Switchgear Market

Switchgear Market by Insulation (Gas-insulated, Air-insulated), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2-36 kV), High (Above 36 kV), End User and Region - Global Forecast to 2028

Published ON Nov, 2023
Report Code EP 3021
Report Code: EP 3021 Nov, 2023, by marketsandmarkets.com

[277 Pages Report] The switchgear market is estimated at USD 93.1 billion in 2023, with a projected growth to USD 119.9 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 5.2%. The dominant force in the market is the Asia Pacific region, followed by Europe and North America. A surge in power demand, attributed to factors such as rising population, industrialization, and urbanization, has been significant. Notably, electrification is experiencing a notable uptick, particularly in developing economies such as Asia Pacific, Africa, and South America. The global trend towards environmental consciousness and a transition to cleaner energy and renewables is evident, driven by stringent environmental regulations compelling utilities to adopt cleaner energy sources.

Within the Asia Pacific region, characterized by burgeoning energy demand, the replacement of aging coal-fired power plants, and the development of smart infrastructure, presents lucrative opportunities for the switchgear market. In Europe, the deployment of smart switchgear is on the rise, primarily influenced by stringent emission regulations. Another pivotal factor propelling switchgear utilization globally is the increasing adoption of high-voltage direct current (HVDC) power transmission systems, crucial for efficient electricity transportation over long distances. Collectively, these factors are poised to bolster the switchgear market.

Switchgear Market

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Switchgear Market

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Switchgear Market Dynamics

Driver: Modernization of power distribution infrastructure

New regulations have emerged to reduce power blackouts and enhance power distribution networks. Consequently, the market for power sector equipment, particularly monitoring solutions and advanced switchgear, is expanding rapidly. These technologies empower maintenance teams by providing real-time data, allowing them to detect aging or overused equipment and take proactive measures to prevent failures and optimize the grid's efficiency. Investments in these solutions are crucial to ensuring a reliable and resilient electricity supply in the face of increasing demand and evolving climate conditions.

Restraints: Downturn in residential property market

The COVID-19 pandemic severely impacted the new residential real estate sector, with global GDP dropping by 3.1% in 2020 due to pandemic-related measures. The economic crisis spurred by the pandemic was predicted to result in global unemployment surpassing 200 million by 2023, according to UN data. Widespread job losses and subsequent inflation in various economies have hampered the new residential real estate market. For example, US Census figures show a 118% increase in home prices since 1965, while income only rose by 15% until 2021. Given the connection between the switchgear market and residential real estate growth, the slowdown due to credit shortages and the emergence of COVID-19 and its variants has negatively impacted the real estate sector, potentially affecting the switchgear market.

Opportunities: Advancements in smart technologies and digital transformation

Some emerging technologies in the switchgear industry focus on environmental friendliness and energy efficiency. Vacuum, hybrid, and intelligent or smart switchgear are among the notable advancements.

Traditionally used in medium-voltage applications, vacuum switching is now being considered for high-voltage applications due to its eco-friendliness compared to SF6 switchgear, a greenhouse gas. This shift is motivated by a growing emphasis on environmentally responsible solutions. Hybrid switchgear combines air-insulated and high-voltage gas-insulated switchgear. This innovation reflects a desire for more sustainable and efficient options. The hybrid approach is particularly relevant as investments in smart grid infrastructure increase, accommodating the integration of fluctuating renewable energy sources into the grid.

Challenges: Intense competition from unorganized sector

Prominent switchgear manufacturers face formidable competition from the unorganized sector, which includes local and gray market entities that offer inexpensive, low-quality products. Local players produce their goods in-house and market them under their brand names, while gray market players import and distribute products through unauthorized dealers. These unorganized market participants outcompete larger companies with their pricing competitiveness and the localized distribution networks they establish, which can be challenging for global firms to replicate. The rise in sales from both local and gray market players can undermine the reputation of leading brands if subpar products are sold under their names. The increased sales from these entities reduce the opportunities for global players to expand their revenue and market share.

