According to the most recent Future Market Insights data, global Switchgear sales are predicted to reach US$ 72.44 Billion in 2022 to US$ 158.24 Billion by 2032, with a stable long-term prognosis (FMI). A research and consultancy firm that is ESOMAR-certified. The global switchgear market is expected to increase at a 6.9% CAGR between 2022 and 2032, according to the analysis.
The report offers analysis of growth trajectory exhibited by the market in 20+ high-growth countries. It offers detailed insights on into factors that will be driving growth over the coming decade.
The demand for switchgear was moderate in the 2020 however with it had to experience a brief period of lackluster growth on account of the unprecedented COVID-19 outbreak.
Supply chain disruptions witnessed by end-use sectors such as T&D utilities, commercial, industrial and residential had restrained growth to an extent. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
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As T&D utilities sector estimated to witness healthy growth rate in the forecast period. According to the report, T&D utilities are expected account for nearly 46% of switchgears sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.
Key Takeaways:
• After a period of negative growth, the market will show impressive improvement, registering above 6% y-o-y growth in 2022
• The U.S. is expected to account for over 60% of sales in North America
• After a period of negative growth, the U.K. will exhibit above 6% y-o-y growth in 2022, emerging as a strong market for switchgears
• Expansion of the energy and utilities sector will enable growth in Germany and France
• Government initiatives are expected to support growth in Japan and South Korea
“Increase in demand for advancement in the switchgear and advent of smart grid are expected to give impetus to switchgears. The use of the voltage fluctuator is very common in the heavy as well commercial sectors. It is used in the transmission and distribution of energy to consumer and for running machineries. The need of the energy is increasing day by day, which has been aiding the overall expansion of the switchgear market.” says FMI analyst.
Switchgear market is likely to grow at a moderate pace during 2022-2032. However, as it is a matured market, companies are expected to concentrate on research and development activities and capitalize on opportunities especially in the field of T&D Utilities. Their key focus will however remain meeting requirements of consumers.
Collaboration with local players and developing new technology in the form of smart grid and advanced switchgear are key strategies adopted by the market players.
Competitive Landscape:
The market is fragmented, with key players accounting for approximately one fifth of the market share. These companies are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.
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