Switchgear Market Forecast: Market Drivers and Opportunities
Despite the positive outlook, the market faces challenges such as fluctuating raw material prices.
Image for illustration purposes.
The global switchgear market is on a promising trajectory, with its value expected to grow from $86.82 billion in 2023 to $136.85 billion by 2031, achieving a compound annual growth rate (CAGR) of 5.56%.
Switchgear, which plays a vital role in the reliability of electrical supplies, is becoming more crucial as the global energy demand is projected to grow at an annual rate of 2.1%.
One notable trend is the rise of mobile substations, which are essential for restoring power during emergencies such as severe weather conditions. These substations, equipped with generators, transformers, and switchgear, offer a quick and temporary power solution. Companies like Siemens and Aktif have already dGeployed these solutions in various regions, highlighting a significant growth area for the switchgear market.
Regional Insights
Asia-Pacific is leading the charge in the switchgear market, driven by rapid industrialization and urbanization in countries like China and India. The region’s growing energy demand and focus on renewable energy production are key factors contributing to market expansion. Additionally, the integration of smart technology is enhancing the efficiency and reliability of transmission and distribution utilities.
The switchgear market is segmented by insulation, installation, voltage, current, and end-users.
Sources: openPR and InsightAce Analytic Pvt. Ltd.
