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The Switchgear and Switchboard Apparatus Market size is forecast to increase by USD 36.93 billion, at a CAGR of 6.88% between 2023 and 2028. The growth rate of the Medium Voltage Switchgear Market is influenced by several factors, including the increasing global demand for electrical power systems and the power generation capacity expansion driven by renewable energy sources. The rise in the number of residential and commercial building projects further fuels demand for switchboards, panels, and distribution panels. Additionally, advancements in smart technologies and digital monitoring are enhancing environmental sustainability and energy-efficient systems. The market benefits from innovations such as solid-state circuit breakers, air-insulated switchgear, and monitoring and control platforms that address overloads, short circuits, and electrical faults. Both multinational firms and specialized manufacturers are driving this growth by integrating smart grid solutions into electrical circuits and electrical networks.
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The Switchgear and Switchboard Apparatus market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The medium voltage (2-36 kV) segment is estimated to witness significant growth during the forecast period. In the current era of automation and technology, a major portion of everyday operations in residential, commercial, or industrial settings relies on a steady and dependable power supply. In addition, one of the main reasons that machinery, including servo motors and motor starters, as well as other infrastructure, operate inefficiently is a fluctuating power supply.
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The medium voltage (2-36 kV) segment was the largest segment and was valued at USD 34.98 billion in 2018. Moreover, the ability of electric equipment to withstand surges in electricity demand is limited, meaning that any significant changes will significantly reduce its efficiency. In addition, medium-voltage switchgear is made especially to stabilize any erratic power flow. Furthermore, by managing, metering, and regulating the flow of power within the distribution management system, it shields the networked devices. In addition, in industrial, commercial, and utility systems comprising generators, motors, feeder circuits, transmission and distribution lines, and other medium-voltage power equipment, medium-voltage offer centralized control and protection. Hence, such factors are fuelling the growth of this segment which in turn drives Switchgear and Switchboard Apparatus market growth during the forecast period.
Based on the type, the market has been segmented into GIS (gas insulated switchgear), AIS (air insulated switchgear) and others. The GIS (gas insulated switchgear)?segment will account for the largest share of this segment. This segment is a type of switchgear used to control, protect, and isolate electrical equipment in power transmission and distribution systems. In addition, it uses gas as an insulating medium instead of air, which allows for more compact and efficient designs. Moreover, the use of GIS has become increasingly popular in the global market due to its numerous benefits, such as high reliability, low maintenance, and space-saving design. Hence, such factors are fuelling the growth of this segment which in turn drives Switchgear and Switchboard Apparatus market growth during the forecast period.
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APAC is estimated to contribute 50% to the growth by 2028. Technavio's analysts have provided extensive insight into market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in APAC is expected to maintain its leading position in the global market due to rapid urbanization and the increase in the number of commercial establishments in this region. In addition, the developing countries in the region have observed increasing foreign direct investment (FDI) inflows from international players in the process and discrete industries.
Moreover, these players are trying to set up their manufacturing facilities and increase their presence in the fast-growing APAC countries. Furthermore, uninterrupted electricity supply is still a major challenge in most developing countries in this region. Therefore, governments are trying to upgrade their aging electricity transmission and distribution (T&D) infrastructure and have made investments in smart grids in their respective countries. Hence, such factors are driving Switchgear and Switchboard Apparatus market growth in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers such as Air insulated switchgear for utility and industry, covering also highly demanding applications, such as data centers, oil and gas, mining, marine and nuclear power.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, General Electric Co., Havells India Ltd., Hitachi Ltd., Hubbell Inc., Hyosung Corp., Hyundai Electric and Energy Systems Co. Ltd., Legrand SA, Luck Switchgear, Mitsubishi Electric Corp., Powell Industries Inc., Schneider Electric SE, Secheron SA, Siemens AG, Switchgear and Control Technics Pvt. Ltd., Toshiba Corp., and Tricolite
Technavio market forecast is an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the market growth analysis during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges of market growth and forecasting will help companies refine marketing strategies to gain a competitive advantage.
Switchgear and switchboard apparatus are an important part of power T&D networks worldwide. In addition, the growing demand for power from end-users across all sectors will require the expansion of these networks, which will fuel the demand .Furthermore, the main factors contributing to the rise in power demand are the increase in the global population and urbanization, which, in turn, will lead to rapid growth in industrialization.
Moreover, these factors will result in an exponential increase in the demand for electricity. In addition, many remote and rural areas, especially in Asian and sub-Saharan African countries, have limited access to electricity. Therefore, some countries have already started taking measures by planning to increase the number of power generation and electrification grids in the coming years. Hence, these efforts in increasing grid connectivity and meeting the growing demand for electricity will drive the switchgear and switchboard apparatus growth during the forecast period.
The market is expanding rapidly with advancements in infrastructure and manufacturing facilities. In addition, smart play an important part in the distribution of energy to residential areas. Furthermore, the adoption of intelligent power distribution equipment, such as smart, is critical to ensure better performance, power continuity, and resource optimization while reducing transmission, operation, and maintenance costs.
Moreover, new flexible, energy-efficient, and future-proof. For example, ABB smart switchgear provides state-of-the-art technology that is simple to use and install, enabling both immediate investment and operational savings as well as simple future upgrades. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the switchgear and switchboard apparatus growth during the forecast period.
Stainless steel, aluminum, copper, and steel are the main raw materials that are used in production. In addition, all vendors invest heavily in procuring these raw materials. Furthermore, volatility in the prices of copper and aluminum, as well as other necessary raw materials, such as iron, resin, epoxy resin, fuel, and energy, lead to significant fluctuations in the cost of production and revenue for switchgear and switchboard apparatus manufacturers.
Moreover, companies try to recover the fluctuations in the cost of metals via negotiated price changes in the final product. Thus, when raw material prices escalate, companies can expect a rise in their gross profit margins only if they can increase the final selling price to recover the increase in the cost of raw materials, provided there is enough demand for the product. Hence, fluctuations in raw material prices are anticipated to hinder the growth of the switchgear & switchboard apparatus market during the forecast period.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.88% |
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Market Growth 2024-2028 |
USD 36.93 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.48 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 50% |
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Key countries |
US, China, India, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, General Electric Co., Havells India Ltd., Hitachi Ltd., Hubbell Inc., Hyosung Corp., Hyundai Electric and Energy Systems Co. Ltd., Legrand SA, Luck Switchgear, Mitsubishi Electric Corp., Powell Industries Inc., Schneider Electric SE, Secheron SA, Siemens AG, Switchgear and Control Technics Pvt. Ltd., Toshiba Corp., and Tricolite |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this Switchgear and Switchboard Apparatus market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Power Rating
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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