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Switchgear Market Trends

  • Report ID: GMI317
  • Published Date: Nov 2024
  • Report Format: PDF

Switchgear Market Trends

One of the most prominent trends in the switchgear industry is the widespread adoption of digital and smart technologies. Smart switchgear solutions are equipped with sensors, real-time monitoring systems, and advanced data analytics capabilities. This allows utilities and industries to remotely monitor, diagnose, and maintain electrical equipment, thereby improving grid reliability and reducing operational costs. Furthermore, predictive maintenance features are becoming essential, as they help identify potential faults and mitigate risks before failures occur.
 

Sustainability is becoming a core focus, driving the development of eco-friendly switchgear. Traditional switchgear often uses sulfur hexafluoride (SF6), a potent greenhouse gas, for insulation. However, manufacturers are innovating with alternatives such as vacuum or air-insulated switchgear and other sustainable materials that reduce environmental impact.
 

This trend aligns with global efforts to minimize carbon emissions, especially as environmental regulations become more stringent. Ensuring the safety and reliability of electrical systems is a top priority. As a result, innovations in arc-flash protection and fault detection technologies are becoming standard in modern switchgear designs. Enhanced protection features are crucial for safeguarding personnel and equipment from electrical hazards, especially in industrial and utility settings.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of switchgear reached USD 156.3 billion in 2024 and is set to grow at a 7.3% CAGR from 2025 to 2034, driven by rising investments in infrastructure development and grid modernization worldwide.

The low voltage segment is anticipated to surpass USD 179.5 billion by 2034, led by the rapid expansion of residential, commercial, and industrial infrastructure.

The U.S. market is projected to surpass USD 31.5 billion by 2034, propelled by the ongoing modernization and upgrading of aging electrical infrastructure.

The key players in the 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.

Switchgear Market Scope

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Premium Report Details

  • Base Year: 2024
  • Companies covered: 20
  • Tables & Figures: 35
  • Countries covered: 21
  • Pages: 100
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