Industrial Switchgear Market
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The global industrial switchgear market size was valued at USD 31.3 billion in 2024 and is estimated to grow at a CAGR 6% from 2025 to 2034, due to rising demand for efficient electrical infrastructure and rapid industrialization globally. Investment in adopting new technology for modernizing outdated grids alongside integrating clean energy sources remain the key aspects to ensure growth. Also, extending manufacturing operations in the case of developing countries requires greater reliability in the distribution and control of electricity which drives the switchgear market. Finally, the advent of smart grids together with automation of power management applications is increasing the usage of advanced switchgear technologies such as gas insulated and vacuum insulated systems that guarantee safety and increased operational effectiveness.
Further, there has been a shift towards decarbonization as eco-friendly switchgear alternatives are becoming easily accessible, allowing for base support for the market. Further, there has been a paradigm shift to IoT switchgear which allows for predictive maintenance and on the spot diagnosing, this would further increase the efficiency of older switchgears. Stricter policies to restructure the energy framework in an attempt to minimize loss to energy are aiding in the markets growth as well.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Industrial Switchgear Market size in 2024: | USD 31.3 Billion |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2023 - 2032 CAGR: | 6 |
| 2023 Value Projection: | USD 57.1 Billion |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 100 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Voltage, Current, Insulation |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Modernization of the switchgear industry is greatly influenced by changing regulations, evolving technologies, and rising energy demand. I can foresee a growing trend in the adoption of smart and digital switchgear solutions. Such technologies address the increasing application of IoT devices, AI in data supervision, real-time monitoring and system analytics as well as forecasting failures, hence increasing system reliability and decreasing the number of unexpected glitches. With the increasing seamlessness of industries, the trend towards the use of digital switchgear is likely to become more pronounced in smart manufacturing and Industry 4.0 settings.
Power grid interconnections with renewable energy systems are also another trend changing the context of the area. As nations progress towards lowering carbon emissions and requiring energy sustainability, there is a wider demand for switchgear enabling varying energy loads. This has made parts of the electrical infrastructure switch towards hybrid switchgear which has potential for further growth while integrating with renewable resources and stabilizing grid performance. Additionally, extensive research is being done on the green switchgear based on sulphur hexafluoride (SF6) free technology. They are environmentally friendly and meet strict regulations on greenhouse gas emissions.
The high voltage segment is expected to cross USD 31.7 billion by 2034. High voltage switchgear is crucial for effective power transmission and distribution in the industries as well as in growing cities. Additionally, the growing development of wind and solar farms also calls for high voltage switchgear to allow smooth connection of these power sources to the electric grid.
Likewise, the medium voltage segment is also important as its use in different industries and infrastructure projects is on the rise. Specifically industrial plants, commercial buildings and utility grids widely use medium voltage systems along with many others to meet their power requirement needs. These systems are excellent for providing reliable power supply for some of the critical applications which include manufacturing units, data centers and renewable energy systems.
The AC segment of the industrial switchgear market is currently growing at a rate of 5.8%, up to 2034, due to its growing demand in industrial and commercial setups. AC systems are extensively employed for electricity distribution as they are cost-effective in transmitting power over long distances which fits large industries and cities, manufacturing plants, urban infrastructure, and more. Due to these systems, the industrial automation which widely relies on AC power along with motor driven applications and HVAC systems is constantly increasing the demand for AC switchgears. In addition, the emergence of Smart Grids and the corresponding technology which controls the high fluctuations in power demand are additional factors boosting deployment and expansion of various types of equipment.
Parallel to this trend, Vacuum insulated switching gears also show great promise in the renewable energy realm as electric current produced by solar photovoltaic systems, amongst other, is collected through DC switchgears which are known to be long lasting and easy to fold, providing Integrability for renewables into power grids all over the globe.
The U.S. industrial switchgear market size is expected to exceed USD 4.2 billion by 2034, due to the robust enhancement in the electrical infrastructure kept to meet the sense of industrial growth and advancement modernism. The expansion of the Meith wind and solar renewable energy sources are in need of greatly improved switch gear that can enable management of intermittent power source alongside security of grid. Also, the changing electrical landscape in the US, marked by new transmission and distribution system modernization are some of the prominent aspects attributing towards the market growth within the region.
As for the events and developments in the Asia Pacific region, the switchgear market forecast is promising. The acceleration in the regions industrialization, infrastructural advancement and urbanization contributes to the dire need for effective and reliable distribution systems. As for Schneider companies, acquisition and collaboration are the most prominent business strategies they have employed. For example, Lauritz Knudsen said that in order to capitalize on the rapid growth of the electric sector in India, it will invest 103 million dollars in the next 3 years.
Hitachi and General Electric are the top competing companies in the industrial switchgear industry, and they use their industry experience, active technological solutions, and their international wide reach to maximize this market. These industry giants offer modern technological products such as digital substations, which enable active management, greater automatic control, and maintenance that is based on predicted needs; all of which contribute to the strengthening of the grid and greater performance efficiency.
Major players operating in the industrial switchgear industry are:
Market, By Voltage
Market, By Current
Market, By Insulation
The above information has been provided for the following countries across the region:
Major players in the industrial switchgear market 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.
The U.S. industrial switchgear market is projected to surpass USD 4.2 billion by 2034, due to the increasing demand for reliable and advanced electrical infrastructure to support industrial growth and modernization.
The AC segment in the industrial switchgear market is projected to achieve a CAGR of over 5.8% by 2034, led by the growing demand for alternating current (AC) systems in industrial and commercial applications.
The global industrial switchgear market was valued at USD 31.3 billion in 2024 and is estimated to grow at a 6% CAGR from 2025 to 2034, driven by the rising demand for efficient electrical infrastructure and rapid industrialization globally.
The high voltage segment in the industrial switchgear market is anticipated to surpass USD 31.7 billion by 2034, due to the growing emphasis on large-scale infrastructure projects and industrialization.