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AC Switchgear Market Size

Report ID: GMI6966
Published Date: Nov 2024
Report Format: PDF

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AC Switchgear Market Size

The global AC switchgear market was valued at USD 136.4 billion in 2024 and is estimated to grow at a CAGR 7% from 2025 to 2034, due to increasing investments in power infrastructure and rapid urbanization. Rising electricity demand, especially in emerging economies, has led to expansions in transmission and distribution networks, spurring switchgear installations. Governments are pushing for the modernization of aging electrical grids and the integration of renewable energy sources, such as solar and wind power, which require advanced and reliable switchgear systems. Additionally, industrial sectors are focusing on energy efficiency and safety, driving the adoption of high-tech, automated AC switchgear solutions.

AC switchgear market

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Technological advancements, such as digital switchgear equipped with monitoring and control features, are gaining traction. Moreover, regulations emphasizing energy security and reliability are fueling demand for robust, low-maintenance equipment. In developed regions, retrofitting existing infrastructure with advanced switchgear is a growing trend, while in developing areas, new installations are accelerating market expansion.

AC Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2024
AC Switchgear Market Size in 2024:	USD 136.4 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	7%
2025 – 2034 Value Projection:	USD 271.1 Billion
Historical Data for:	2021 – 2024
No. of Pages:	100
Tables, Charts & Figures:	21
Segments covered:	Voltage, Insulation, Application
Growth Drivers:	Rising Demand for Electricity Growing Renewable Energy Integration
Pitfalls & Challenges:	High dependency on imports

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The global market for AC switchgear was reached USD 136.4 billion in 2024 and is estimated to grow at a 7% CAGR from 2025 to 2034, driven by increasing investments in power infrastructure and rapid urbanization.

The low voltage segment is projected to surpass USD 154.4 billion by 2034, due to the increasing demand for energy-efficient solutions across residential, commercial, and industrial sectors.

The vacuum insulation segment is expected to achieve a CAGR of over 6.6% through 2034, owing to its superior arc-extinguishing capabilities and compliance with stricter environmental regulations.

The U.S. AC switchgear market is set to cross USD 31 billion by 2034, led by extensive investments in upgrading and modernizing the country

Key players in the AC switchgear industry include ABB, Bharat Heavy Electricals, CG Power and Industrial Solutions, E + I Engineering, Eaton, Fuji Electric, General Electric, HD Hyundai Electric, Hitachi, Hyosung Heavy Industries, Lucy Group, Mitsubishi Electric, Ormazabal, Schneider Electric, Siemens, Skema, and Toshiba.