USD 36.93 billion Growth Opportunity in Switchgear and Switchboard Apparatus Market from 2023 to 2028, 6.48% YOY Growth Expected in 2024 - Technavio

NEW YORK, Jan. 29, 2024 /PRNewswire/ -- The Switchgear and Switchboard Apparatus Market is forecast to increase by USD 36.93 billion, at a CAGR of 6.88% with a YOY growth rate of 6.48% between 2023 and 2028. However, the growth momentum will progress. Technavio has segmented the market based on Power Rating (Medium voltage (2-36 kV), High voltage (above 36 kV), and Low voltage (up to 1 kV)), Type (GIS (gas insulated switchgear), AIS (air insulated switchgear), and Others). For more insights on the historical (2018 to 2022) and forecast market size (2024 to 2028) - Request a Free sample report

• The medium voltage (2-36 kV) segment is estimated to witness significant growth during the forecast period. In the modern era, a reliable power supply is crucial for residential, commercial, and industrial operations. Fluctuating power can affect the efficiency of machinery and infrastructure, such as servo motors and motor starters. Medium-voltage switchgear is designed to stabilize power flow, protecting networked devices by managing, metering, and regulating power in distribution systems, especially in industrial, commercial, and utility setups with various power equipment.

By geography, the market is segmented into APAC, Europe, North America, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth.

• APAC is estimated to contribute 50% to the growth by 2028.  APAC continues to lead due to rapid urbanization, growth in commercial establishments, and increasing foreign direct investment in process and discrete industries. International players are establishing manufacturing facilities in APAC, leveraging the region's fast-paced growth. Governments are investing in upgrading electricity transmission and distribution infrastructure and implementing smart grids to address the challenge of uninterrupted power supply in developing countries.

Insights on the contribution of various segments including country and region wise historic data (2018 to 2022), and forecast market size (2024 to 2028) - Download a Free Sample Report

Increasing global power demand is a key factor driving growth. Switchgear and switchboard apparatus play a crucial role in global power transmission and distribution networks. The growing power demand across sectors, driven by population growth, urbanization, and industrialization, necessitates network expansion. The increasing electricity demand, especially in remote areas of Asia and sub-Saharan Africa, highlights the need for improved access to power infrastructure.

• Increasing demand for smart switchgear and switchboard apparatus is a primary trend shaping growth.
• Volatile prices of raw materials is a significant challenge restricting growth.

Insights on Drivers, trends, & Challenges, historic period(2018 to 2022), and forecast period(2024 to 2028)- Request a Free sample report!

Essential Components for Electrical Systems

Switchgear and switchboard apparatus are crucial components in electrical systems, serving various applications across industries. Switchgear acts as a protective shield for electrical equipment, housing circuit breakers, protection relays, and disconnect switches. It enables power distribution and control, ensuring the safe and efficient operation of electrical systems. Switchboards, on the other hand, serve as the central hub for power distribution, housing distribution boards, motor control centers (MCC), and surge protection devices. They play a vital role in managing electrical loads and ensuring the smooth functioning of electrical networks. These apparatuses are designed for different voltage levels, including medium, low, and high voltage, and are essential components in substations, distribution transformers, and ring main units (RMU). With advancements in technology, modern switchgear and switchboard apparatus incorporate features like gas-insulated switchgear (GIS), air-insulated switchgear (AIS), intelligent switchgear, and smart grid technology, enhancing their efficiency and reliability in today's electrical systems.

What are the key data covered in this report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth between 2024 and 2028
• Precise estimation of the size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of vendors

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Power Rating

Segmentation by Type

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.

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