Switchboard market to reach $109 B by 2029
The switchboard market is projected to reach $109 B, growing at a CAGR of 3.2 % during the forecast period 2024 - 2029.
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According to the Business Research Company, the switchboard market has experienced consistent growth. Its projection is to increase from $92.3 B in 2024 to $96.27 B in 2025, at a CAGR of 4.3 %. The escalation during the historic period can be accredited to an increase in industrialization and infrastructure development, the extension of power generation and distribution networks, renovations and the modernization of electrical systems, and adherence to safety and compliance standards.
Over the coming years, the switchboard market size is predicted to experience consistent growth. It is forecasted to expand to $109.19 B by 2029, marking a CAGR of 3.2 %. The projected growth during this period can be credited to factors such as increased integration of renewable energy, the rise of smart buildings and energy efficiency, efforts to modernize infrastructure, transportation electrification, and the focus on resilience and grid reliability.
The key market players: Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation plc, Emerson Process Management Co., Delta Electronics Inc., Rockwell Automation Inc., Vertiv Holdings Co., Chint Group Co. Ltd., Rittal GmbH & Co. KG, etc.
Source: Open PR
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