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Switchgear Global Market Report 2023

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    Report

  • 175 Pages
  • February 2023
  • Region: Global
  • The Business Research Company
  • ID: 5735176

Quick Summary:

Explore the future of electrical control with our comprehensive global report on the burgeoning Switchgear market. As circuit breakers, control panels, generator controls, and more become increasingly pivotal in the operation of a variety of sectors, from transmission and distribution utilities, to commercial and industrial enterprises, there is no better time to invest in this essential technology.

Our report outlines the significant growth expected in the switchgear market, supported by increasing demand for continuous and reliable electricity supply. Key trends such as the burgeoning implementation of mobile substations add further fuel to this market's expansion. This research provides practical insights into the challenges and opportunities within the market, including the impact of raw material price fluctuations.

Dive into detailed analysis of the industry's current situation and anticipate its future direction, with our data-rich, comprehensive report. Harness the power of market intelligence to guide your strategic decisions and drive success in the switchgear industry.

The global switchgear market will grow from $78.4 billion in 2022 to $85.37 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The switchgear market is expected to grow to $114.89 billion in 2027 at a CAGR of 7.7%.

The switchgear market consists of sales of circuit breakers, control panels, fuses, generator control, metering panels, knife switches, time switches, and other switchgear. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The switchgear market is segmented into low voltage switchgear market (=1KV); medium voltage switchgear market (2KV - 36KV) and high voltage switchgear market (above 36KV).

Switchgear refers to a collection of switching devices that are used for controlling, protecting, and switching electrical circuits and equipment. Switchgears are used in various applications such as in transmission and distribution utility, residential, commercial, and industrial.

Asia Pacific was the largest region in the switchgear market in 2022. Western Europe was the second-largest region in the switchgear market. The regions covered in the switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main product types of switchgear are high voltage, medium voltage and low voltage. The products are installed indoor and outdoor as gas-insulated switchgear (GIS), air-insulated switchgear (AIS) and others. GIS (gas-insulated high-voltage switchgear) is metal-encapsulated switchgear that contains high-voltage components such as circuit breakers and disconnectors and can be safely operated in confined spaces. Extensions, city buildings, roofs, offshore platforms, industrial plants, and hydropower plants are all examples of places where GIS is used. The switchgear are used by residential, commercial and industrial end-users.

The demand for electricity generation is projected to drive the switchgear market. The availability of electricity has become essential for economic development and poverty alleviation. Development of industrialization, urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Therefore, the demand for electricity generation is driving the demand for switchgear in the forecast period. For instance, global demand for electricity rises at 2.1% per year to 2040 in the Specified Policies Scenario, double the rate of primary energy growth by 2040.

Unstable prices of raw materials are restraining the growth of the switchgear market. Price fluctuation is due to the availability of low-quality materials at cheaper prices. The use of low-quality products increases the risk of breakdown of insulation layers or short circuit conditions and other failures. Thereby inconsistent pricing in raw materials of the switchgear is expected to hinder the market growth. For instance, in May 2020, according to an article published by TTI, Inc., a US-based electronic company, the most expensive variable cost involved with the fabrication of passive electronic components is raw materials.

The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible. Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.

In January 2020, Siemens Ltd, a Germany-based engineering and electronics company acquired C&S Electric Limited for Rs 2,100 crore (294.4 million). With this acquisition, Siemens aimed to cater to the demand for reliable and efficient power supply in India. C&S Electric Limited is an Indian-based switchgear and power equipment manufacturing company.

The countries covered in the switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The switchgear market research report is one of a series of new reports that provides switchgear market statistics, including switchgear industry global market size, regional shares, competitors with a switchgear market share, detailed switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the switchgear industry. This switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Major players in the switchgear market are Schneider Electric, Siemens AG, ABB, General Electric, Eaton Corporation, Hyosung, CG Power, Mitsubishi, Alstom SA, and Bharat Heavy Electricals Ltd.



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Frequently Asked Questions about the Global Switchgear Market

What is the estimated value of the Global Switchgear Market?

The Global Switchgear Market was estimated to be valued at $85.37 billion in 2023.

What is the growth rate of the Global Switchgear Market?

The growth rate of the Global Switchgear Market is 7.7%, with an estimated value of $114.89 billion by 2027.

What is the forecasted size of the Global Switchgear Market?

The Global Switchgear Market is estimated to be worth $114.89 billion by 2027.

Who are the key companies in the Global Switchgear Market?

Key companies in the Global Switchgear Market include Schneider Electric, Siemens AG, ABB, General Electric, Eaton Corporation, Hyosung, CG Power, Mitsubishi, Alstom SA and Bharat Heavy Electricals Ltd..

