Global Switchgear Market Size, Share, Growth Analysis Report - Forecast 2034

Switchgear Market Size

The global switchgear market size was worth around USD 121.93 Billion in 2024 and is predicted to grow to around USD 223.66 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 6.4% between 2025 and 2034.

The report analyzes the global switchgear market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the switchgear industry.

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Switchgear Market: Overview

Switchgear is an electric device that plays a vital role in regulating, protecting, and isolating the electrical equipment in a complete electric system. It is an electrical component used in a circuit to control effectively, monitor, and regulate the circuit as required. Switchgears are mostly used for different applications including transmission and distribution utilities, residential, commercial, and industrial spaces for ensuring continuous and quality power. As the world is starting to realize the importance of today’s smart grid capabilities, manufacturers are likely to invest in the design and development of smart and connected switchgear. The rapidly growing need for electrification in remote areas has led to the growth of various electrical equipment which has positively affected the global switchgear market.

Bulk power generation plants using wind, solar, and hydro sources are set to increase the need for new broadcast and distribution lines, which would affect the switchgear market in a positive manner. The upgradation of the aging infrastructure is further anticipated to power the growth of the market.

Key Insights

• As per the analysis shared by our research analyst, the global switchgear market is estimated to grow annually at a CAGR of around 6.4% over the forecast period (2025-2034).
• Regarding revenue, the global switchgear market size was valued at around USD 121.93 Billion in 2024 and is projected to reach USD 223.66 Billion by 2034.
• The switchgear market is projected to grow at a significant rate due to rising electricity demand and modernization of power infrastructure.
• Based on Insulation, the AIS and GIS) segment is expected to lead the global market.
• On the basis of End-user, the T&D Utilities segment is growing at a high rate and will continue to dominate the global market.
• Based on region, Asia-Pacific is predicted to dominate the global market during the forecast period.

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Switchgear Market: Growth Drivers

Upgrading the Aging power infrastructure

The main reasons behind the increasing number of blackouts are aging infrastructure, lack of investments, and lack of clear policy to modernize the grid. Blackouts cost American businesses about USD 150 billion per year, therefore, there is a sudden need to upgrade the aging power infrastructure which ultimately leads to an increase in demand for switchgear and acts as a driver in the global switchgear market. Other than this, the recent urbanization in developing countries, especially in the APAC region, has led to electrification in rural and remote areas which also contributes to the growth of the switchgear market.

Switchgear Market: Restraints

Severe environmental conditions

The environmental parameters such as temperature and humidity, as well as water seepage out of the ground, are some factors that can affect the efficiency of switchgear networks, especially that are installed outdoor. To ensure the consistent and proper functioning of switchgear within the substation environment, the equipment must meet or exceed the demanding specifications. Hence, the environmental condition is a vital factor that has to be considered before installing electrical devices, which include switchgear.

Switchgear Market: Segmentation

The Switchgear Market is segregated based on insulation, voltage, and end-user.

By Voltage, the global market is distinguished into <1 kV, 1-36 kV, and >36 kV. The low voltage segment (<1 kV) is estimated to grow at a significant rate across the world due to wide deployment in distribution networks along with high fault enduring capacity. The medium and high voltage segments are projected to grow largest in the forecast period. It includes 1-36 kV and >36 kV. Growing industrialization has a direct impact on medium voltage and boosts its growth in the switchgear market. High voltage is used by utility industries in power plants, substations, and transmission purposes.

By End-user, the global market is segregated into T&D Utilities, Industries, Commercial & Residential, and Others. Switchgears are widely used in T&D Utility sector. Its applications within this sector include transmission and distribution of the required voltage of energy to consumers. T&D utilities include non-renewable and renewable sources of energy to accomplish the demand for electricity. Physical security used in switchgear encompasses a wide range of applications, which require a reliable, high-performance communications network to deliver centralized visibility and reporting.

Switchgear Market: Report Scope

Recent Developments

• March 2020 - ABB was awarded a contract by El Sewedy Electric T&D to deliver high-voltage gas-insulated switchgear along with shunt reactors to ensure a reliable power supply.
• January 2020 - Siemens acquired C&S Electric, which is one of India’s largest switchgear and power equipment companies, with its major operations in switchgear, busbar, and metering devices to become one of the leading players in terms of switchgear production in India.
• November 2019 - Siemens was awarded a contract by TransnetBW for the retrofit of a large substation as part of grid upgrades. Under the contract, Siemens is required to supply gas-insulated switchgear for the 380 kV Daxlanden substation in Karlsruhe.

Diphosphates Market: Regional Landscape

The Asia Pacific is expected to be the largest market during the forecast period. It is estimated to be the largest market from 2021 to 2028, driven by the growth in urbanization, especially in China and India. China is the largest country by market value in this region. The demand for upgrading the electrical infrastructure for enhancing electricity efficiency and initiatives taken by the government is expected to drive the market in the APAC region. Followed by this, Europe and North American switchgear markets are estimated to witness significant growth in the medium-voltage switchgear segment due to the growing demand for renewable power generation.

Switchgear Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the switchgear market on a global and regional basis.

The global switchgear market is dominated by players like:

• ABB (Switzerland)
• Siemens (Germany)
• Schneider Electric (France)
• GE (US)
• and Eaton (Ireland)
• among others.

The global switchgear market is segmented as follows;

By Insulation

• AIS and GIS)
• By Voltage (<1 kV
• 1-36 kV
• and >36 kV

By End-user

• T&D Utilities
• Industries
• Commercial & Residential
• and Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America