PUBLISHER: The Business Research Company | PRODUCT CODE: 1678441
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678441
Switchgear is a set of switching devices employed for controlling, protecting, and managing electrical circuits and equipment. In contrast, switchboards constitute a power distribution system featuring panels with various switches and indicators, facilitating the direction and control of electricity within circuits.
The primary product categories within the realm of switchgear and switchboard apparatus are switchboard and switchgear. Switchgear functions as the apparatus responsible for controlling, regulating, and enabling or disabling electrical circuits within a power system. These products find applications across industries, manufacturing, and other sectors, serving residential, commercial, and industrial end-users.
The switchgear and switchboard apparatus market research report is one of a series of new reports from The Business Research Company that provides switchgear and switchboard apparatus market statistics, including switchgear and switchboard apparatus industry global market size, regional shares, competitors with a switchgear and switchboard apparatus market share, detailed switchgear and switchboard apparatus market segments, market trends and opportunities, and any further data you may need to thrive in the switchgear and switchboard apparatus industry. This switchgear and switchboard apparatus market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The switchgear and switchboard apparatus market size has grown strongly in recent years. It will grow from $179.97 billion in 2024 to $190.44 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to electrification of industries, urbanization and infrastructure development, power generation capacity expansion, safety and regulatory compliance, replacement and modernization needs.
The switchgear and switchboard apparatus market size is expected to see steady growth in the next few years. It will grow to $228.43 billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to integration of renewable energy sources, grid resilience and reliability, smart grid initiatives, electrification of transportation, energy efficiency and environmental sustainability. Major trends in the forecast period include incorporation of solid-state circuit breakers, expansion of medium voltage switchgear market, adoption of air-insulated switchgear for indoor applications, development of advanced monitoring and control platforms, integration of energy storage systems with switchgear.
The projected demand for electricity generation is expected to propel the growth of the switchgear and switchboard apparatus market. Access to electricity is crucial for economic development and poverty alleviation, and the ongoing processes of industrialization and urbanization require a consistent electricity supply. The reliability of this supply largely depends on the performance of switchgear. Consequently, the increasing demand for electricity generation is driving the need for switchgear and switchboard apparatus during the forecast period. For example, in December 2023, the UK Department for Energy Security and Net Zero reported that in the fourth quarter of 2023, renewable electricity generation reached a record high of 39.9 terawatt-hours, reflecting a 4.9% increase from the same period in 2022. Additionally, renewable sources accounted for 47.3% of total electricity generation, further underscoring the growing demand for electricity generation and its impact on the switchgear and switchboard apparatus market.
The anticipated growth of the construction industry is expected to significantly drive the expansion of the switchgear and switchboard apparatus market. The construction industry encompasses a variety of activities related to the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Within this sector, switchgear and switchboard apparatus play a crucial role in distributing and controlling electrical power safely, efficiently, and reliably in residential buildings, while also protecting electrical circuits. For example, in March 2024, Atradius, a Netherlands-based insurance company specializing in trade credit insurance, projected that global construction output will increase by 2.0% in 2024, up from 3.7% in 2023. Growth in advanced economies is expected to reach 1.8%, while emerging markets may see a 2.2% rise in building activity. Furthermore, non-residential output and civil engineering are forecasted to grow by 2.8% and 4.4%, respectively, this year, with an overall prediction of 1.8% growth in global construction by 2025. Residential construction output is expected to rebound by 2.4%, fueled by improving economic conditions and looser monetary policies. Therefore, the increasing construction industry is poised to drive the growth of the switchgear and switchboard apparatus market.
In recent years, there has been a growing demand for the installation of electric substations to swiftly restore normal power supply during emergencies. Mobile substations are instrumental in achieving this goal, as they are designed to provide temporary power supplies in outdoor conditions or unforeseen circumstances. These mobile substations typically incorporate a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers, making them suitable for network extensions and temporary switching stations. Siemens and Aktif Group are notable examples, with Siemens delivering two mobile substations for the national grid SA, and Aktif Group providing 10 mobile substations to the Ministry of Electricity in Iraq. The increasing adoption of mobile substations is a noteworthy trend that is expected to have a positive impact on the switchgear and switchboard apparatus market.
Major companies within the switchgear and switchboard apparatus market are actively developing innovative switchgears to address the rising demand for space-saving solutions and minimize the environmental impact of switchgear. These new switchgears are designed to be more compact, with a smaller footprint compared to traditional counterparts, while ensuring reliability, durability, and ease of installation and maintenance. For instance, Fuji Electric Co. Ltd., a Japan-based motor and generator manufacturing company, launched a new switchgear for the global market in December 2022. This compact design features a revised hot gas treatment procedure for enhanced installation site flexibility and an optimized insulation structure, reducing the footprint by 20%.
In July 2022, Eaton Corporation PLC, a power management company based in Ireland, acquired a 50% stake in Jiangsu Huineng Electric Co. Ltd., a China-based manufacturer of circuit breakers, switchgear, and switchboard accessories. This strategic move aims to expand Eaton's presence in the Chinese market, gain access to Huineng's technology, strengthen the partnership, and support Eaton's overall growth strategy.
Major companies operating in the switchgear and switchboard apparatus market include Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Bharat Heavy Electricals Limited (BHEL), Toshiba Corporation, Larsen & Toubro Limited (L&T), Eaton Corporation PLC, Fuji Electric Co. Ltd., Hubbell Incorporated, Nilsen Holdings Ltd, Hyosung Corporation, CG Power and Industrial Solutions Limited, Powell Industries Inc., Lucy Electric LLC, ROMAC Industries Inc., GEDAC ELECTRIC LTD, Kounis Group, Aussie Switchboards Pty Ltd, Elektrobudowa SA, IEM - Instrumentation Engineering & Manufacturing, CandS Electric Co. Ltd., Mastervolt B.V., Hyundai Heavy Industries Co. Ltd.
Asia-Pacific was the largest region in the switchgear and switchboard apparatus market in 2024. Western Europe was the second-largest region in the global switchgear and switchboard apparatus market share. The regions covered in the switchgear and switchboard apparatus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the switchgear and switchboard apparatus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The switchgear and switchboard apparatus market consists of sales of ducts, fuses, cubicles, panel boards, power switchboards, circuit breakers, control panels, fuses, generator control, metering panels, knife switches, time switches, and other switchgear and switchboard apparatus. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Switchgear And Switchboard Apparatus Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on switchgear and switchboard apparatus market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for switchgear and switchboard apparatus ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The switchgear and switchboard apparatus market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.