The future of the switchgear market looks attractive with opportunities in the utilities, industrial, residential, and commercial sectors. The global switchgear market is expected to reach an estimated $139 billion by 2027 and is forecast to grow at a CAGR of 5.6% from 2021 to 2027. The major drivers for this market are increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Answer: The global switchgear market is expected to reach an estimated $139.1 billion by 2027.
Q2. What is the growth forecast for switchgear market?
Answer: The switchgear market is expected to grow at a CAGR of 5.6% from 2021 to 2027.
Q3. What are the major drivers influencing the growth of the switchgear market?
Answer: The major drivers for this market are increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Q4. What are the major applications or end use industries for switchgear?
Answer: Utilities and industrial are the major application for switchgear market.
Q5. What are the emerging trends in switchgear market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include the development of digital switchgear and growing focus on eco-efficient switchgear.
Q6. Who are the key switchgear companies?
Answer: Some of the key switchgear companies are as follows:
Answer: The analyst forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations.
Q8: In switchgear market, which region is expected to be the largest in next 5 years?
Answer: Asia Pacific is expected to remain the largest region and witness the highest growth over next 5 years
Q9. Do we receive customization in this report?
Answer: Yes, the analyst provides 10% customization without any additional cost.
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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Emerging Trends in the Switchgear Market
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of digital switchgear and growing focus on eco-efficient switchgear.Switchgear Market by Segment
The study includes trends and forecast for the global switchgear market by voltage, product, end use, and region as follows:By Voltage Type [$B shipment analysis from 2016-2027]:
- High Voltage
- Medium Voltage
- Low Voltage
By Product Type [$B shipment analysis from 2016-2027]:
- Other Low Voltage Switchgear
- Metal Enclosed & Metal Clad
- MCCB
- Fuse
- Power Circuit Breaker
- Other Medium & High Voltage Switchgear
By End Use Industry [$B shipment analysis from 2016-2027]:
- Utilities
- Industrial
- Residential
- Commercial
By Region [$B shipment analysis for 2016-2027]:
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Italy
- Asia Pacific
- Japan
- China
- India
- South Korea
- The Rest of the World
- Saudi Arabia
- Brazil
- South Africa
List of Switchgear Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies switchgear companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the switchgear companies profiled in this report includes.- ABB Ltd.
- General Electric
- CG Power and Industrial Solutions Limited
- Siemens AG
- Eaton
- Alstom SA
- Schneider Electric
- Havells India Ltd.
- Mitsubishi Electric Corporation
- Bharat Heavy Electricals Ltd.
Switchgear Market Insight
- The analyst forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations.
- Utilities will remain the largest end use market due to the continuous expansion in electrical infrastructure to fulfill growing electricity demand. Switchgear for the residential end use is expected to witness the highest growth in the forecast period supported by growing urbanization and rapid electrification.
- Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Increasing electricity demand due to growing population, economic expansion, urbanization, industrialization, and rural electrification projects, particularly in India and China, are leading the demand for switchgear.
Features of Switchgear Market
- Market size estimates: Global switchgear market size estimation in terms of value ($B) shipment.
- Trend and forecast Analysis: Market trend (2016-2021) and forecast (2022-2027) by application, and end use industry.
- Segmentation Analysis: Global switchgear market size by various applications such as voltage, product, and end use type in terms of value and volume shipment.
- Regional Analysis: Global switchgear market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in different applications and regions of switchgear in the global switchgear market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape of switchgear in the global switchgear market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQS
Q1. What is the switchgear market size?Answer: The global switchgear market is expected to reach an estimated $139.1 billion by 2027.
Q2. What is the growth forecast for switchgear market?
Answer: The switchgear market is expected to grow at a CAGR of 5.6% from 2021 to 2027.
Q3. What are the major drivers influencing the growth of the switchgear market?
Answer: The major drivers for this market are increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Q4. What are the major applications or end use industries for switchgear?
Answer: Utilities and industrial are the major application for switchgear market.
Q5. What are the emerging trends in switchgear market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include the development of digital switchgear and growing focus on eco-efficient switchgear.
Q6. Who are the key switchgear companies?
Answer: Some of the key switchgear companies are as follows:
- ABB Ltd.
- General Electric
- CG Power and Industrial Solutions Limited
- Siemens AG
- Eaton
- Alstom SA
- Schneider Electric
- Havells India Ltd.
- Mitsubishi Electric Corporation
- Bharat Heavy Electricals Ltd.
Answer: The analyst forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations.
Q8: In switchgear market, which region is expected to be the largest in next 5 years?
Answer: Asia Pacific is expected to remain the largest region and witness the highest growth over next 5 years
Q9. Do we receive customization in this report?
Answer: Yes, the analyst provides 10% customization without any additional cost.
This report answers the following 11 key questions
Q.1. What are some of the most promising, high-growth opportunities for the global switchgear market by voltage (high voltage, medium voltage, and low voltage), by product (other low voltage switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker, and other medium & high voltage switchgear), by end use (utilities, industrial, commercial and residential) and by region (North America, Europe, Asia Pacific, and the Rest of the World)?Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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Table of Contents
1. Executive Summary
2. Switchgear Market Background and Classification
3. Market Trends and Forecast Analysis from 2016 to 2027
4. Market Trends and Forecast Analysis by Region
5. Competitor Analysis
6. Growth Opportunities and Strategic Analysis
7. Company Profiles of Leading Players
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ABB Ltd.
- General Electric
- CG Power and Industrial Solutions Limited
- Siemens AG
- Eaton
- Alstom SA
- Schneider Electric
- Havells India Ltd.
- Mitsubishi Electric Corporation
- Bharat Heavy Electricals Ltd.
Methodology
The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in the market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.
Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.
Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.
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