Switchgear Market is anticipated to grow at a CAGR of 4.3% during 2023-2028

Posted on 2024-02-12 by Lucintel in Marketing // 0 Comments

The global switchgear market is projected to reach $148.9 billion by 2028, at a CAGR of 4.3% during 2023-2028. The growth of switchgear market is driven by increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.

Some of the Key Questions answered in this exclusive report are:

Q.1 What are some of the most promising, high-growth opportunities for the switchgear market by voltage (high voltage, medium voltage, and low voltage), product (other low voltage switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker, and other medium & high voltage switchgear), end use (utilities, industrial, commercial and residential) and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2 Which segments will grow at a faster pace and why?

Q.3 What are the business risks and threats to the switchgear market?

Q.4 What are some changing demands of customers in the switchgear market?

Q.5 What are the new developments in the switchgear market? Which companies are leading these developments?

Q.6 What strategic initiatives are being implemented by key players for business growth?

Q.7 What are some of the competitive products and processes in this switchgear area and how big of a threat do they pose for loss of market share via product substitution?

Q.8 What M&A activity has occurred in the last 5 years in this switchgear market?

Emerging trends, which have a direct impact on the dynamics of the industry, include development of digital switchgear and growing focus on eco-efficient switchgear.

Market Segmentation:

Based on product type, the switchgear market is segmented into other low voltage switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker, and other medium & high voltage switchgear. The low voltage switchgear segment accounted for the largest share of the market in 2021 and is expected to register the highest CAGR during the forecast period, due to increasing construction activities and renewable energy installations.

Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Increasing electricity demand due to growing population, economic expansion, urbanization, industrialization, and rural electrification projects, particularly in India and China, are leading the demand for switchgear.

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Key Players in the switchgear market are ABB Ltd., General Electric, CG Power and Industrial Solutions Limited, Siemens AG, Eaton, Alstom SA, Schneider Electric, Havells India Ltd., Mitsubishi Electric Corporation, and Bharat Heavy Electricals Ltd.

The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries.

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