Switchgear market to reach $200.5 B by 2034
The switchgear market is projected to grow at a CAGR of 6 % during 2025-2034, reaching a total market value of around $200.5 B by 2034.
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The global switchgear market is projected to grow at a CAGR of 6 % during 2025-2034, reaching a total market value of around $200.5 B by 2034, according to an Expert Marker Research’s report. The global switchgear market reached a substantial value of approximately $111.96 B in 2024, reflecting the growing demand for efficient electrical distribution and protection systems worldwide. Switchgear is a critical component in the electrical industry, used to control, protect, and isolate electrical equipment to ensure the safety and reliability of power systems. With increasing energy consumption, rapid industrialization, and ongoing urban development projects, the demand for switchgear is expected to rise significantly.
The switchgear market is experiencing significant growth due to increasing demand for stable and reliable power supply, particularly in emerging economies undergoing rapid infrastructure expansion. Countries like China, India, and Brazil are making major investments in smart grid development, urbanization, and rural electrification. This growing focus on improved power distribution and the integration of renewable energy is driving demand for medium and high voltage switchgear solutions.
Furthermore, the rise in electricity consumption across residential, commercial, and industrial sectors is creating a need for more efficient energy management systems. The adoption of smart grid technologies, which rely on advanced switchgear for automation, monitoring, and fault detection, is further propelling the market forward.
Asia-Pacific leads the global switchgear market, driven by industrial growth and infrastructure development in countries like China and India. Europe follows with strong momentum in sustainable energy and grid upgrades, led by Germany, the UK, and France. In North America, the U.S. is boosting demand through grid modernization and renewable energy integration. Meanwhile, the Middle East & Africa and Latin America are emerging as growth regions, supported by rising energy demand, industrial expansion, and investments in new electrical infrastructure.
Key players in the market: ABB Ltd., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation, General Electric Company, Hyundai Electric & Energy Systems Co., Ltd., etc.
Source: Open PR
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