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Utility Scale Switchgear Market Size

Report ID: GMI5665
Published Date: Dec 2024
Report Format: PDF

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Utility Scale Switchgear Market Size

The global utility scale switchgear market size was valued at USD 85.9 billion in 2024 and is estimated to grow at a CAGR 7.2% from 2025 to 2034, due to increased investments in renewable energy infrastructure, grid modernization, and the expansion of high-voltage transmission networks. Governments worldwide are prioritizing the integration of clean energy sources, which necessitates advanced and reliable switchgear systems to efficiently manage power flows and ensure grid stability. Rising electricity demand, especially in emerging economies, is further fueling the need for robust electrical distribution infrastructure.

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The market is also benefiting from technological advancements, such as digital and smart switchgear systems, which provide enhanced monitoring, diagnostics, and predictive maintenance capabilities. Moreover, the shift towards higher voltage ratings and the adoption of gas-insulated switchgear (GIS) solutions are enhancing operational efficiency and reducing space requirements in urban and constrained environments. Overall, the market's expansion is supported by regulatory initiatives focused on improving energy efficiency and the need to upgrade aging power infrastructure for better performance.

Utility Scale Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2024
Utility Scale Switchgear Market Size in 2024:	USD 85.9 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	7.2%
2034 Value Projection:	USD 172.8 Billion
Historical Data for:	2021 – 2024
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Voltage, Installation
Growth Drivers:	Rising Demand for Electricity Growing Renewable Energy Integration
Pitfalls & Challenges:	High dependency on imports

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of utility scale switchgear reached USD 85.9 billion in 2024 and is set to grow at a 7.2% CAGR from 2025 to 2034, driven by increased investments in renewable energy infrastructure and grid modernization.

The AC segment is projected to achieve a CAGR of over 6.8% through 2034, led by its efficiency in long-distance power transmission and compatibility with existing grid frameworks.

The U.S. market is anticipated to exceed USD 16.2 billion by 2034, supported by investments in modernizing aging grid infrastructure and expanding renewable energy projects.

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.