Switchgear Market Ecosystem

The market for switchgear is marked by the participation of leading companies that are firmly established, financially robust, and possess substantial expertise in the production of switchgear and related components. These companies hold a significant market presence and provide a wide array of product offerings. They harness advanced technologies and maintain extensive global sales and marketing networks. Among the notable players in this market are Eaton (Ireland), ABB (Switzerland), Siemens (Germany), Mitsubishi Electric (Japan), and Schneider Electric (France).

Switchgear Market

Medium voltage segment, by voltage, to grow at highest CAGR from 2023 to 2028.

Switchgears with a voltage rating of 2-36 kV are classified as medium-voltage switchgears. Widely employed across various end-user sectors, especially in manufacturing, process industries, and Transmission & Distribution (T&D) utilities, these switchgear encompass equipment like circuit breakers, paralleling switchgear, AIS (Air-Insulated Switchgear), main ring units, motor control centers, railway & marine switchgear, and surge arresters. Their role involves safeguarding industrial equipment such as generators, motors, compressors, HVAC & air conditioning systems, heating & lighting equipment, providing overload current protection, and supporting T&D sub-stations. Medium-voltage switchgear are integral to railway AC & DC traction power supply substations. The railway sector is witnessing a shift from diesel-electric locomotives to electric or battery-electric ones to curb emissions, particularly notable in the Asia Pacific region, thereby stimulating the growth of the medium-voltage (2-36 kV) switchgear market.

Air-insulated segment, by insulation, to emerge as largest segment of switchgear market.

In 2022, the AIS segment dominated the switchgear market with a 69.9% share. This growth was fuelled by increasing demands from expanding distribution networks, industries, as well as commercial and residential sectors. AIS, a prevalent type in low and medium-voltage switchgear, integrates electrical disconnector switches, circuit breakers, and earth switches. These components are essential for controlling, isolating, and safeguarding electrical equipment, utilizing air as the insulating medium. AIS is known for its cost-effectiveness, pollution-free nature, and straightforward construction when compared to GIS.

DC segment, by current, to grow at highest CAGR from 2023 to 2028.

DC power, in contrast to AC power, flows in a single direction and lacks the sinusoidal waveform characteristic of AC. It's predominantly generated directly from renewable sources such as photovoltaic solar cells, wind turbines, and batteries. Historically, generating AC has been more straightforward and cost-effective due to the mechanics of generators, making AC systems cheaper to operate. AC power can also be converted into DC through rectifiers. The limitation of DC transmission over long distances due to the absence of mechanisms for adjusting voltage without converting to AC is changing with the introduction of high-voltage direct current (HVDC) systems. These systems now enable efficient long-distance transmission of electrical power using DC. Additionally, the rapid global growth of renewable energy sources, driven by substantial investments, is increasing the demand for DC switchgears. These switchgears are also prevalent in railway traction substations, and as railways electrify, the DC switchgear market is poised for further expansion.

The Asia Pacific Switchgear market is poised to achieve the highest CAGR throughout the forecast period.

In 2022, the Asia Pacific region secured the highest market share of the switchgear market, with China taking the lead, succeeded by India and Japan. This dynamic region comprises significant economies such as China, India, Japan, Australia, and other Southeast Asian nations, including South Korea and the Association of Southeast Asian Nations (ASEAN) states. The region's rapid development, particularly in major economies, is a driving force behind growth across diverse sectors, including power transmission, distribution, industries, commercial and residential applications, and transportation.

The manufacturing industry, benefiting from cost advantages, is a key factor in the escalating demand for switchgears. With a concurrent rise in power generation demand due to population growth, there are concerted efforts to transition towards clean energy, as reflected in ambitious targets for natural gas and renewable power generation in countries like China, Japan, and India. The robust marine industry in Japan, South Korea, and China, particularly in the maritime trade sector, further amplifies the need for switchgears to safeguard electrical equipment on marine vessels. Anticipating an upswing in maritime trade, driven by increased demand for LNG tankers and commercial vessels, switchgears play an indispensable role. Moreover, the surge in population intensifies the necessity for housing infrastructure, prompting economies to prioritize the expansion of public housing, consequently boosting the demand for switchgears in the Asia Pacific region.

