Switchgear and Switchboard Market Report 2024
Mobile substations, which restore power quickly in emergencies, are rising in demand.
Source: DALL-E 2
Market Overview
The global switchgear and switchboard apparatus market is projected to grow from $178.8 billion in 2023 to $227.27 billion in 2028, with a compound annual growth rate (CAGR) of 4.8%. Recent growth is due to electrification, urbanization, infrastructure development, and power generation expansion.
Future Growth Factors
Key drivers for future growth include the integration of renewable energy sources, smart grid initiatives, transportation electrification, and energy efficiency. Trends include the use of solid-state circuit breakers, medium voltage switchgear expansion, air-insulated switchgear for indoor use, advanced monitoring platforms, and energy storage integration.
Market Segments
- Product Type: Switchboard, Switchgear
- Application: Industry, Manufacture, Other Applications
- End-User: Residential, Commercial, Industrial
Key Driver
The increasing demand for electricity generation is a significant growth driver. Reliable electricity is essential for economic development and industrialization, driving the need for efficient switchgear.
Prominent Trend
The rising demand for mobile substations, which restore power quickly in emergencies, is positively impacting the market. These substations include generators, transformers, and switchgear for temporary power supply. Companies like Siemens and Aktif Group are leading in providing mobile substations.
Major Market Players
Leading companies include Siemens AG, General Electric, Mitsubishi Electric, Schneider Electric, ABB Ltd, Toshiba, Eaton, and Alstom.
Geographical Insights
Asia-Pacific is the largest and fastest-growing region in the market, followed by Western Europe. Other regions covered include North America, South America, the Middle East, and Africa.
