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AC Switchgear Market Trends

Report ID: GMI6966
Published Date: Oct 2023
Report Format: PDF

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AC Switchgear Market Trends

The rapid pace of commercialization and industrialization, aimed at boosting overall economic growth, along with Foreign Direct Investment (FDI) initiatives supporting industrial and commercial sectors, will significantly influence the demand for both primary and secondary electric distribution networks. Moreover, ongoing digitalization has played a substantial role in creating a competitive business environment, driven by the increasing energy requirements of communication base stations and data centers. The rising adoption of advanced, energy-efficient, reliable, and fire-resistant electrical components has created a favorable business landscape.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of AC switchgear was worth USD 126.3 billion in 2023 and is projected to witness over 7.3% CAGR from 2024 to 2032, driven by the higher need for efficient transmission and distribution (T&D) control systems.

AC switchgear market size from the low voltage segment will witness more than 7.1% CAGR through 2032, influenced by various regulatory mandates and guidelines aimed at standardizing products and shaping manufacturing trends on the global scale.

What factors are driving the demand for AC switchgear in Europe?

Some of the prominent AC switchgear companies are ABB, Mitsubishi Electric Corporation, Eaton Corporation, Toshiba International Corporation, Schneider Electric, General Electric, Siemens Energy, and HD HYUNDAI ELECTRIC CO., LTD.