As maritime trade is projected to grow, driven by increased demand for LNG tankers and commercial vessels, switchgear play a crucial role. Additionally, population growth intensifies the need for housing infrastructure, prompting economies to focus on expanding public housing, further stimulating the demand for switchgear in the Asia Pacific.

Switchgear Market Size, and Share

Key Market Players

ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Eaton Corporation (Ireland), Mitsubishi Electric (Japan), Hitachi (Japan), Legrand (France), Hyundai Electric (South Korea), Fuji Electric (Japan), and Toshiba (Japan).

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Scope of the Report

Report Metric

Details

Market Size available for years

2021–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD Billion)

Segments covered

By Installation, By Insulation, By Current, By Voltage, and By End- User

Geographies covered

Asia Pacific, North America, Europe, Middle East and Africa, and South America 

Companies covered

ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric (Japan), Eaton Corporation (Ireland), Powell Industries Inc. (US), Havells ( India), Bharat Heavy Electricals Limited (BHEL) (India), Hyundai Electric (South Korea), Hubbell (US), Fuji Electric (Japan), Hitachi (Japan), Legrand (France), Crompton Greaves Power and Industrial Solutions (India), Hyosung (South Korea), Lucy Electric (UK), Toshiba (Japan), Sécheron (Switzerland), ELEKTROBUDOWA (Poland).

The switchgear market is classified in this research report based on installation, insulation configuration, voltage, current, end-user, and region.

Based on installation, the switchgear market has been segmented as follows:
  • Indoor
  • Outdoor
Based on insulation types, the switchgear market has been segmented as follows:
  • Air Insulated
  • Gas Insulated
  • Others
Based on voltage, the switchgear market has been segmented as follows:
  • Low
  • Medium
  • High
Based on current, the switchgear market has been segmented as follows:
  • AC
  • DC
Based on end-users, the switchgear market has been segmented as follows:
  • Transmission & Distribution Utilities
  • Industries
  • Commercial & Residential
  • Others
Based on regions, the switchgear market has been segmented as follows:
  • North America
  • Asia Pacific
  • South America
  • Europe
  • Middle East and Africa

Recent Developments

  • In October 2022, ABB has completed the acquisition of ASKI Industrie Elektronik GmbH (ASKI Energy) in Austria, a move that significantly enhances ABB's digital energy management portfolio. This acquisition plays a vital role in advancing ABB's ecosystem of digital energy services, emphasizing the company's commitment to innovation and expansion in the energy sector..
  • In April 2022, Siemens Smart Infrastructure was contracted by EWE NETZ GmbH, which operates highly efficient power grids in Germany. EWE NETZ installed fluorine gas-free blue GIS medium-voltage switchgear from Siemens.
  • In October 2021, Schneider Electric launched the next-generation BlokSeT LV switchboard with enhanced safety features that include a real-time thermal monitoring solution.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 32)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS AND EXCLUSIONS 
           1.3.1 SWITCHGEAR MARKET, BY INSULATION
           1.3.2 SWITCHGEAR MARKET, BY INSTALLATION
           1.3.3 SWITCHGEAR MARKET, BY VOLTAGE
           1.3.4 SWITCHGEAR MARKET, BY CURRENT
           1.3.5 SWITCHGEAR MARKET, BY END USER
           1.3.6 SWITCHGEAR MARKET, BY REGION
    1.4 MARKETS COVERED 
           1.4.1 SWITCHGEAR MARKET SEGMENTATION
           1.4.2 REGIONAL SCOPE
    1.5 YEARS CONSIDERED 
    1.6 CURRENCY CONSIDERED 
    1.7 LIMITATIONS 
    1.8 STAKEHOLDERS 
    1.9 SUMMARY OF CHANGES 
    1.10 RECESSION IMPACT 
 
