Switchgear market to reach $258.9 B by 2032 with a robust 7 % CAGR
The switchgear market, valued at $161.23 B in 2024, is projected to reach $258.9 B by 2032, growing at a 7 % CAGR from 2025 to 2032.
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According to a SkyQuest Technology Group’s report, the switchgear market size, valued at $161.23 B in 2024, is going to soar to $258.9 B by 2032, growing at a CAGR of 7 % during the forecast period 2025 – 2032.
With the rapid industrial development in emerging economies, the need for robust electrical infrastructure is on the rise. Urbanization, particularly in Asia-Pacific, Latin America, and Africa, is increasing demand for reliable and scalable electricity distribution systems, driving the adoption of advanced switchgear.
As nations shift towards greener energy sources, integrating solar, wind, and other renewable energy sources into existing grids requires specialized switchgear equipment that can effectively manage fluctuations and ensure stability.
Furthermore, the transition from traditional grids to smart grids has become a major driver for the switchgear market. Smart switchgear is more efficient, allows for better fault detection, and reduces maintenance costs, making it a preferred choice for utilities and industrial applications.
The growing emphasis on electrical safety, along with evolving regulatory standards and codes, is a key factor driving the switchgear market. New regulations requiring more reliable and fault-tolerant electrical infrastructure are pushing utilities and industrial players to adopt modern switchgear solutions.
Key players at the market: Schneider Electric, Siemens AG, General Electric, Eaton Corporation, Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Rockwell Automation, LSIS Co. Ltd.
Source: Open PR
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