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North America HV Switchgear Market Size
North America HV Switchgear Market size was valued at around USD 402.5 million in 2023 and is estimated to register a CAGR of over 6.2% between 2024 and 2032. The region's ongoing investment in upgrading and modernizing its aging electrical infrastructure is propelling the demand for advanced high voltage switchgear solutions. The need for enhanced grid reliability, reduced downtime, and efficient power distribution is pushing utilities and industries to adopt state-of-the-art switchgear technologies.
The increasing integration of renewable energy sources, such as wind and solar power, into the electrical grid is creating complexities that require flexible and reliable switchgear solutions to manage intermittent power generation. Stringent environmental regulations and sustainability initiatives are encouraging the adoption of eco-friendly and low-emission switchgear technologies. Moreover, the growth of data centers, electric vehicle charging infrastructure, and smart grid deployments is boosting the demand for high voltage switchgear to ensure robust and secure power distribution.
What factors are driving U.S. HV switchgear market growth?
U.S. HV switchgear industry size will register over 5.5% CAGR from 2023 to 2032, due to the increasing focus on refurbishing the transmission and distribution infrastructure, including substations and high voltage lines in the nation.
Which are the key HV switchgear companies in North America?
General Electric, Siemens Energy, Mitsubishi Electric Corporation, Hitachi Energy Ltd., Bharat Heavy Electricals Limited, CG Power & Industrial Solutions Ltd., CHINT Group, Powell Industries, among others.
Why is the demand for 36 kV HV switchgears rising in North America?
North America36 kV HV switchgear market size is anticipated to observe over 6.5% CAGR from 2023 to 2032, due to the increasing demand for energy coupled with higher government backing for sustainable electricity grids in the region.
How big is the North America HV switchgear market?
The market size of North America HV switchgear was worth over USD 402.5 million in 2023 and may record over USD 696.7 million by 2032, due to the ongoing investments in upgrading and modernizing aging electrical infrastructure in the region.