2 RESEARCH METHODOLOGY (Page No. - 38)
    2.1 RESEARCH DATA 
           FIGURE 1 SWITCHGEAR MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Breakdown of primaries
                               FIGURE 3 KEY DATA FROM PRIMARY SOURCES
                               FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION
                               FIGURE 5 MAIN METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR SWITCHGEARS
    2.3 MARKET SIZE ESTIMATION 
           2.3.1 BOTTOM-UP APPROACH
           FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
           2.3.3 DEMAND-SIDE ANALYSIS
                    2.3.3.1 Regional analysis
                    2.3.3.2 Country-level analysis
                    2.3.3.3 Demand-side assumptions
                    2.3.3.4 Demand-side calculations
           2.3.4 SUPPLY-SIDE ANALYSIS
                    FIGURE 8 KEY STEPS CONSIDERED TO ASSESS SUPPLY OF SWITCHGEARS
                    FIGURE 9 SWITCHGEAR MARKET: SUPPLY-SIDE ANALYSIS
                    2.3.4.1 Supply-side calculations
                    2.3.4.2 Supply-side assumptions
           2.3.5 FORECAST
    2.4 RISK ASSESSMENT 
 
3 EXECUTIVE SUMMARY (Page No. - 48)
    TABLE 1 SWITCHGEAR MARKET SNAPSHOT 
    FIGURE 10 ASIA PACIFIC DOMINATED SWITCHGEAR MARKET IN 2022 
    FIGURE 11 AIR-INSULATED SWITCHGEARS SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE BETWEEN 2023 AND 2028 
    FIGURE 12 INDOOR SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE FROM 2023 TO 2028 
    FIGURE 13 HIGH (ABOVE 36 KV) SEGMENT TO DOMINATE SWITCHGEAR MARKET FROM 2023 TO 2028 
    FIGURE 14 AC SEGMENT TO COMMAND LARGER MARKET SHARE MARKET FROM 2023 TO 2028 
    FIGURE 15 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT TO HOLD LARGEST MARKET SHARE FROM 2023 TO 2028 
 
4 PREMIUM INSIGHTS (Page No. - 54)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SWITCHGEAR MARKET 
           FIGURE 16 ENHANCEMENT OF POWER DISTRIBUTION INFRASTRUCTURE WORLDWIDE TO PROPEL MARKET FROM 2023 TO 2028
    4.2 SWITCHGEAR MARKET, BY REGION 
           FIGURE 17 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
    4.3 ASIA PACIFIC: SWITCHGEAR MARKET, BY END USER AND COUNTRY, 2022 
           FIGURE 18 TRANSMISSION & DISTRIBUTION UTILITIES AND CHINA HELD LARGEST SHARES OF MARKET IN ASIA PACIFIC IN 2022
    4.4 SWITCHGEAR MARKET, BY INSULATION 
           FIGURE 19 AIR-INSULATED SWITCHGEARS SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028
    4.5 SWITCHGEAR MARKET, BY INSTALLATION 
           FIGURE 20 INDOOR SEGMENT TO DOMINATE MARKET IN 2028
    4.6 SWITCHGEAR MARKET, BY VOLTAGE 
           FIGURE 21 HIGH (ABOVE 36 KV) SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2028
    4.7 SWITCHGEAR MARKET, BY CURRENT 
           FIGURE 22 AC SEGMENT TO LEAD MARKET IN 2028
    4.8 SWITCHGEAR MARKET, BY END USER 
           FIGURE 23 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028
 
