Global switchgear market projected to reach $155.28 billion by 2031, driven by infrastructure projects and renewable energy integration
From GlobeNewswire: 2024-10-17 09:45:00
The global switchgear market is projected to reach US$155.28 billion by 2031, with a CAGR of 6.7% from 2023 to 2031. Rising power consumption, population growth, and economic expansion are driving the demand for switchgear. Key regions include Asia Pacific, North America, and Europe, with a focus on renewable energy integration and infrastructure projects. The market is segmented by insulation, voltage, current type, and end-user industry.
Expanding transmission and distribution infrastructure and the integration of renewable energy sources are boosting the demand for switchgear globally. The Revamped Distribution Sector Scheme emphasizes modernizing and upgrading networks to enhance renewable energy integration. Asia Pacific dominated the switchgear market in 2023, with strong growth expected in the region during the forecast period. Key trends include smart switchgear, SF6-free switchgear, and integration with renewable energy sources. Major players in the market include ABB, Siemens, Schneider Electric, and Mitsubishi Electric.
Europe held a significant market share in 2023, driven by the growing utilization of renewable energy sources. The European Union reported that renewable energy accounted for 43% of total EU energy production in 2022. Infrastructure projects in the region include residential, commercial, and industrial developments, data centers, hospitals, airports, metros, and railways. Companies are investing in new features for switchgear, such as ABB’s Climatic Test Chamber for testing energized MV switchgear.
Infrastructure developments, such as data center expansions, transportation projects (like South Korea’s GTX rail network), and energy consumption growth, are driving the demand for switchgear. Switchgear plays a crucial role in ensuring uninterrupted power supply, load balancing, and fault protection in various industries. The global market is expected to continue growing as infrastructure projects and renewable energy integration increase worldwide.
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