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The global switchgear market is expected to reach USD 120.1 billion by 2027 from an estimated USD 90.9 billion in 2022, at a CAGR of 5.7% from 2022 to 2027

·4-min read
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The growth of the switchgear market is proportional to the growth of the global industrial and manufacturing sectors, which are the primary drivers of growth in demand for electricity. Apart from this, an increase in the share of renewables in the electricity mix has led to the replacement of aging infrastructure and the deployment of smart grids to achieve higher efficiencies and remote monitoring.

New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Switchgear Market by Insulation, Installation, Current, Voltage, Medium, High, End User and Region - Global Forecast to 2027" - https://www.reportlinker.com/p06284314/?utm_source=GNW
Switchgears, as a result, may experience a growth in demand during the forecast period.

Outdoor: The fastest-growing segment by installation in the switchgear market
Based on type of installation of switchgear, the outdoor segment is expected to exhibit the highest CAGR from 2022 to 2027.These switchgears help enhance the transfer of electricity over long distances and larger loads (more than 66kV), thereby providing reliable switching operations.

The transmission and sub-transmission sector, as a result, is among the biggest consumers of these switchgears. Increasing electrification and the growing need for this equipment for high-load, long-distance transmission drives the outdoor switchgear market.

Above 36 kV: The largest segment by power rating in switchgear market
The high (above 36 kV) segment accounted for the largest share in the global switchgear market, by voltage, in 2022. The dominance of this segment can be attributed to the high demand for high-voltage switchgears from the transmission & distribution utilities due to the replacement of aging infrastructure and the expansion of the grid network.
Electrical switchgears rated up to 1 kV, referred to as low-voltage switchgears occupy the second-largest share in the global switchgear market.They are used extensively in commercial and residential infrastructure.

Low-voltage switchgear is typically found on the secondary side of a distribution transformer.This combination is often referred to as the substation.

These switchgears are mostly metal-enclosed and are three-phase power distribution products designed to supply electric power safely, efficiently, and reliably at voltages up to 1,000 volts and current up to 6,000 amperes.Low-voltage switchgears primarily offer electrical protection against overload currents, voltage surges, insulation failure, and emergency switching for residential and commercial infrastructure, protecting electrical appliances and low voltage machinery.

The protection features provided by the low voltage switchgear drives the demand for this switchgear.

Asia Pacific: The fastest-growing region in switchgear market
The market in the Asia Pacific accounted for the largest share of 47.1% of the global switchgear market in 2021 and is expected to grow at the fastest CAGR of 6.2% during the forecast period. Market growth is driven by investments in clean power generation & electrification and the replacement of aging infrastructure to achieve higher efficiency. The region has also shown rapid industrial growth, driving the demand for switchgear.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 55%, Tier 2- 30%, and Tier 3- 15%
• By Designation: C-Level- 30%, Director Level- 20%, and Others- 50%

By Region: Asia Pacific- 60%, North America- 18%, Europe- 10%, Middle East & Africa- 8%, and South America - 4%.

Note: Others includes sales managers, engineers, and regional managers.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the switchgear market include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Eaton (Ireland).

Research Coverage:
The report explains, describes, and forecasts the global switchgear market, by insulation, installation, voltage, current, end user, and region.
It also offers a detailed qualitative and quantitative analysis of the switchgear market.The report provides a thorough review of the major market drivers, restraints, opportunities, and challenges.

It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the switchgear market.

Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for switchgears, which would help switchgear manufacturers review the growth in demand.
2. The report facilitates system providers understand the pulse of the market and offers insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Read the full report: https://www.reportlinker.com/p06284314/?utm_source=GNW

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