Switchgear Market

The global market for switchgear is projected to grow from an estimated USD 93.1 billion in 2023 to USD 119.9 billion by 2028, demonstrating a CAGR of 5.2% during this five-year period. The apparatus used to control, regulate, and switch on or off electrical circuits in an electrical power system is known as switchgear. Components like switches, fuses, circuit breakers, isolators, relays, transformers, indicating instruments, lightning arresters, and control panels constitute switchgear devices. These devices are coupled with associated control, measuring, protecting, and regulating equipment to form comprehensive switchgear systems.

Various end users require different voltage ratings for their specific applications. In the switchgear market, a handful of major companies possess a strong regional presence and hold a commanding position. Key players in the switchgear market encompass ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).

To know about the assumptions considered for the study download the pdf brochure

Prominent companies like ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland) have employed various growth strategies to enhance their standing in the switchgear market. These strategies include product launches, partnerships, sales contracts, agreements, acquisitions, joint ventures, expansions, investments, and contracts. The objective for these leading firms in the switchgear market is to not only increase their market share but also to extend their geographical reach.

ABB is a leading technology company known for its expertise in electrification products, power grids, industrial automation, and robotics. The company serves a broad range of industries, including utilities, transport, and infrastructure. ABB's business operations are organized into four key segments: Electrification Products, Robotics & Discrete Automation, Process Automation, and Motion. Within its Electrification Products segment, ABB offers switchgear, in addition to a comprehensive range of services, products, and interconnected solutions spanning the entire electricity value chain, from substation infrastructure to global consumption. The company's product portfolio within this segment also encompasses circuit breakers, sensing devices, solar power solutions, and electric vehicle (EV) charging infrastructure. The Electrification Products segment accounted for 48% of the company’s revenue in 2022. ABB has a strong presence in Europe, with the region contributing 34% to the company’s total revenue in 2022. The company also has global operations and generates its remaining revenue from the Middle East, Asia Pacific, South America, North America, and Africa. The company offers switchgear products under its Electrification Products business segment, which accounted for 47% of the company’s total revenue in 2022.

Schneider Electric is a leading company specializing in energy management and automation solutions, and it is at the forefront of the digital transformation industry. The company operates through two main segments: Energy Management and Industrial Automation. Within the Energy Management segment, Schneider Electric offers switchgear. This segment harnesses the capabilities of low voltage, medium voltage, and secure power solutions, all sharing a common goal of efficiently and reliably managing energy with similar economic characteristics. Schneider Electric has a strong presence in power equipment offerings and conducts its business through primary divisions, which include medium voltage (infrastructure), low voltage (building), secure power (IT), and industrial automation (industry). The low voltage segment provides a range of products tailored for residential and commercial buildings, industrial settings, infrastructures, and data centers. These products encompass power monitoring devices, power meters, and circuit breakers. The product portfolio within the medium voltage (infrastructure) segment features switchgear and their monitoring systems, power monitoring and control software, transformers, remote control systems, and medium voltage/low voltage substations. In 2022, Schneider Electrics’ growth was driven both by strong market dynamics and strategic choices and positioning. The company’s revenue was at an all-time high, up by 12.2% organically at USD 35.99 billion. The company achieved this by leveraging the higher volumes of 2022, focusing on prices in the face of inflationary pressures, and continued progress on operational efficiency plans.

Related Reports:

Switchgear Market by Insulation (Gas-insulated, Air-insulated), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2-36 kV), High (Above 36 kV), End User and Region - Global Forecast to 2028

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]