According to a new report, published by KBV research, The Global Switchgear Market size is expected to reach $152 billion by 2030, rising at a market growth of 5.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 33,704 thousand units, experiencing a growth of 5.9% (2019-2022).
The Outdoor segment is leading the Global Switchgear Market by Installation in 2022; thereby, achieving a market value of $91.1 billion by 2030. Demand for dependable and efficient power distribution systems in various industries and utility sectors has increased the need for durable outdoor installations. These installations ensure an uninterrupted power supply by offering increased protection from harsh environmental factors such as severe temperatures, moisture, and dust.
The Air segment is anticipated to grow at a CAGR of 6% during (2023 - 2030). Air-insulated switchgear is an electrical switchgear that employs air as an insulating medium between conductive elements. The name AIS derives from the fact that the system's busbars, circuit breakers, disconnect switches, and other components are exposed to the ambient air. It is frequently employed in medium-voltage applications with typical voltage ranges of 1 kV to 36 kV.
The Low Voltage segment is generating the maximum revenue in the Global Switchgear Market by Voltage Type in 2022; thereby, achieving a market value of $62.8 billion by 2030. The segment acts as a conduit between power sources and end users, facilitating the transfer of electricity securely and effectively. Decentralized power generation and the growing emphasis on renewable energy sources have created a demand for flexible and intelligent switchgear systems that adapt to these changing energy landscapes.
The Commercial & Residential segment is expected to witness a CAGR of 6% during (2023 - 2030). In the residential sector, the demand for switchgear is driven by rising urbanization, disposable incomes, and the need for enhanced safety measures. Additionally, the segment demand is further boosted by the ongoing trends of digitization and home automation and the increasing demand for energy-efficient products and electric vehicles as residential consumers seek dependable electrical infrastructure and cutting-edge control systems.
The Asia Pacific market dominated the Global Switchgear Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $55.1 billion by 2030. The Europe region is poised to grow at a CAGR of 5.4% during (2023 - 2030). Additionally, The North America region would witness a CAGR of 5.2% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/switchgear-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography (Volume, Thousand Units, USD Million, 2019-2030)
Companies Profiled
Unique Offerings 
