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U.S. Switchgear Market Size

Report ID: GMI5809
Published Date: May 2023
Report Format: PDF

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U.S. Switchgear Market Size

U.S. Switchgear Market size surpassed USD 15.5 billion in 2022 and is anticipated to grow at 5.7% from 2023 to 2032 driven by a mix of cogeneration facilities spread across grid infrastructure and a growing preference for sustainable power. The North American market will surpass USD 44 billion by 2032.

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The continued need for efficient monitoring and control systems as well as growing infrastructure development is poised to drive the industry growth. Switchgear demand is projected to increase due to a new generation mix and increased energy consumption to support rapid urbanization. Due to rising urbanization and energy demand, the market is anticipated to expand within the time frame. The product demand is high in industrial sector as a result of increased industrialization, particularly in emerging nations. The rise of the industrial sector, increased demand for energy efficiency, along with the construction of power distribution infrastructure all contribute to the switchgear market growth.

U.S. Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2022
U.S. Switchgear Market Size in 2022:	USD 15.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.7%
2032 Value Projection:	USD 27.1 Billion
Historical Data for:	2019 to 2022
No. of Pages:	70
Tables, Charts & Figures:	64
Segments covered:	Voltage, Insulation, Current, Application
Growth Drivers:	Expansion of smart grid networks Refurbishment & retrofit of the existing grid infrastructure
Pitfalls & Challenges:	Slow paced technological evolution across developing regions High dependency on imports

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Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of U.S. switchgear surpassed USD 15.5 billion in 2022 and is expected to depict 5.7% CAGR during 2023 to 2032, says this GMI report.

The U.S. switchgear industry size from the insulation technology segment will expand by 2032 due to the increasing energy demand and the strengthening of T&D networks in the country.

The commercial switchgear sector in U.S. will grow at a substantial rate by 2032 due to the development of new industrial structures including offices, power plants, banks, and other commercial buildings.

Siemens, ABB, General Electric, Schneider Electric, Mitsubishi Electric Corporation, Ormazabal, CG Power & Industrial Solutions Ltd, CHINT Group, HYOSUNG HEAVY INDUSTRIES, Hyundai Electric & Energy Systems Co., Ltd., and Powell Industries.