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Residential Switchgear Market Trends

Report ID: GMI10494
Published Date: Nov 2024
Report Format: PDF

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Residential Switchgear Market Trends

Switchgear demand, with the growth of smart homes, switchgear with Internet of Things (IoT) capabilities is in demand. Smart switchgear allows homeowners to monitor energy consumption, remotely control power flow, and receive alerts for maintenance issues or abnormal usage patterns. Integration with home automation systems also enables optimized energy usage, offering convenience and cost savings.

Additionally, IoT-driven switchgear enhances safety by detecting faults early, allowing for prompt interventions. Manufacturers are prioritizing advanced safety features in switchgear. Arc fault detection, surge protection, and automatic disconnection in case of faults are now standard in many switchgear products. These features are increasingly sought-after, as safety regulations tighten, and consumers seek reliable systems to prevent electrical fires or power surges.

Given the focus on reducing carbon emissions, energy-efficient and environmentally friendly switchgear solutions are gaining traction. Energy-efficient switchgear minimizes power loss during distribution, enhancing overall energy savings for households. Some companies are also producing switchgear with sustainable materials and reducing the use of sulfur hexafluoride (SF?), a potent greenhouse gas traditionally used for insulation.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The global market for residential switchgear was reached USD 20 billion in 2024 and is set to grow at a CAGR of 7.5% from 2025 to 2034, due to rising urbanization and increased investments in modern electrical infrastructure.

Based on installation, the indoor segment is projected to exceed USD 37.1 billion by 2034, driven by rapid urbanization and the increasing demand for residential units in densely populated regions.

The U.S. residential switchgear market is estimated to surpass USD 5 billion by 2034, led by growing electricity demand in residential areas due to population growth and urbanization.

Major players in the residential switchgear industry 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.