The United States is projected to account for around 77% of the North America high voltage switchboard market by 2022. Tier-1 firms such ABB, Eaton, Schneider Electric, Rockwell Automation and Siemens accounted for around 63% of worldwide revenue in 2021
NEWARK, Del., July 12, 2022 /PRNewswire/ -- Over the forecast period of 2022-2032, sales of high voltage switchboard market are expected to grow at a CAGR of 5.2% to reach a valuation of US$ 4.8 Bn by the end of 2032. Growing energy needs, along with high demand for applications in mining, power generation, and marine will augment the growth in the market.
More electrical power systems are expected to be needed as the power generating and transmission sector (which includes both industrial and commercial applications) expands, which will in turn increase demand for high voltage switchboards. East Asia has one of the largest industrial sectors in the world, with South Korea dominating the shipbuilding industry and China dominating the manufacturing industry.
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The rise in global electricity demand, combined with increasing focus on boosting renewable energy installed capacity, is driving utilities to invest in electricity transmission and distribution networks. As high voltage switchboards are used to distribute power safely in electrical systems, demand will rise at a considerable pace.
"Rising investments in the energy and utilities sector to improve energy supply across remote locations will fuel the adoption of high voltage switchboards. In addition to this, growing demand from the marine sector foe effective energy distribution will augment the growth in the market over the forecast period," says an FMI analyst.
Key Takeaways:
- Based on application, the commercial segment will account for more than 37% of the total market share by 2032.
- In terms of product type, sales of fusible switchboards will increase at a CAGR of 6.2% through the forecast period.
- By connection location, the front connected segment is projected to create an absolute dollar opportunity worth US$ 796.7 Mn in between 2022-2032.
- Based on voltage rating, the 480 to 600 volts segment is anticipated to gain 300 bps points through 2032.
- The India high voltage switchboard market is expected to create an absolute dollar opportunity of US$ 148 Mn.
- The U.S. will account for 77.7% of the North America high voltage switchboard market in 2022.
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The High Voltage Switchgear market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of high voltage switchgear. The market also consists of high voltage switchgear that are electrical equipment used in an electrical path to deal with voltage above 36kV and are designed to perform some operations such as control, regulate, and switch on/off as needed in electric circuit.
The main insulation types of high voltage switchgear are gas insulated, oil insulated and air insulated. Gas-insulated high-voltage switchgear (GIS) is a compact metal encapsulated switchgear consisting of high-voltage components such as circuit-breakers and disconnectors, which can be safely operated in confined spaces.
The various components used include circuit breakers, relays and others. The high voltage switchgear follows IEC standard and ANSI standard that are used for transmission and distribution network, manufacturing and processing, infrastructure and transportation applications.
Competitive Landscape
ABB, Eaton, Schneider Electric, Rockwell Automation and Siemens are some of the leasing manufacturers operating in the global high voltage switchboard market. The high voltage switchboard market is moderately consolidated, with leading players accounting for more than 63% of the total market share. These players are investing in new technology developments, expansion of their distribution networks, and tie-ups with prominent end-users to improve sales.
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Key Segments Covered in High Voltage Switchboard Industry Analysis
By Application:
- Industrial
- Mining
- Power Generation
- Manufacturing and Process Industries
- Others
- Commercial
- Marine
By Product Type:
- Fusible Switchboards
- Draw-out Molded Case Switchboards
- Commercial Metering Switchboards
By Connection Location:
- Front Connected
- Rear Connected
- Rear and Front Connected
By Voltage Rating:
- Up to 480 V
- 480 to 600 V
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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About FMI - Industrial Automation
About FMI -The Industrial Automation division of FMI offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery across manufacturing sector and distinctive analysis about installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustain, grow and identify new revenue prospects.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
TOC continued..!
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