High voltage switchboard market expected to reach $4.6 B
Growing at the CAGR of 5.3 %, the market is expected to reach $ 4.6 B by 2031.
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According to a Persistence Market Research report, the global high voltage switchboard market is poised for steady growth, projected to expand at a CAGR of 5.3 % from 2024 to 2031.
High voltage switchboards are critical components in electrical infrastructure, facilitating the safe and efficient distribution of power in industrial, commercial, and utility sectors. Their role in grid modernisation, renewable energy integration, and industrial automation is driving market expansion.
Among the key segments, gas-insulated switchboards dominate due to their high efficiency, compact design, and enhanced safety features. Asia-Pacific emerges as the leading regional market, driven by rapid urbanisation, industrialisation, and extensive power infrastructure investments in China, India, and Japan. The increasing shift towards renewable energy sources further fuels demand, as high voltage switchboards play a pivotal role in ensuring seamless power transmission and distribution.
Key players at the market: ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation. Mitsubishi Electric Corporation, Rockwell Automation, and Powerwell.
Source: Open PR
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