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Switchgear Market Trends

Report ID: GMI317
Published Date: Jul 2024
Report Format: PDF

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Switchgear Market Trends

The transition to renewable energy sources such as solar and wind is significantly influencing the switchgear industry. Renewable energy generation requires advanced switchgear capable of handling variable power inputs and ensuring seamless integration with existing grid infrastructure. Switchgear that supports renewable energy integration must be adaptable and robust, accommodating fluctuating energy flows and ensuring stability in the grid.

One of the most prominent trends is the increasing adoption of smart switchgear systems. These systems are equipped with digital communication capabilities, enabling real-time monitoring, control, and diagnostics. Integration with the Internet of Things (IoT) and advanced data analytics allows for predictive maintenance, reducing downtime and operational costs. Smart switchgear enhances grid reliability and efficiency by providing better insights into power distribution networks.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of switchgear was reached USD 144.6 billion in 2023 and is anticipated to register 7.6% CAGR between 2024 and 2032, due to the expansion of smart grid networks and rising peak load demands.

The low voltage segment in the switchgear market is expected to reach USD 158.6 billion by 2032, owing to the development and expansion of infrastructure projects.

Asia Pacific switchgear market is anticipated to surpass USD 103 billion by 2032, on account of increased demand for reliable and efficient power distribution systems.

ABB, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, Eaton, E + I Engineering, Fuji Electric Co., Ltd., General Electric, Hyosung Heavy Industries, HD HYUNDAI ELECTRIC, and Hitachi Ltd, among others.