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Industrial Switchgear Market Size

Report ID: GMI10542
Published Date: Nov 2024
Report Format: PDF

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Industrial Switchgear Market Size

The global industrial switchgear market was valued at USD 31.3 billion in 2024 and is estimated to grow at a CAGR of 6% from 2025 to 2034, due to rising demand for efficient electrical infrastructure and rapid industrialization globally. Investments in upgrading aging grid systems and integrating renewable energy sources are key growth catalysts. Expanding manufacturing activities, especially in emerging economies, necessitate reliable power distribution and control solutions, propelling switchgear demand. Additionally, the advent of smart grids and automation in power management is fueling the adoption of advanced switchgear technologies, like gas-insulated and vacuum-insulated systems, which ensure safety and operational efficiency.

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Stricter regulatory frameworks to enhance safety standards and minimize energy losses are also shaping market expansion. Digitalization trends, such as IoT-enabled switchgear, are gaining traction, allowing for real-time monitoring and predictive maintenance. The market is further supported by a push towards decarbonization, with eco-friendly switchgear solutions becoming increasingly prominent, ensuring the market’s strong trajectory in the coming years.

Industrial Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2024
Industrial Switchgear Market Size in 2024:	USD 31.3 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	6%
2025 – 2034 Value Projection:	USD 57.1 Billion
Historical Data for:	2021 – 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Voltage, Current, Insulation
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 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.

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 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.

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.