Switchgear Market Growth Accelerated by Rising Investments in Transmission and Distribution Networks

Switchgear Market



Switchgear is used in transmission and distribution of power across network grids and industrial applications. They allow or interrupt the flow of current, protect electrical circuits and equipment by detecting faults or abnormal conditions in the network grids. With growing investments in upgrading aging power transmission and distribution infrastructure, the demand for medium and high voltage switchgear is rising across developed and developing regions. The global Switchgear Market is estimated to be valued at US$ 110.35 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
The projected growth of the switchgear market is attributed to rising investments in transmission and distribution (T&D) network expansion projects globally. According to estimates, over US$ 950 billion is projected to be invested in grid modernization projects by utilities in key markets such as the US, China, India and Europe during the forecast period. This is expected to drive the replacement of aging infrastructure and augment the demand for switchgear. Additionally, the integration of renewable energy-based power generation capacity is putting sufficient pressure on existing grid infrastructure. This is necessitating investments to enhance grid flexibility and strengthen networks, thus propelling the switchgear market growth.

Segment Analysis
The global switchgear market is dominated by the high voltage segment. This segment accounts for more than 60% of the overall market share owing to increasing investments in transmission and distribution infrastructure upgrade across developed as well as developing nations. Within high voltage segment, gas insulated switchgear sub-segment is witnessing highest growth owing to benefits such as compact size, reliability, safety, and low maintenance.

Key Takeaways
Global Switchgear Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: Asia Pacific region is projected to dominate the global switchgear market during the forecast period. Rising investments towards modernization of aging power infrastructure and growing focus on renewable energy generation capacity additions are fueling demand for switchgears in China and India. Large scale investments under various national grid expansion projects such as State Grid Corporation of China's 'Ultra High Voltage (UHV) project' are also propelling regional market growth.

Key players operating in the switchgear market are Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd., Lenze SE, Flender Ltd, Nord Drivesystems Pvt Ltd., Bosch Rexroth AG, Zollern GmbH & Co. KG, INGECO GEARS Pvt. Ltd, Kngear, Essential Power Transmission Pvt. Ltd., Bonfiglioli Drives Co. Ltd., and Elecon Engineering Company Limited. 

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