5 MARKET OVERVIEW (Page No. - 58)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 24 SWITCHGEAR MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Modernization of power distribution infrastructure worldwide
                    5.2.1.2 Rapid growth in renewable energy-based capacity expansion
                               FIGURE 25 GLOBAL INSTALLED RENEWABLE ENERGY CAPACITY, 2016–2022
                    5.2.1.3 Rising investments in industrial production
                               FIGURE 26 GLOBAL GDP GROWTH, 2010–2022
           5.2.2 RESTRAINTS
                    5.2.2.1 Regulatory restrictions on SF6 gas emissions
                               TABLE 2 GLOBAL WARMING POTENTIAL OF GREENHOUSE GASES (100-YEAR TIME HORIZON)
                    5.2.2.2 Downturn in residential property market
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Advancements in smart technologies and digital transformation
                    5.2.3.2 Increasing adoption of high-voltage direct current (HVDC) systems
           5.2.4 CHALLENGES
                    5.2.4.1 Operational challenges associated with switchgears
                    5.2.4.2 Intense competition from unorganized sector
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESSES 
           FIGURE 27 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
    5.4 PRICING ANALYSIS 
           5.4.1 INDICATIVE PRICING ANALYSIS, BY VOLTAGE
           5.4.2 AVERAGE SELLING PRICE TREND, BY REGION
    5.5 VALUE CHAIN ANALYSIS 
           FIGURE 28 SWITCHGEAR MARKET: VALUE CHAIN ANALYSIS
           5.5.1 RAW MATERIAL PROVIDERS/SUPPLIERS
           5.5.2 COMPONENT MANUFACTURERS
           5.5.3 SWITCHGEAR MANUFACTURERS/ASSEMBLERS
           5.5.4 DISTRIBUTORS
           5.5.5 END USERS
           5.5.6 POST-SALES SERVICE PROVIDERS
    5.6 ECOSYSTEM/MARKET MAP 
           FIGURE 29 SWITCHGEAR MARKET: MARKET MAP
           TABLE 3 SWITCHGEAR MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.7 TECHNOLOGY ANALYSIS 
           5.7.1 IOT-CONNECTED SWITCHGEARS
           5.7.2 SF6-FREE SWITCHGEARS
    5.8 PATENT ANALYSIS 
           FIGURE 30 SWITCHGEAR MARKET: PATENTS GRANTED AND APPLIED, 2012–2022
           TABLE 4 LIST OF MAJOR PATENTS PERTAINING TO SWITCHGEAR MARKET, MAY 2018–DECEMBER 2022
    5.9 TRADE ANALYSIS 
           5.9.1 TRADE ANALYSIS FOR HS CODE 853590
           5.9.2 IMPORT SCENARIO
                    TABLE 5 IMPORT SCENARIO FOR HS CODE 853590, BY COUNTRY, 2020–2022 (USD THOUSAND )
                    FIGURE 31 IMPORT DATA FOR HS CODE 853590, BY COUNTRY, 2018–2022 (USD THOUSAND)
           5.9.3 EXPORT SCENARIO
                    TABLE 6 EXPORT SCENARIO FOR HS CODE 853590, BY COUNTRY, 2020–2022 (USD THOUSAND)
                    FIGURE 32 EXPORT DATA FOR HS CODE 853590, BY COUNTRY, 2018–2022 (USD THOUSAND)
           5.9.4 TRADE ANALYSIS FOR HS CODE 853690
           5.9.5 IMPORT SCENARIO
                    TABLE 7 IMPORT SCENARIO FOR HS CODE 853690, BY COUNTRY, 2020–2022 (USD THOUSAND)
                    FIGURE 33 IMPORT DATA FOR HS CODE 853690, BY COUNTRY, 2018–2022 (USD THOUSAND)
           5.9.6 EXPORT SCENARIO
                    TABLE 8 EXPORT SCENARIO FOR HS CODE 853690, BY COUNTRY, 2020–2022 (USD THOUSAND)
                    FIGURE 34 EXPORT DATA FOR HS CODE 853690, BY COUNTRY, 2018–2022 (USD THOUSAND)
    5.10 KEY CONFERENCES & EVENTS, 2023–2024 
           TABLE 9 SWITCHGEAR MARKET: DETAILED LIST OF CONFERENCES & EVENTS
    5.11 TARIFFS AND REGULATORY LANDSCAPE 
           5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.11.2 REGULATORY FRAMEWORK
                    TABLE 14 SWITCHGEAR: CODES AND REGULATIONS
                    5.11.2.1 Tariffs related to switchgears
                               TABLE 15 IMPORT TARIFFS FOR HS CODE 8536-COMPLIANT PRODUCTS, 2022
                               TABLE 16 IMPORT TARIFFS FOR HS CODE 8535-COMPLIANT PRODUCTS, 2022
    5.12 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 35 SWITCHGEAR MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 17 SWITCHGEAR MARKET: IMPACT OF PORTER’S FIVE FORCES
           5.12.1 THREAT OF SUBSTITUTES
           5.12.2 BARGAINING POWER OF SUPPLIERS
           5.12.3 BARGAINING POWER OF BUYERS
           5.12.4 THREAT OF NEW ENTRANTS
           5.12.5 INTENSITY OF COMPETITIVE RIVALRY
    5.13 CASE STUDY ANALYSIS 
           5.13.1 MUNICIPAL UTILITY ENHANCED DISTRIBUTION SYSTEM’S SAFETY AND RELIABILITY BY ADOPTING ELASTIMOLD SOLID-DIELECTRIC SWITCHGEAR
                    5.13.1.1 Problem statement: April 2022
                    5.13.1.2 Solution
           5.13.2 BECKENRIED MUNICIPAL UTILITY ENHANCED SERVICES BY UPGRADING TO EATON SF6-FREE XIRIA E-SWITCHGEAR SYSTEM
                    5.13.2.1 Problem statement: April 2022
                    5.13.2.2 Solution
           5.13.3 ABB CUSTOMIZED RETROFIT SWITCHGEAR FOR GREYSTONE POWER CORPORATION
                    5.13.3.1 Problem statement: April 2021
                    5.13.3.2 Solution
           5.13.4 GAASPERDAMMER TUNNEL PROJECT ACHIEVED SUSTAINABILITY THROUGH IMPLEMENTATION OF SWITCHGEARS
                    5.13.4.1 Problem statement: April 2021
                    5.13.4.2 Solution
    5.14 KEY STAKEHOLDERS & BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 36 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS
                    TABLE 18 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS (%)
           5.14.2 BUYING CRITERIA
                    FIGURE 37 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS
                    TABLE 19 KEY BUYING CRITERIA FOR TOP THREE END USERS
 
