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North America Switchgear Market Trends

Report ID: GMI3241
Published Date: Jul 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of North America switchgear was worth over USD 25.1 billion in 2023 and is set to register about 6.6% CAGR through 2032, driven by rising demand for electricity.

The AC segment of North America switchgear market held a decent share in 2023 and is expected to achieve over 6% CAGR through 2032, due to their efficiency in long-distance power transmission, compatibility with existing infrastructure, and cost-effectiveness.

The U.S. switchgear market is poised to surpass USD 28 billion by 2032, driven by the increasing investments in infrastructure development, particularly in renewable energy projects and smart grid initiatives.

ABB, CG Power & Industrial Solutions Ltd, CHINT Group, Eaton, E+I Engineering, Fuji Electric Co., Ltd, General Electric, Hitachi, Ltd among others.