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North America Switchgear Market Size
North America Switchgear Market was valued at USD 25.1 billion in 2023 and is set to grow at a CAGR of over 6.6% between 2024 and 2032, due to the rising demand for electricity, modernization of aging infrastructure, and the increasing adoption of renewable energy sources. Government initiatives and investments aimed at upgrading and expanding the power distribution network further bolster the market's expansion. The burgeoning industrial sector and urbanization trends also contribute significantly to the growing demand for switchgear solutions across North America.
Additionally, advancements in technology, such as the integration of smart grids and the Internet of Things (IoT), are enhancing the efficiency and reliability of switchgear systems. For instance, Canada, through its Smart Grid Program, has allotted USD 100 million to boost the adoption of smart grid technologies and integrated systems, thereby driving market growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 25.1 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 6.6% |
| 032 Value Projection: | USD 44.9 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 70 |
| Tables, Charts & Figures: | 10 |
| Segments covered: | Voltage, Insulation, Current, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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North America Switchgear Market Trends
The North America switchgear industry is experiencing significant growth, driven by rising investments in renewable energy, modernization of aging electrical infrastructure, and increasing demand for electricity. The adoption of smart grid technologies and advancements in switchgear components, such as circuit breakers and transformers, are enhancing grid reliability and efficiency. Stringent government regulations promoting energy efficiency and safety standards are also boosting market expansion. Key sectors such as residential, commercial, and industrial are witnessing increased switchgear deployment to support power distribution and management. Additionally, technological innovations and the integration of IoT in switchgear systems are expected to further propel market growth.
North America Switchgear Market Analysis
North American low voltage switchgear industry is projected to surpass USD 23 billion by 2032, driven by technological advancements along with increasing demand for efficient power distribution in residential, commercial, and industrial sectors, along with the rising adoption of renewable energy sources. Low voltage switchgears are preferred for their safety, reliability, and ability to integrate with smart grid technologies, which enhances overall energy efficiency and management. Additionally, stringent regulations and standards aimed at ensuring electrical safety and minimizing energy losses are further propelling the adoption of low voltage switchgears.
North America switchgear market is expected to register about 6% CAGR through 2032, fueled by the widespread adoption of AC networks due to their efficiency in long-distance power transmission, compatibility with existing infrastructure, and cost-effectiveness. Additionally, the increasing integration of renewable energy sources and the demand for reliable and stable power supply in residential, commercial, and industrial sectors further contribute to the expansion of AC networks, thereby boosting the switchgear market.
The U.S. switchgear market is projected to surpass USD 28 billion by 2032, driven by several pivotal factors contributing to its expansion. This growth is fueled by increasing investments in infrastructure development, particularly in renewable energy projects and smart grid initiatives. According to REN 21, the United States saw a total investment of USD 49.5 billion in renewable energy integration in 2022, with expectations for continued growth in the foreseeable future. Additionally, advancements in technology, such as the integration of digital solutions and IoT capabilities, are enhancing the efficiency and reliability of switchgear systems.
Furthermore, stringent regulations emphasizing energy efficiency and grid reliability are prompting the adoption of modern switchgear solutions across various industrial sectors. These factors collectively underscore a promising outlook for the U.S. switchgear market in the coming decade.
North America Switchgear Market Share
ABB has secured a significant share in the North American switchgear market, leveraging its advanced technologies and strong industry presence. With a focus on enhancing grid reliability and efficiency, ABB's innovations in digital solutions and IoT integration are pivotal. The company's leadership in sustainable energy solutions and commitment to meeting stringent regulatory standards further solidify its position, driving growth and shaping the future landscape of the North American switchgear sector.
North America Switchgear Market Companies
Major key players operating across the North America switchgear industry are:
- ABB
- CG Power & Industrial Solutions Ltd
- CHINT Group
- Eaton
- E+I Engineering
- Fuji Electric Co., Ltd
- General Electric
- Hitachi, Ltd
- Hyundai Electric & Energy Systems Co., Ltd.
- HYOSUNG HEAVY INDUSTRIES
- Mitsubishi Electric Corporation
- Ormazabal
- Powell Industries
- Regal Rexnord Corporation
- Schneider Electric
- Siemens
North America Switchgear Industry News
- In October 2023, Siemens announced a USD 150 million investment in a manufacturing facility in Dallas-Fort Worth. The facility will produce reliable electrical equipment, supporting U.S. data centers and critical infrastructure amid the expanding adoption of generative AI. This strategic move aims to enhance the security and efficiency of critical infrastructure operations. Siemens plans to meet the rising demand in the data center sector, anticipating around ten percent annual growth through 2030, thereby bolstering support for long-term customers in this rapidly evolving industry.
- In October 2020, ABB introduced its newest UL-certified ANSI digital switchgear portfolio, emphasizing flexibility, comprehensive control, and enhanced protection. This product aims to reduce total ownership costs and optimize space utilization compared to traditional switchgear solutions. Additionally, its digital capabilities enhance safety and operational versatility by integrating advanced control and protection systems.
This North America switchgear market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in ‘000 Units & USD Million from 2021 to 2032, for the following segments:
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Market, By Voltage
- Low
- Medium
- High
Market, By Insulation
- Air
- Gas
- Oil
- Vacuum
- Others
Market, By Current
- AC
- DC
Market, By Application
- Residential
- Commercial & industrial
- Utility
The above information has been provided for the following countries:
- U.S.
- Canada
- Mexico
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