6 SWITCHGEAR MARKET, BY INSULATION (Page No. - 93)
    6.1 INTRODUCTION 
           FIGURE 38 SWITCHGEAR MARKET SHARE, IN TERMS OF VALUE, BY INSULATION, 2022
           TABLE 20 SWITCHGEAR MARKET, BY INSULATION, 2020–2022 (USD BILLION)
           TABLE 21 SWITCHGEAR MARKET, BY INSULATION, 2023–2028 (USD BILLION)
    6.2 AIR-INSULATED SWITCHGEARS 
           6.2.1 EXPANSION OF GLOBAL GRID INFRASTRUCTURE TO BOOST DEMAND FOR AIR-INSULATED SWITCHGEARS
                    TABLE 22 AIR-INSULATED SWITCHGEARS: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 23 AIR-INSULATED SWITCHGEARS: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
    6.3 GAS-INSULATED SWITCHGEARS 
           6.3.1 LOW MAINTENANCE NEEDS TO BOOST ADOPTION OF GAS-INSULATED SWITCHGEARS
                    TABLE 24 GAS-INSULATED SWITCHGEARS: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 25 GAS-INSULATED SWITCHGEARS: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
    6.4 OTHER INSULATION TYPES 
           TABLE 26 OTHER INSULATION TYPES: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
           TABLE 27 OTHER INSULATION TYPES: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
 
7 SWITCHGEAR MARKET, BY INSTALLATION (Page No. - 99)
    7.1 INTRODUCTION 
           FIGURE 39 SWITCHGEAR MARKET SHARE, IN TERMS OF VALUE, BY INSTALLATION, 2022
           TABLE 28 SWITCHGEAR MARKET, BY INSTALLATION, 2020–2022 (USD BILLION)
                    TABLE 29 SWITCHGEAR MARKET, BY INSTALLATION, 2023–2028 (USD BILLION)
    7.2 INDOOR 
           7.2.1 RISING INVESTMENTS IN RENEWABLE ENERGY TO PROPEL DEMAND FOR INDOOR SWITCHGEARS
                    TABLE 30 INDOOR: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 31 INDOOR: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
    7.3 OUTDOOR 
           7.3.1 INCREASING LONG-DISTANCE POWER TRANSMISSION TO FUEL DEMAND FOR OUTDOOR SWITCHGEARS
                    TABLE 32 OUTDOOR: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 33 OUTDOOR: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
 
