The global switchgear market reached a value of US$ 100.18 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 139.8 Billion by 2027, exhibiting a CAGR of 5.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A switchgear is a device used for controlling, regulating, and switching on and off an electrical circuit. It comprises switches, fuses, circuit breakers, isolators, relays, current and potential transformers, indicating instruments, lightning arresters, and control panels. It safeguards equipment from short-circuits and fault currents and provides protection to individuals by limiting the current flow through the system to safe levels. As a result, it finds extensive applications in the residential, commercial, and industrial sectors across the globe.
Switchgear Market Trends:
The escalating demand for energy on account of the surging population around the world represents one of the key factors driving the market. Moreover, switchgear ensures undisturbed interconnectivity and a higher capacity of generating stations. It also separates faulty sections of the circuit in the case of a malfunction. In addition, switchgear enhances system availability by allowing more than one source to feed a load. This, coupled with the expansion of transmission and distribution (T&D) networks, is bolstering the growth of the market. At present, there is an increase in the use of gas-insulated switchgear (GIS) as it is insensitive to contamination and can provide safety from electric shocks. It is utilized in confined spaces, such as roofs, city buildings, office spaces, offshore platforms, extensions, and industrial and hydropower plants. This, along with the thriving construction sector, is creating a positive outlook for the market. Moreover, rising investments in the power sector are offering lucrative growth opportunities to market players. Some of the other factors, such as product innovations, technological advancements, and the increasing requirement of renewable energy in different industry verticals, are projected to catalyze the product demand worldwide.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global switchgear market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on voltage type, insulation, installation and end use.

Breakup by Voltage Type:
Low-Voltage
Medium-Voltage
High-Voltage

Breakup by Insulation:

Gas Insulated Switchgear (GIS)
Air Insulated Switchgear (AIS)
Others

Breakup by Installation:

Indoor
Outdoor

Breakup by End Use:

Commercial
Residential
Industrial

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., CG Power and Industrial Solutions Limited, Eaton Corporation PLC, Fuji Electric Co. Ltd., General Electric Company, Havells India Limited, Hitachi Ltd., Larsen & Toubro Limited, Meidensha Corporation, Mitsubishi Electric Corporation, Powell Industries Inc., Schneider Electric SE, Siemens AG and Toshiba Corporation.

Key questions answered in this report:
How has the global switchgear market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global switchgear market?
What are the key regional markets?
What is the breakup of the market based on the voltage type?
What is the breakup of the market based on the insulation?
What is the breakup of the market based on the installation?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global switchgear market and who are the key players?
What is the degree of competition in the industry?