Global Switchgear Market Expected to Reach USD 172.3 Billion by 2033 - IMARC Group

Global Switchgear Market Market Statistics, Outlook and Regional Analysis 2025-2033

The global switchgear market size was valued at USD 116.9 Billion in 2024, and it is expected to reach USD 172.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.4% from 2025 to 2033.

The surge in electricity demand driven by the rapid urbanization and industrialization has increased the growth of modernization in power distribution systems, which is bolstering the market growth. According to the World Bank, Vietnam's urban population was reported at 38.05%, with metropolitan areas and cities housing 57.29% of the total population of Indonesia. This growth of population in cities is resulting in the rising levels of energy usage demanding huge investment in transmission and distribution (T&D) infrastructure for a reliable supply, aiding the market growth. Besides this, the integration of renewable energy (RE) such as solar and wind power, in the energy conversion system has led to the demand for high tech switchgear solutions to effectively manage the variable and intermittent outputs generated by them, thus creating a positive outlook for market expansion. For example, Infratil invested US$ 233 million (EUR 197 million) to establish Gurn Energy, a renewable energy development platform focused on projects across Asia. Based in Singapore, Gurn Energy plans to invest in wind, solar photovoltaic energy projects, and storage solutions in Southeast Asia, North Asia, and India. This transition to renewable energy is significantly influencing the switchgear industry, as these sources require reliable and efficient electrical systems to ensure stable power distribution.

Concurrently, ongoing technological advancements, which includes  the development of smart grids and the incorporation of Internet of Things (IoT) devices, are enhancing the efficiency and functionality of switchgear systems, contributing to the market expansion. In line with this the manufacturing and transportation services companies, are anticipated to enhance the telecom market through the use of IoT technology. In addition, strict government regulations and measures related to electrical safety and energy losses are encouraging investments in advanced switchgear solutions that are strengthening the market growth. Furthermore, the emphasis on smart grid technology, grid resilience, and integrated advanced digital solutions is elevating the demand for cutting-edge medium-voltage products and solutions, fueling the market demand. For instance, the U.S. Department of the Interior and BLM approved three transmission projects to deliver 3.5 gigawatts (GW) of additional grid capacity throughout the United States, supporting the goal of a 100% clean electricity grid by 2035. Apart from this, the replacement of aging electrical infrastructure in developed countries and the expansion of electrical grids in developing regions are propelling the market forward.

Global Switchgear Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share on account of the increasing urbanization and industrialization activities and the development of efficient and reliable power distribution systems.

North America Switchgear Market Trends:

The grid decentralization trend along with the focus on microgrids and energy storage systems in North America has largely led to an upsurge in the demand for switchgear. Apart from this, improvement in energy security and reliability are further being developed in the market across remote and disaster-prone areas, providing and impetus to the market growth.

Asia-Pacific Switchgear Market Trends:

The demand for advanced switchgear in Asia Pacific is driven by the rapid industrialization of emerging economies, such as China and India. The expansion of manufacturing, construction, and infrastructure in these countries significantly spurring the need for reliable electrical systems is aiding in market expansion. Moreover, the growing number of factories, transportation networks, and residential developments is pushing the demand for efficient switchgear solutions to handle rising power consumption. Additionally, the shift towards modern energy grids and the integration of renewable energy sources is further impelling market growth. For instance, the Government of India has approved Phase-II of the Green Energy Corridor (GEC), with an estimated investment of USD 144.8 million. This phase aims to integrate approximately 20 GW of RE power projects in seven states including Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh. It is expected to involve the construction of 10,750 kilometers of transmission lines and the addition of 27,500 MVA substations. Apart from this, several other factors such as long-term infrastructure investments, economic development, and sustainability initiatives are promoting the adoption of advanced switchgear solutions across the region, thus propelling the market forward.

Europe Switchgear Market Trends:

In Europe, the growth of electric vehicle (EV) infrastructure is driving the demand for switchgear, as the region emphasizes on the widespread EV adoption. Moreover, this shift requires advanced electrical systems to ensure reliable power distribution and support EV charging, bolstered by the focus on reducing carbon emissions an sustainability, which is boosting the market growth.

Latin America Switchgear Market Trends:

The market demand for switchgear in Latin America is surging primarily due to the expansion of new projects such as establishment of wind and solar farms, along with the need for advanced systems to control the intermittent supplies of power supply. Besides this, the integration of renewable sources in the existing power distribution networks are supporting the market growth.

Middle East and Africa Switchgear Market Trends:

In the Middle East and African regions, major infrastructure developments including new city development, urbanization, and major construction projects are propelling the market demand for switchgear. Moreover, huge investments made in modernization in the region are improving the  access to electricity and are enhancing the reliability of the industrial and residential sectors, which is facilitating the market expansion.

Top Companies Leading in the Switchgear Industry

Some of the leading switchgear market companies include ABB Ltd., CG Power and Industrial Solutions Limited, Eaton Corporation PLC, Fuji Electric Co. Ltd., General Electric Company, Havells India Limited, Hitachi Ltd., Larsen & Toubro Limited, Meidensha Corporation, Mitsubishi Electric Corporation, Powell Industries Inc., Schneider Electric SE, Siemens AG, and Toshiba Corporation, among many others.

• In May 2024, Schneider Electric launched its new SureSeT Medium Voltage (MV) switchgear in the Canadian market, featuring the innovative EvoPacT circuit breaker. The solution is designed for primary switchgear applications and provides a smaller, stronger, and smarter system capable of managing digital operations efficiently.
• In April 2023, Siemens expanded its sustainable blue GIS portfolio with the 8DAB 40. The switchgear for primary distribution networks up to 40.5 kV uses clean air as an insulating medium with GWP<1, making it climate-friendly and completely free of fluorinated gases.

Global Switchgear Market Segmentation Coverage

• On the basis of the voltage type, the market has been categorized as low, medium, and high-voltage. According to the report, medium-voltage represents the leading segment due to its ability to handle the growing power demands in urban infrastructure, commercial buildings, and manufacturing plants, offering efficient power distribution with high reliability.
• Based on the insulation, the market is classified into gas-insulated switchgear (GIS), air-insulated switchgear (AIS), and others. Amongst these gas-insulated switchgear (GIS) dominates the market owing to its compact design, high reliability, and ability to operate in extreme conditions, making it ideal for urban environments and high-density areas.
• On the basis of the installation, the market has been bifurcated into outdoor, and indoor. Among these, outdoor accounts for the majority of the market share as it is preferred for its durability and ability to withstand harsh weather conditions, making it suitable for use in rural and remote locations where protection from environmental factors is essential.
• Based on the end use, the market is segregated into commercial, residential, and industrial. The industrial segment leads the end use segment, as industries require efficient and reliable power distribution for high-demand operations, including heavy machinery, manufacturing, and processing plants, depending on high-performance switchgear systems, ensuring operational continuity and safety.

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