Switchgear and Switchboard Apparatus Global Market Report 2024

The switchgear and switchboard apparatus market size has grown strongly in recent years. It will grow from $178.8 billion in 2023 to $188.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The expansion observed in the historical period can be attributed to the electrification of industries, coupled with urbanization and infrastructure development. Additionally, the growth is linked to the expansion of power generation capacity, adherence to safety and regulatory compliance, and the ongoing needs for replacement and modernization.

The switchgear and switchboard apparatus market size is expected to see steady growth in the next few years. It will grow to $227.27 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be ascribed to the integration of renewable energy sources, initiatives promoting grid resilience and reliability, the implementation of smart grid initiatives, the ongoing electrification of transportation, and a focus on energy efficiency and environmental sustainability. Key trends expected during this period encompass the integration of solid-state circuit breakers, the expansion of the medium voltage switchgear market, the adoption of air-insulated switchgear for indoor applications, the development of advanced monitoring and control platforms, and the incorporation of energy storage systems with switchgear.

The switchgear and switchboard apparatus market is expected to witness growth propelled by the increasing demand for electricity generation. Electricity has become a vital factor for economic development and poverty alleviation, with the ongoing processes of industrialization and urbanization relying heavily on a continuous and reliable electricity supply. The performance of switchgear plays a crucial role in ensuring the reliability of electrical supply, making it a key driver for the forecast period. For instance, global electricity demand is projected to rise at a rate of 2.1% per year until 2040 in the Specified Policies Scenario, doubling the rate of primary energy growth by 2040.

The expanding construction industry is poised to drive the forward momentum of the switchgear and switchboard apparatus market. In the construction sector, these apparatus are instrumental in distributing and controlling electrical power safely, efficiently, and reliably within residential buildings, ensuring the protection of electrical circuits. Reports from the United States Census Bureau indicate an over 8% increase in the overall value of residential and non-residential construction in the US between 2020 and 2021. Additionally, global construction output, as reported by Oxford Economics in September 2021, amounted to US$10.7 trillion in 2020 and is projected to experience significant growth, reaching approximately US$15.2 trillion by 2030, contributing to the anticipated expansion of the switchgear and switchboard apparatus market.

The growth of the switchgear and switchboard apparatus market is hindered by the instability in raw material prices. Fluctuations are attributed to the availability of low-quality materials at cheaper prices, raising the risk of insulation layer breakdown, short circuit conditions, and other failures. As an example, copper prices surged by 125% in March 2020, as reported by Institutional Investor, impacting copper-dependent switchgear production. The inconsistent pricing of raw materials is expected to impede market growth.

In recent years, there has been a growing demand for the installation of electric substations to swiftly restore normal power supply during emergencies. Mobile substations are instrumental in achieving this goal, as they are designed to provide temporary power supplies in outdoor conditions or unforeseen circumstances. These mobile substations typically incorporate a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers, making them suitable for network extensions and temporary switching stations. Siemens and Aktif Group are notable examples, with Siemens delivering two mobile substations for the national grid SA, and Aktif Group providing 10 mobile substations to the Ministry of Electricity in Iraq. The increasing adoption of mobile substations is a noteworthy trend that is expected to have a positive impact on the switchgear and switchboard apparatus market.

Major companies within the switchgear and switchboard apparatus market are actively developing innovative switchgears to address the rising demand for space-saving solutions and minimize the environmental impact of switchgear. These new switchgears are designed to be more compact, with a smaller footprint compared to traditional counterparts, while ensuring reliability, durability, and ease of installation and maintenance. For instance, Fuji Electric Co. Ltd., a Japan-based motor and generator manufacturing company, launched a new switchgear for the global market in December 2022. This compact design features a revised hot gas treatment procedure for enhanced installation site flexibility and an optimized insulation structure, reducing the footprint by 20%.

In July 2022, Eaton Corporation PLC, a power management company based in Ireland, acquired a 50% stake in Jiangsu Huineng Electric Co. Ltd., a China-based manufacturer of circuit breakers, switchgear, and switchboard accessories. This strategic move aims to expand Eaton's presence in the Chinese market, gain access to Huineng's technology, strengthen the partnership, and support Eaton's overall growth strategy.


Major companies operating in the switchgear and switchboard apparatus market report are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Bharat Heavy Electricals Limited (BHEL), Toshiba Corporation, Larsen & Toubro Limited (L&T), Eaton Corporation PLC, Alstom SA, Fuji Electric Co. Ltd., Leoni AG, Hubbell Incorporated, Nilsen Holdings Ltd., Hyosung Corporation, CUBIC Corporation, CG Power and Industrial Solutions Limited, Powell Industries Inc., Lucy Electric LLC, ROMAC Industries Inc., Merriam-Webster Inc., VCARE TECHNOLOGIES, GEDAC ELECTRIC Ltd., Kounis Group, Aussie Switchboards Pty Ltd., Elektrobudowa SA, Saluja Exim Limited, IEM - Instrumentation Engineering & Manufacturing, CandS Electric Co. Ltd., Mastervolt B.V., Hyundai Heavy Industries Co. Ltd. Asia-Pacific was the largest region in the switchgear and switchboard apparatus market in 2023. Western Europe was the second-largest region in the global switchgear and switchboard apparatus market share. The regions covered in the switchgear and switchboard apparatus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary product categories within the realm of switchgear and switchboard apparatus are switchboard and switchgear. Switchgear functions as the apparatus responsible for controlling, regulating, and enabling or disabling electrical circuits within a power system. These products find applications across industries, manufacturing, and other sectors, serving residential, commercial, and industrial end-users.

The switchgear and switchboard apparatus market research report is one of a series of new reports that provides switchgear and switchboard apparatus market statistics, including switchgear and switchboard apparatus industry global market size, regional shares, competitors with a switchgear and switchboard apparatus market share, detailed switchgear and switchboard apparatus market segments, market trends and opportunities, and any further data you may need to thrive in the switchgear and switchboard apparatus industry. This switchgear and switchboard apparatus 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.

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

The switchgear and switchboard apparatus market consists of sales of ducts, fuses, cubicles, panel boards, power switchboards, circuit breakers, control panels, fuses, generator control, metering panels, knife switches, time switches, and other switchgear and switchboard apparatus. 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 market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

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