Lucintel Forecasts Switchgear Market To Reach $229 Billion By 2030

By Author: Lucintel LLC
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According to the recent study the Switchgear Market is projected to reach an estimated $229 billion by 2030 from $126 billion in 2023, at a CAGR of 7.5% from 2023 to 2030. Growth in this market is primarily driven by increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Browse 98 figures/charts and 81 tables in this 168-page report to understand trends, opportunities and forecast in switchgear market by voltage (high voltage, medium voltage, and low voltage), product (other low voltage switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker, and other medium & high voltage switchgear), end use (utilities, industrial, commercial and residential) and region (North America, Europe, Asia Pacific, and the Rest of the World).
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Lucintel forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities ...
... and renewable energy installations.
Utilities will remain the largest end use market due to the continuous expansion in electrical infrastructure to fulfill growing electricity demand. Switchgear for the residential end use is expected to witness the highest growth in the forecast period supported by growing urbanization and rapid electrification.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Increasing electricity demand due to growing population, economic expansion, urbanization, industrialization, and rural electrification projects, particularly in India and China, are leading the demand for switchgear.
ABB Ltd., General Electric, CG Power and Industrial Solutions Limited, Siemens AG, Eaton, Alstom SA, Schneider Electric, Havells India Ltd., Mitsubishi Electric Corporation, and Bharat Heavy Electricals Ltd. are the major suppliers in the switchgear providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com
About Lucintel
At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. +1 972.636.5056
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