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North America Switchgear Market Size
- Report ID: GMI3241
- Published Date: Jul 2024
- Report Format: PDF
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 Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Switchgear Market Size in 2023: | USD 25.1 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 6.6% |
| 2032 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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Frequently Asked Questions (FAQ) :
North America Switchgear Market Scope
