of smart and compact control equipment will further complement the industry scenario. Continuous investments across commercial and residential establishments including public and private apartments, offices, and restaurants will further fuel the product demand. Moreover, ease-of-operation, longer product life cycle and enhanced equipment safety are the essential features which will accelerate the product adoption.
 

Growing inclination toward energy efficient systems will complement the industry outlook

Increasing demand for safe & reliable systems coupled with the increasing demand for HVDC systems across the T&D network will complement the demand DC switchgears. Expansion of extra high-tension transmission networks to cater to the growing energy demand across the manufacturing and industrial sector will further stimulate the product demand. In addition, rising fund allocation toward solar and offshore wind farms across developed and developing countries will further complement the switchgear market growth.
 

Rising integration of smart monitoring and control units across the power grid infrastructure will drive the business scenario

The residential and commercial segment accounted for over 20% of the overall switchgear market share in 2019. Rapid urbanization along with favorable government-assisted renewable establishments across the residential sector will drive the business landscape. Ongoing integration of smart monitoring & control unit in line with increasing investments toward sustainable power generation technologies will further escalate the product demand.
 

Growing community-based electrification programs along with favorable government & state norms including tax rebates, financial incentives and subsidies will complement the utility-based switchgear industry. Ongoing investments toward the power sector to meet the growing electricity demand will further thrust the industry potential. Furthermore, growing concern toward grid stability and security of power supply across manufacturing and production establishments will accelerate the product deployment.
 

Asia Pacific region will dominate the global switchgear market

Asia Pacific Switchgear Market

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Asia Pacific switchgear market exceeded USD 50 billion in 2019. Increasing demand for the restoration of existing grid network along with consistent grid support mechanism will augment the industry statistics. Furthermore, exponential rise in the electricity demand coupled with ongoing investments toward the existing infrastructure will complement the business landscape. In December 2019, Asian Development bank announced an investment of over USD 1 billion toward renewable power generation across the region to improve the accessibility and affordability of sustainable electricity.
 

China market is anticipated to witness an upsurge on account of increasing investments & rapid commercialization across the industrial developments and utility-based electrification networks. Paradigm shift towards the conversion of overhead electric lines to underground network will further complement the product demand across the region. Advancing economic scenario in several emerging countries will result in rapid expansion of grid network, which will further strengthen the product portfolio.
 

Demand of advanced switchgear units acts as the central point of industry players

Growing mergers and acquisition along with rising investments toward advanced technologies and deployment of smart infrastructure establishments across the industry will propel the business outlook. Moreover, distribution network, emission compliance, product differentiation and cost competitiveness are some of the major factors favoring the industry growth.
 

Major players operating in the global switchgear market involves Toshiba, ABB, GE, Mitsubishi Electric Systems, Siemens AG, Schneider Electric, Larson & Turbo, Crompton Greaves, Hitachi Ltd, Hubbell, Powell Industries, Rittal, BHEL, Hyosung, Hyundai Ideal Electric Co., Fuji Electric, Iljin Electric, Meidensha Corporation and Ormazabal.
 

Global switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2015 to 2026, for the following segments:

By Voltage

  • Low Voltage
  • Medium Voltage
  • High Voltage

By Insulation

  • Air
  • Gas
  • Oil
  • Vacuum
  • Others

By Installation

  • Indoor
  • Outdoor

By Current

  • AC
  • DC

By Application

  • Residential & Commercial
  • Industrial
  • Utilities

The above information has been provided for the following regions and country:

  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Austria
    • Spain
    • Netherlands
    • Denmark
    • Sweden
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Singapore
    • Thailand
    • New Zealand
    • Philippines
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Bahrain
    • Oman
    • Turkey
    • South Africa
    • Nigeria
    • Algeria
    • Egypt
  • Latin America
    • Brazil
    • Peru
    • Argentina
       

 

Frequently Asked Questions (FAQ) :

The annual installation of global switchgear is set to exceed 90 million units by 2026, according to a new report published by Global Market Insights, Inc.
APAC switchgear industry revenue surpassed USD 50 billion in 2019 due to increasing demand for the restoration of existing grid network.
Toshiba, ABB, GE, Mitsubishi Electric Systems, Siemens AG, Schneider Electric, Larson & Turbo, Crompton Greaves, Hitachi Ltd, Hubbell, Powell Industries, Rittal, BHEL, Hyosung, Hyundai Ideal Electric Co., Fuji Electric, Iljin Electric, Meidensha Corporation and Ormazabal are the major players in the global industry.

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