The North America Switchgear Market would witness market growth of 5.2% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 8,565 thousand units, showcasing a growth of 5.4% (2019-2022).
The market is expanding swiftly due to infrastructure and manufacturing facilities improvements. One of the most significant drivers of the business is smart switchgear, which is crucial in the distribution of electricity to industry and residential areas. Implementing smart power distribution devices like smart switchgear ensures increased performance, power continuity, and resource optimization while reducing transmission, operational, and maintenance costs. Future-proof, versatile, and energy-efficient new smart switchgear. They provide solutions for updates and upgrades with no downtime. These technologies are anticipated to grow substantially and provide expansion opportunities.
The increasing urbanization and industrial development rate in many regions, particularly emerging economies, drove the electricity demand. This, in turn, boosted the demand to ensure efficient and reliable electrical distribution. The growing popularity of renewable energy sources, like wind and solar power, required the development of innovative switchgear to manage the variability and integration challenges associated with these energy sources. Many countries have invested in smart grid infrastructure, which relies heavily on advanced switchgear technologies. Smart grids require intelligent switchgear to monitor, control, and optimize electricity distribution. The electrification of transportation, including electric vehicles (EVs) is increasing. This trend drives the need for charging infrastructure, which relies on switchgear components.
North America boasts many renewable energy resources, including solar, wind, hydroelectric, geothermal, and biomass. These resources vary by region, with some areas having better conditions for specific types of renewable energy generation. Wind and solar power have seen substantial growth across the continent. The United States and Canada have experienced a surge in wind and solar installations, with Mexico also making notable strides. States like California, Texas, and Iowa are leaders in wind and solar energy production. The growing adoption of renewable energy sources in North America is driving significant changes in the market.
The US market dominated the North America Switchgear Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $30,804.6 million by 2030. The Canada market is experiencing a CAGR of 7.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.6% during (2023 - 2030).
Based on Installation, the market is segmented into Outdoor, and Indoor. Based on Insulation, the market is segmented into Vacuum, Air, and Oil & Gas. Based on Voltage Type, the market is segmented into Low Voltage, Medium Voltage, and High Voltage. Based on End-use, the market is segmented into Transmission & Distribution (T & D) Utilities, Commercial & Residential, and Industrial. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Switchgear Market is Predict to reach $152 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Ltd., Alstom SA, Bharat Heavy Electricals Ltd., Eaton Corporation PLC, General Electric Company, Legrand Group, Hitachi, Ltd., Crompton Greaves Consumer Electricals Limited., Larsen & Toubro Limited, Mitsubishi Electric Corporation.
By Installation (Volume, Thousand Units, USD Million, 2019-2030)
By Insulation (Volume, Thousand Units, USD Million, 2019-2030)
By Voltage Type (Volume, Thousand Units, USD Million, 2019-2030)
By End use (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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