Table of Contents

1. Executive Summary

2. Switchgears Market Characteristics

3. Switchgears Market Trends And Strategies

4. Switchgears Market - Macro Economic Scenario
4.1 COVID-19 Impact On Switchgears Market
4.2 Ukraine-Russia War Impact On Switchgears Market
4.3 Impact Of High Inflation On Switchgears Market

5. Switchgears Market Size And Growth
5.1. Global Switchgears Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Switchgears Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Switchgears Market Segmentation
6.1. Global Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • High Voltage
  • Medium Voltage
  • Low Voltage
6.2. Global Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Residential
  • Commercial
  • Industrial
6.3. Global Switchgears Market, Segmentation By Insulation, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Gas Insulated Switchgear (GIS)
  • Air Insulated Switchgear (AIS)
  • Other Insulations
6.4. Global Switchgears Market, Segmentation By Installation, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Indoor
  • Outdoor
7. Switchgears Market Regional And Country Analysis
7.1. Global Switchgears Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Switchgears Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

8. Asia-Pacific Switchgears Market
8.1. Asia-Pacific Switchgears Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8.3. Asia-Pacific Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

9. China Switchgears Market
9.1. China Switchgears Market Overview
9.2. China Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
9.3. China Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion

10. India Switchgears Market
10.1. India Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
10.2. India Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

11. Japan Switchgears Market
11.1. Japan Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11.2. Japan Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

12. Australia Switchgears Market
12.1. Australia Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12.2. Australia Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

13. Indonesia Switchgears Market
13.1. Indonesia Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13.2. Indonesia Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

14. South Korea Switchgears Market
14.1. South Korea Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14.2. South Korea Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

15. Western Europe Switchgears Market
15.1. Western Europe Switchgears Market Overview
15.2. Western Europe Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15.3. Western Europe Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

16. UK Switchgears Market
16.1. UK Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16.2. UK Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

17. Germany Switchgears Market
17.1. Germany Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17.2. Germany Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

18. France Switchgears Market
18.1. France Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18.2. France Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

19. Eastern Europe Switchgears Market
19.1. Eastern Europe Switchgears Market Overview
19.2. Eastern Europe Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19.3. Eastern Europe Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

20. Russia Switchgears Market
20.1. Russia Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20.2. Russia Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

21. North America Switchgears Market
21.1. North America Switchgears Market Overview
21.2. North America Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21.3. North America Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

22. USA Switchgears Market
22.1. USA Switchgears Market Overview
22.2. USA Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22.3. USA Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

23. South America Switchgears Market
23.1. South America Switchgears Market Overview
23.2. South America Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23.3. South America Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

24. Brazil Switchgears Market
24.1. Brazil Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24.2. Brazil Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

25. Middle East Switchgears Market
25.1. Middle East Switchgears Market Overview
25.2. Middle East Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25.3. Middle East Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

26. Africa Switchgears Market
26.1. Africa Switchgears Market Overview
26.2. Africa Switchgears Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26.3. Africa Switchgears Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

27. Switchgears Market Competitive Landscape And Company Profiles
27.1. Switchgears Market Competitive Landscape
27.2. Switchgears Market Company Profiles
27.2.1. Schneider Electric
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Siemens AG
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. ABB
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. General Electric
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Eaton Corporation
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance

29. Key Mergers And Acquisitions In The Switchgears Market

29. Switchgears Market Future Outlook and Potential Analysis

30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. About the Publisher
30.6. Copyright And Disclaimer

Executive Summary

Switchgear Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on switchgear market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Where is the largest and fastest growing market for switchgear? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The switchgear market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

Scope

Markets Covered

1) By Product Type: High Voltage; Medium Voltage; Low Voltage
2) By End-User: Residential; Commercial; Industrial
3) By Insulation: Gas Insulated Switchgear (GIS); Air Insulated Switchgear (AIS); Other Insulations
4) By Installation: Indoor; Outdoor

Companies Mentioned: Schneider Electric; Siemens AG; ABB; General Electric; Eaton Corporation

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery format: PDF, Word and Excel Data Dashboard.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Schneider Electric
  • Siemens AG
  • ABB
  • General Electric
  • Eaton Corporation
  • Hyosung
  • CG Power
  • Mitsubishi
  • Alstom SA
  • Bharat Heavy Electricals Ltd.
  • Hyundai
  • Hitachi
  • Toshiba
  • Powell
  • Larsen & Toubro
  • Hubbell
  • Lucy Electric
  • Fuji Electric
  • Bharat Heavy Electricals Ltd.
  • Havells India Limited
  • Elektrobudowa
  • SEL
  • Xian XD Switch Gear Electric Co. Ltd.
  • OJSC Power Machines
  • Crompton Greaves Ltd.
  • Kirloskar Electric Co.Ltd.
  • CG Power and Industrial solutions Limited
  • E+I Engineering

Methodology

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