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Switchgear Market Hits USD 88.44 Billion Value in 2023 and till 2030 6.3% CAGR Growth Expected | ABB, General Electric

Global Switchgear Market size was valued at USD 88.44 billion in 2023 and is estimated to grow at a CAGR of around 6.3% during the forecast period, i.e., 2024-30.
Published 17 May 2024

Global Switchgear Market Outlook – 2024-2030

The most recent market study report, titled “Switchgear Market” Global Industry Size, Trends, Share, Growth Opportunity and Forecast 2024-2030 by MarkNtel Advisors provides unique and valuable insights into market dynamics and business owners a competitive edge. The accuracy and reliability of the data are thoroughly verified by our analyst experts and opinion leaders. By leveraging a combination of primary and secondary research, this report presents the information in a uniquely organized manner, utilizing tables, facts & figures, and charts to offer unparalleled clarity and comprehension of the market landscape.

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Global Switchgear Market Opportunity 2024-2030:

Advancements in Smart Technologies & Digital Transformation to Offer Lucrative Opportunities – The Switchgear Industry is witnessing the emergence of environmentally friendly and energy-efficient technologies, such as vacuum, hybrid, and smart switchgear. These advancements are worth noting. With a focus on environmentally responsible solutions, there has been an increasing interest in using vacuum switching for high-voltage applications. This is due to its eco-friendliness when compared to SF6 switchgear which emits greenhouse gases, despite it being typically utilized only in medium-voltage applications. A new opportunity development in the marketplace is known as hybrid switchgear which combines air-insulated and gas-insulated components at high voltages. These involve the complete digital transformation in the switchgear industry in the coming years.

Competitive Analysis

Thoroughly examining competitors' market share, pivotal developments, and business strategies yields crucial insights into the competitive landscape. This analysis delves into factors like business description, product portfolio, strategic alliances or partnerships, recent developments, financial details, and others for identifying major players. 

Leading players operating in the Global Switchgear Market are:

  • ABB
  • General Electric
  • Siemens
  • Schneider Electric
  • Eaton
  • Mitsubishi Electric Corporation
  • Powell Industries
  • Havells India Ltd.
  • Bharat Heavy Electricals Limited (BHEL)
  • HD Hyundai Electric Co. Ltd
  • Hubbell
  • Fuji Electric Co. Ltd.,
  • Hitachi Ltd.
  • Legrand
  • CG Power and Industrial Solutions Ltd.
  • Others

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Segmentation Summary – Switchgear Market

 Breakdown of Segments, By Insulation

 > Air-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)

 > Gas-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)

 > Others- Market Size & Forecast 2019-2030, (USD Million)

 Breakdown of Segments, By Installation

 > Indoor- Market Size & Forecast 2019-2030, (USD Million)

 > Outdoor- Market Size & Forecast 2019-2030, (USD Million)

 Breakdown of Segments, By Current

 > AC- Market Size & Forecast 2019-2030, (USD Million)

 > DC- Market Size & Forecast 2019-2030, (USD Million)

 Breakdown of Segments, By Voltage

 > Low (Up to 1kV)- Market Size & Forecast 2019-2030, (USD Million)

 > Medium (2-36 kV)- Market Size & Forecast 2019-2030, (USD Million)

 > High (Above 36kV)- Market Size & Forecast 2019-2030, (USD Million)

 Breakdown of Segments, By End User

 > Transmission & Distribution Utilities- Market Size & Forecast 2019-2030, (USD Million)

 > Industries- Market Size & Forecast 2019-2030, (USD Million)

 > Commercial & Residential Users- Market Size & Forecast 2019-2030, (USD Million)

 > Others- Market Size & Forecast 2019-2030, (USD Million)

Regional Insights:

  • North America
  • Europe
  • Asia Pacific
  • Middle East/Africa
  • South America

Among all regions globally, the Asia-Pacific capture the largest share of the global Switchgear market during the forecast period.

Note: If additional specific information is required beyond the current scope of the report, we will gladly provide it as part of the customization process.

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Frequently Asking Questions (FAQ’s):

  • Which companies lead the global Switchgear market? 
  • How will current trends shape the market in the coming years? 
  • What opportunities, challenges, and driving forces characterize the Switchgear Industry? 
  • Which specific Switchgear market segments should industry players target to capitalize on recent technological advancements? 
  • What is the projected growth rate of the global Switchgear market?

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