Switch Gear Market to be dominated by Low-Voltage Segment at a CAGR of 5.2 percent- Says Maximize Market Research

PUNE, India, July 19, 2024 /PRNewswire/ -- Switchgear describes a wide variety of switching devices that all fulfill a common need of controlling, protecting, and isolating power systems. There is a growing demand for high-performance motorcycles, which has increased the need for advanced switchgear. Additionally, customization has become increasingly popular among motorcycle enthusiasts, driving the market.

Maximize Market Research, an Energy & Power business research firm has published a report on the "Global Switch Gear Market". The total market size for the Switch Gear Market was USD 93.1 Bn in 2023 and is expected to grow at 5.2 percent CAGR through the forecast period by reaching nearly USD 97.94 Bn by 2030.

The Switch Gear Market research provides in-depth details on important variables such as motivating factors and obstacles that are expected to determine the market's future growth. Along with a thorough analysis of the competitive landscape, the report also includes available opportunities for stakeholders to invest in the Switch Gear Market. Both qualitative and quantitative characteristics of the industry have also been covered in the report. The scope of the MMR report includes a thorough analysis of regional markets for the Switch Gear Market. The data from primary and secondary sources are combined to create a report that provides information on the conditions required for higher growth.

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Highlights of the Report

• The shift towards renewable energy sources like wind and solar is significantly boosting demand for switchgear, as it's essential for integrating these sources into the grid and managing power fluctuations.
• The market faces challenges including regulatory uncertainty, high upfront costs, and supply chain disruptions. Additionally, the presence of legacy infrastructure poses challenges for modernization efforts.
• The advent of smart grid technologies, enabled by digitalization, IoT, and AI, is driving the adoption of intelligent switchgear solutions with enhanced monitoring, control, and predictive maintenance capabilities.

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Key Player Offerings

• SAEL Ltd, an Indian renewable energy company, is preparing to launch its first-ever dollar-denominated bonds, targeting a substantial USD 500 million. Focusing on sustainable energy projects, with a specific emphasis on building solar plants, SAEL intends to introduce this bond issuance by the conclusion of June, highlighting the positive market outlook in the area.
• Eaton has announced a significant investment of over $500 million to improve its manufacturing facilities for switchgear and switchboards. This move is a key part of the company's overall strategy to address the increasing need for electrical solutions in the utility, commercial, healthcare, industrial, and residential sectors.
• Shanghai Electric introduced a new line of environmental protection gas-insulated switchgear. This product is designed to enhance operational efficiency while minimizing environmental impact, aligning with global sustainability goals.

Asia Pacific Switch Gear Market to be Largest

With over 40% of the global switchgear demand, Asia Pacific is the largest market in the switchgear industry. The region's growing energy and infrastructure projects have also made significant contributions. For instance, Japan's switchgear market capitalizes on its advanced technological landscape and rigorous safety standards, creating robust opportunities in smart grid development. The country reported a 5% annual increase in switchgear exports, highlighting its role as a key player in the global market. Additionally, India is witnessing a surge in demand fueled by its ambitious rural electrification initiatives and substantial investments in renewable energy. The Indian government allocated over $44 billion to modernize its power grid, significantly boosting the local switchgear market. The United States switchgear market generates substantial revenue, driven by ongoing upgrades to aging electrical infrastructure and the integration of renewable energy sources. The U.S. market recorded a 4.8% increase in annual revenue, reflecting a growing emphasis on energy efficiency and sustainability. Profit margins in the U.S. switchgear sector remain strong, supported by consistent demand from both residential and commercial segments.

Switch Gear Market Segmentation

Gas-insulated switchgear (GIS) is becoming more common because of its high voltage capabilities and small size, particularly in metropolitan locations where space is limited. In comparison to air-insulated switchgear, GIS technology uses sulfur hexafluoride (SF6) gas for insulation and electrical current interruption, resulting in a substantially smaller footprint. Gas-insulated switchgear (GIS) is becoming more common because of its high voltage capabilities and small size, particularly in metropolitan locations where space is limited. In comparison to air-insulated switchgear, GIS technology uses sulfur hexafluoride (SF6) gas for insulation and electrical current interruption, resulting in a substantially smaller footprint. With up to 90% less space needed than with traditional switchgear, this smaller size relates to a significant reduction in space needs, enabling more effective use of urban property. Reduced maintenance costs and increased dependability have led to a notable increase in profitability for the GIS sector. Significant savings in operating costs have resulted from the extension of maintenance intervals to 25 years. Additionally, utility businesses benefit from higher income streams because of the improved dependability and lower failure rates. For example, GIS systems have yearly failure rates of as little as 0.5%, whereas traditional systems have failure rates of around 2.5%. The sales of GIS are also supported by regulatory developments that promote reducing the environmental footprints of urban infrastructure. For instance, the European Union's stringent emissions regulations drive the adoption of technologies that minimize SF6 leakage, strengthening GIS as the preferred choice.

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By Voltage         

• Low Voltage
• Medium Voltage
• High Voltage

By End-User      

• Transmission & Distribution Utilities
• Industrial
• Commercial & Residential
• Other

Switch Gear Market Key Players

• ABB - Zurich, Switzerland
• Siemens AG - Munich, Germany
• Schneider Electric SE - Rueil-Malmaison, France
• Hyundai Electric & Energy Systems Co., Ltd. - Seoul, South Korea
• Toshiba Corporation - Tokyo, Japan
• General Electric Company (GE)
• Others

Key questions answered in the Switch Gear Market are:

• What is Switch Gear?
• What is the current growth rate of the Switch Gear market? 
• Who are the key players in the Switch Gear Market?
•  What are the factors affecting growth in the Switch Gear Market?
• Who held the largest market share in the Switch Gear Market?
• What is the demand pattern for the Switch Gear Market?
• What are the key trends in the Switch Gear Market?
• What are the growth prospects in developing countries for the Switch Gear Market?
• Which segment is expected to witness the fastest growth and why in the Switch Gear Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Insulation Type, Voltage, End User, and Region.
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
• Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Energy & Power research firm, has also published the following reports:

Circuit Monitoring Market: The market size was valued at USD 696 Million in 2023, and the total Circuit Monitoring Market is expected to grow at a CAGR of 5.3% from 2024 to 2030, nearly reaching USD 1001.9 Million in 2030.

Switch Cabinet Market: The market is projected to grow from USD 2.14 Bn. in 2023 to USD 2.81 Bn. by 2030, at a CAGR of 4.08% during the forecast period.

Electrical Services Market: The market size was valued at USD 122.17 in 2023 and the total Electrical Services Market revenue is expected to grow at a CAGR of 6.2% from 2024 to 2030, reaching nearly USD 186.14 Billion.

DC Switchgear Market: The market was valued at US$ 10.91 Bn. in 2023. Global DC Switchgear Market size is expected to grow at a CAGR of 6.1 % through the forecast period.

Industrial Gearbox Market: The market was valued at US$ 43.57 Bn. in 2030 and is expected to grow at a CAGR of 4.36% over the forecast period.

Switchgear Market size was valued at USD 93.1 Billion in 2023 and the Switchgear Market revenue is expected to reach USD 97.94 Billion by 2030, at a CAGR of 5.2 % over the forecast period.

Gas Insulated Switchgear Market size was US$ 29.89 Bn in 2023 and is expected to reach US$ 48.64 Bn by 2030, at a CAGR of 7.2 % during the forecast period.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. We provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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