Press Release

Commercial Switchgear Market is expected to grow at an 8.25 % CAGR

Global Commercial Switchgear Market is expected to grow owing to rapidly growing electrification need in remote areas coupled with the increasing electricity generation throughout the forecast period.

 

According to TechSci Research report, “Commercial Switchgear Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Commercial Switchgear Market is expected to register 8.25% growth during the forecast period. The Commercial Switchgear Market is expected to witness expansion, driven by the increasing awareness of the new generation mix and the escalating energy demand to facilitate rapid urbanization. These devices are commonly employed in complex electrical substations and various industries to ensure voltage stability. Moreover, they must exhibit resilience to diverse operating voltages and adverse climatic conditions.

Switchgear manufacturers have the opportunity to leverage the increasing demand for environmentally friendly and sustainable solutions. The advancement of switchgear with minimal environmental impact, such as alternative insulating gases to SF6 with high global warming potential, aligns with regulatory mandates and the global commitment to carbon emission reduction. Moreover, sustainable manufacturing practices and responsible disposal of switchgear components at the end of their lifecycle present additional areas of potential growth.

 

Browse over XX market data Figures spread through 186 Pages and an in-depth TOC on the "Global Commercial Switchgear Market."

 

Based on insulation, the Gas-insulated Switchgears segment is expected to dominate the market during the forecast period. Switchgear refers to electrical equipment utilized for controlling, safeguarding, and isolating electrical circuits and equipment in power transmission and distribution systems. The global Commercial Switchgear Market encompasses various types of equipment, including circuit breakers, relays, fuses, disconnect switches, and gas-insulated switchgears. The GIS segment has witnessed consistent growth due to its numerous advantages over conventional air-insulated switchgear (AIS). These advantages encompass a compact design, high reliability, low maintenance requirements, and the capability to operate in harsh environmental conditions. GIS is particularly favored in densely populated urban areas and locations with limited available space due to its compact size. As urbanization continues, there is an anticipated increase in the demand for GIS. Many countries are investing in grid modernization initiatives, which often involve the replacement of aging AIS with GIS. GIS supports the integration of digital technologies, facilitating real-time monitoring and control of power distribution. The GIS segment plays a pivotal role in the integration of renewable energy sources, such as wind and solar, into the grid. Its ability to handle high-voltage applications and its compact design make it well-suited for this purpose. GIS is commonly employed in high-voltage applications, including extra high voltage (EHV) and ultra-high voltage (UHV) substations. It provides efficient insulation and protection for critical power infrastructure.

Based on Region, Asia Pacific emerged as the dominant player in the global Commercial Switchgear Market in 2022, holding the largest market share. The Asia-Pacific region, with its burgeoning population and rapid urbanization, offers significant growth potential for the Commercial Switchgear Market. The escalating demand for electricity in the region, fueled by industrialization and urban development, necessitates the establishment of new and upgraded electrical infrastructure, including switchgear systems.

Numerous countries in the Asia-Pacific region are actively investing in renewable energy sources like solar and wind power. This shift towards clean energy creates a substantial requirement for switchgear systems that can efficiently integrate and manage the variable output of renewable sources into the power grid.

Asia-Pacific is currently witnessing a swift pace of urbanization and infrastructure expansion. This encompasses the construction of smart cities, industrial zones, and transportation networks, all of which demand modern and efficient electrical infrastructure, including switchgear.

The Asia-Pacific region is embracing technological advancements and digitalization in the electrical industry. The integration of smart grid technologies and digital switchgear solutions is increasingly crucial for optimizing grid operations, enhancing energy efficiency, and enabling real-time monitoring of electrical networks.

Environmental regulations and sustainability concerns are driving the adoption of eco-friendly insulating gases in switchgear across Asia-Pacific, aligning with global trends. Manufacturers can capitalize on this opportunity by developing switchgear systems that employ low-GWP insulation gases and comply with regional environmental standards.

 

Key market players in the Global Commercial Switchgear Market are: -

  • ABB Ltd
  • Havells India Ltd.
  • Mitsubishi Electric Corporation
  • Schneider Electric SE
  • Siemens AG
  • Eaton Corporation
  • Toshiba International Corporation
  • Meidensha Corporation
  • Hitachi Ltd
  • Crompton Greaves Power and Industrial Solutions Limited

 

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“The Commercial Switchgear Market in Asia Pacific is poised to be the dominant force in the industry. The Asia-Pacific market presents lucrative opportunities for global switchgear manufacturers to expand their operations and gain a larger market share. However, it is a highly competitive market with both local and international players striving to capture their piece of the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Commercial Switchgear Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Insulation (Gas-insulated Switchgears, Air-insulated Switchgears and Others), By Installation (Indoor and Outdoor), By Voltage (Low, Medium and High), By Region, By Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Global Commercial Switchgear Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Commercial Switchgear Market.

 

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