8 SWITCHGEAR MARKET, BY VOLTAGE (Page No. - 103)
    8.1 INTRODUCTION 
           FIGURE 40 SWITCHGEAR MARKET SHARE, IN TERMS OF VALUE, BY VOLTAGE, 2022
           TABLE 34 SWITCHGEAR MARKET, BY VOLTAGE, 2020–2022 (USD BILLION)
           TABLE 35 SWITCHGEAR MARKET, BY VOLTAGE, 2023–2028 (USD BILLION)
    8.2 LOW (UP TO 1 KV) 
           8.2.1 GROWING USE OF ELECTRICAL DEVICES AND MACHINERY ACROSS INDUSTRIES TO DRIVE DEMAND FOR LOW-VOLTAGE SWITCHGEARS
                    TABLE 36 LOW: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 37 LOW: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
    8.3 MEDIUM (2–36 KV) 
           8.3.1 WIDESPREAD USE OF MEDIUM-VOLTAGE SWITCHGEARS IN PROCESS INDUSTRIES TO DRIVE SEGMENTAL LANDSCAPE
                    TABLE 38 MEDIUM: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 39 MEDIUM: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
    8.4 HIGH (ABOVE 36 KV) 
           8.4.1 RISE IN ELECTRIFICATION AND RENEWABLE INTEGRATION TO FUEL DEMAND FOR HIGH-VOLTAGE SWITCHGEARS
                    TABLE 40 HIGH: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 41 HIGH: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
 
9 SWITCHGEAR MARKET, BY CURRENT (Page No. - 109)
    9.1 INTRODUCTION 
           FIGURE 41 SWITCHGEAR MARKET SHARE, IN TERMS OF VALUE, BY CURRENT, 2022
           TABLE 42 SWITCHGEAR MARKET, BY CURRENT, 2020–2022 (USD BILLION)
           TABLE 43 SWITCHGEAR MARKET, BY CURRENT, 2023–2028 (USD BILLION)
    9.2 AC 
           9.2.1 GROWING ELECTRIFICATION OF REMOTE AREAS TO PROPEL DEMAND FOR AC SWITCHGEARS
                    TABLE 44 AC: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 45 AC: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
    9.3 DC 
           9.3.1 RISING INVESTMENTS IN RENEWABLE ENERGY GENERATION TO INDUCE DEMAND FOR DC SWITCHGEARS
                    TABLE 46 DC: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                    TABLE 47 DC SWITCHGEARS MARKET, BY REGION, 2023–2028 (USD BILLION)
 
10 SWITCHGEAR MARKET, BY END USER (Page No. - 113)
     10.1 INTRODUCTION 
               FIGURE 42 SWITCHGEAR MARKET SHARE, IN TERMS OF VALUE, BY END USER, 2022
               TABLE 48 SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
               TABLE 49 SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
     10.2 TRANSMISSION & DISTRIBUTION UTILITIES 
             10.2.1 WORLDWIDE ELECTRIFICATION INITIATIVES TO BOOST ADOPTION OF SWITCHGEARS AMONG TRANSMISSION AND DISTRIBUTION UTILITIES
                       TABLE 50 TRANSMISSION & DISTRIBUTION UTILITIES: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                       TABLE 51 TRANSMISSION & DISTRIBUTION UTILITIES: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
     10.3 INDUSTRIES 
             10.3.1 RAPID INDUSTRIALIZATION IN DEVELOPING ECONOMIES TO SUPPORT SEGMENTAL GROWTH
                       TABLE 52 INDUSTRIES: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                       TABLE 53 INDUSTRIES: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
     10.4 COMMERCIAL & RESIDENTIAL USERS 
             10.4.1 GROWING RESIDENTIAL AND COMMERCIAL CONSTRUCTIONS TO DRIVE SEGMENTAL LANDSCAPE
                       TABLE 54 COMMERCIAL & RESIDENTIAL USERS: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
                       TABLE 55 COMMERCIAL & RESIDENTIAL USERS: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
     10.5 OTHER END USERS 
               TABLE 56 OTHER END USERS: SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
               TABLE 57 OTHER END USERS: SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
 
