NEW YORK, June 17, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the switchgear market was valued at $93,432.6 million in the year 2021, and it will propel at a growth rate of approximately 6%, to reach $157,045.5 million by 2030. The main factors responsible for the growth of the industry are the improvement in the infrastructure for power distribution and increase in construction activities. Essentially, the market is progressing because of the increasing energy requirement in emerging and advanced economies, along with technological enhancements and the acceptance of computerization.
The APAC region had the largest share in the switchgear market, of approximately 45%, in the year 2021. It will also observe the fastest progress in the world in the near future. Moreover, China is likely to possess the largest share in the region. To gratify the requirement of an increasing population, the power generation sector is growing at a fast pace. The nation is investing progressively in domestic and overseas energy infrastructure projects.
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Gas-insulated switchgear will have the highest growth rate, of approximately 7%, in the coming years, because of the increasing rate of urban development and industrialization. Moreover, the initiatives by the government to reduce carbon emissions, accompanied by the growth of the electrical grid, is driving this category. Siemens Energy, in April 2021, won a contract for 10 bays of GIS free of sulfur hexafluoride.
The indoor switchgear bifurcation accounted for the larger share in the global switchgear market in the year 2021, and it will grow at a rate of 6% in the years to come. This is because this kind of switchgear offers added safety, is less susceptible to malfunctioning because of weather forces, has lower costs of operations, decreases the threat of electrocution, is easy to operate and sturdy, and has a less space requirement. Moreover, the inclination toward smart homes drives the requirement of indoor switchgear with IoT.
The share of low-voltage switchgear was the largest in the switchgear market in the year 2021, and its sales value will reach $85 billion by the year 2030. They are three-phase products intended to supply electrical power up to 6,000 Amperes and 1,000 Volts. They are majorly used for low-voltage switchboards, MCCs, and other associated circuits.
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The power infrastructure is obsolete in numerous countries, and there is a heavy load on the same. Worldwide, advanced technology, gear, and controls are used to streamline the grid, with the purpose of making it smart and strong. Smart grids have the potential to deliver electricity in a more-reliable and -efficient way. Therefore, they can radically curtail the extent and occurrence of power cuts, along with the influence of storms; and reinstate services more rapidly when there are power cuts.
Switchgear Market Size Breakdown by Segment
By Insulation Type
- Gas-Insulated
- Air-Insulated
By Installation Type
- Indoor
- Outdoor
By Voltage
- Low-Voltage
- Medium-Voltage
- High-Voltage
By End Use
- Transmission & Distribution
- Industrial
- Commercial
- Residential
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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