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Europe Switchgear Market Trends

Report ID: GMI7042
Published Date: Oct 2023
Report Format: PDF

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Europe Switchgear Market Trends

Anticipated growth in the industry is attributed to increased investments and the swift commercialization of utility-focused electrification networks and industrial projects. Furthermore, there is a notable shift in the trend towards replacing overhead electric lines with aerial-bunched cables and underground networks, which will enhance the adoption of switchgear products. As the economic landscape continues to advance, the expansion of micro-grid networks is expected to accelerate, providing a further boost to the industry's outlook.

The aging electric infrastructure is facing increasing demands beyond its original design capacity. To address this, there is a growing imperative to modernize grid networks, making them "smarter" and more resilient through the integration of advanced equipment, technologies, and control systems. This modernization effort is expected to have a positive impact on the market outlook.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of switchgear in Europe was worth USD 33.9 billion in 2023 and is estimated to expand at 8.8% CAGR from 2024 to 2032, attributed to the significant shift toward integrating IT systems throughout the electricity sector.

Europe switchgear industry size from the low voltage segment generated more than USD 15.9 billion in 2022 and is expected to record robust growth through 2032, owing to the implementation of various regulatory requirements and guidelines for standardizing products in the region.

U.K. switchgear market held over 8.8% revenue share in 2022 and is estimated to expand at notable CAGR from 2023 to 2032, owing to the ongoing shift towards smarter grid infrastructure along with the higher deployment of intelligent switchgear and monitoring systems.

Some leading switchgear companies in Europe are ABB, Siemens, GE, Mitsubishi Electric Corporation, Schneider Electric, Ormazabal, CG Power and Industrial Solutions Limited, Eaton, Hyosung Heavy Industries, HD HYUNDAI ELECTRIC CO., LTD., Toshiba Corporation, and Powell Industries