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Switchgear Market Trends 2024–2030: Outlook, Value & Key Companies

Posted by Sonu Bhatt on July 11, 2025 at 14:59
Switchgear Market Trends 2024–2030: Outlook, Value & Key Companies

Introduction

The Switchgear Market is undergoing rapid changes due to evolving technologies, consumer behaviors, and regulatory frameworks. This research report explores essential insights, market trends, and forecasts between 2024 and 2030, offering valuable context for businesses, investors, and decision-makers. It is designed to provide a clear understanding of where the market stands and where it's heading, with the added benefit of downloadable resources and analyst support.

✅In case you missed it, we are currently revising our reports. Click on the below to get the latest research data with forecast for years 2025 to 2030, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report.

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What This Report Covers

  • Current Market Size & Forecast (2024–2030)
  • Key Growth Drivers & Challenges
  • Latest Trends & Investment Hotspots
  • Market Segmentation:
  • Competitive Landscape & Player Analysis
  • Opportunities, Risks, and Strategic Recommendations

Current Market Status and Future Projections

Switchgear Market size was valued at USD 88.44 billion in 2023 and is estimated to grow at a CAGR of around 6.3% during the forecast period, i.e., 2024-30.

Key Factors Influencing Growth

The market is anticipated to witness a growing trend in the upcoming years on account of several favorable factors such as surging construction activities in emerging economies, rising demand for efficient & cost-effective power distribution systems, and modernization of power grids, thus increasing investments in the renewable sectors in both developed & the developing economies and other.

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Breakdown by Segments and Geography

By Insulation

  • Air-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)
  • Gas-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)
  • Others- Market Size & Forecast 2019-2030, (USD Million)

he Air-Insulated Switchgear (AIS) segment held around 70% share of the Global Switchgear Market.

 By Installation

  • Indoor- Market Size & Forecast 2019-2030, (USD Million)
  • Outdoor- Market Size & Forecast 2019-2030, (USD Million)

 By Current

  • AC- Market Size & Forecast 2019-2030, (USD Million)
  • DC- Market Size & Forecast 2019-2030, (USD Million)

DC Power grabbed a significant share of the Switchgear Market in 2023. 

 By Voltage

  • Low (Up to 1kV)- Market Size & Forecast 2019-2030, (USD Million)
  • Medium (2-36 kV)- Market Size & Forecast 2019-2030, (USD Million)
  • High (Above 36kV)- Market Size & Forecast 2019-2030, (USD Million)

 By End User

  • Transmission & Distribution Utilities- Market Size & Forecast 2019-2030, (USD Million)
  • Industries- Market Size & Forecast 2019-2030, (USD Million)
  • Commercial & Residential Users- Market Size & Forecast 2019-2030, (USD Million)
  • Others- Market Size & Forecast 2019-2030, (USD Million)

By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific.

The Asia-Pacific Switchgear Market is poised to gain the highest share in the global market throughout the forecast period, with China taking the lead, succeeded by India & Japan.

Competitive Landscape and Market Positioning

The Switchgear Market is highly competitive, with both established companies and new entrants contributing to its dynamism. Leading players such as:

  • ABB
  • General Electric
  • Siemens
  • Schneider Electric
  • Eaton
  • Mitsubishi Electric Corporation
  • Powell Industries
  • Havells India Ltd.
  • Bharat Heavy Electricals Limited (BHEL)
  • HD Hyundai Electric Co. Ltd
  • Hubbell
  • Fuji Electric Co. Ltd.,
  • Hitachi Ltd.
  • Legrand
  • CG Power and Industrial Solutions Ltd.

are focusing on expanding their product portfolios, enhancing user experiences, and investing in R&D. Recent developments include mergers, acquisitions, strategic partnerships, and geographic expansion. These activities highlight the evolving strategies being adopted to gain market share and respond to shifting consumer needs.

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Strategic Outlook and Analyst Perspective

Looking ahead, the Switchgear Market is poised for significant transformation. Emerging trends like AI integration, eco-friendly product development, and digitalization are expected to reshape industry dynamics. Analysts recommend that stakeholders keep a close eye on regional shifts, policy developments, and evolving customer preferences. Businesses that remain agile, adopt technology early, and prioritize customer-centric innovation will likely emerge as leaders in this evolving landscape.

Research Methodology We Use

  • Primary research via expert interviews and surveys
  • Secondary data from verified industry sources
  • Top-down & bottom-up estimation
  • Forecasting using time-series models & triangulation

Key Questions Answered

  • What is the current market size of Switchgear Market?
  • What is the expected growth rate by 2030?
  • Which segments are gaining the most traction?
  • What are the major trends and challenges?
  • Who are the major players, and what are their strategies?
  • Which region holds the highest growth potential?

Other Report:

About Us – MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

Contact:

MarkNtel Advisors

Office No.109, H-159, Sector 63, Noida, Uttar Pradesh-201301, India

Contact No: +91 8719999009

Email: sales@marknteladvisors.com

Visit our Website: https://www.marknteladvisors.com

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