11 SWITCHGEAR MARKET, BY REGION (Page No. - 119)
     11.1 INTRODUCTION 
               FIGURE 43 SWITCHGEAR MARKET SHARE, IN TERMS OF VALUE, BY REGION, 2022
               FIGURE 44 ASIA PACIFIC SWITCHGEAR MARKET TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
               TABLE 58 SWITCHGEAR MARKET, BY REGION, 2020–2022 (USD BILLION)
               TABLE 59 SWITCHGEAR MARKET, BY REGION, 2023–2028 (USD BILLION)
               TABLE 60 SWITCHGEAR MARKET, BY VOLUME, 2020–2022 (UNITS)
               TABLE 61 SWITCHGEAR MARKET, BY VOLUME, 2023–2028 (UNITS)
     11.2 ASIA PACIFIC 
             11.2.1 ASIA PACIFIC: RECESSION IMPACT
                       FIGURE 45 ASIA PACIFIC: SWITCHGEAR MARKET SNAPSHOT
             11.2.2 BY INSULATION
                       TABLE 62 ASIA PACIFIC: SWITCHGEAR MARKET, BY INSULATION, 2020–2022 (USD BILLION)
                       TABLE 63 ASIA PACIFIC: SWITCHGEAR MARKET, BY INSULATION, 2023–2028 (USD BILLION)
             11.2.3 BY INSTALLATION
                       TABLE 64 ASIA PACIFIC: SWITCHGEAR MARKET, BY INSTALLATION, 2020–2022 (USD BILLION)
                       TABLE 65 ASIA PACIFIC: SWITCHGEAR MARKET, BY INSTALLATION, 2023–2028 (USD BILLION)
             11.2.4 BY VOLTAGE
                       TABLE 66 ASIA PACIFIC: SWITCHGEAR MARKET, BY VOLTAGE, 2020–2022 (USD BILLION)
                       TABLE 67 ASIA PACIFIC: SWITCHGEAR MARKET, BY VOLTAGE, 2023–2028 (USD BILLION)
             11.2.5 BY CURRENT
                       TABLE 68 ASIA PACIFIC: SWITCHGEAR MARKET, BY CURRENT, 2020–2022 (USD BILLION)
                       TABLE 69 ASIA PACIFIC: SWITCHGEAR MARKET, BY CURRENT, 2023–2028 (USD BILLION)
             11.2.6 BY END USER
                       TABLE 70 ASIA PACIFIC: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                       TABLE 71 ASIA PACIFIC: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
             11.2.7 BY COUNTRY
                       TABLE 72 ASIA PACIFIC: SWITCHGEAR MARKET, BY COUNTRY, 2020–2022 (USD BILLION)
                       TABLE 73 ASIA PACIFIC: SWITCHGEAR MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                       11.2.7.1 China
                                   11.2.7.1.1 Rising investments in clean power generation to propel market
                                   TABLE 74 CHINA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 75 CHINA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.2.7.2 India
                                   11.2.7.2.1 Increasing electrification of remote areas to stimulate demand for switchgears
                                   TABLE 76 INDIA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 77 INDIA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.2.7.3 Japan
                                   11.2.7.3.1 Ongoing upgrades of aged infrastructure to create demand for switchgears
                                   TABLE 78 JAPAN: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 79 JAPAN: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.2.7.4 Australia
                                   11.2.7.4.1 Railway electrification initiatives to propel need for switchgears
                                   TABLE 80 AUSTRALIA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 81 AUSTRALIA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.2.7.5 Rest of Asia Pacific
                                   TABLE 82 REST OF ASIA PACIFIC: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 83 REST OF ASIA PACIFIC: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
     11.3 EUROPE 
             11.3.1 EUROPE: RECESSION IMPACT
                       FIGURE 46 EUROPE: SWITCHGEAR MARKET SNAPSHOT
             11.3.2 BY INSULATION
                       TABLE 84 EUROPE: SWITCHGEAR MARKET, BY INSULATION, 2020–2022 (USD BILLION)
                       TABLE 85 EUROPE: SWITCHGEAR MARKET, BY INSULATION, 2023–2028 (USD BILLION)
             11.3.3 BY INSTALLATION
                       TABLE 86 EUROPE: SWITCHGEAR MARKET, BY INSTALLATION, 2020–2022 (USD BILLION)
                       TABLE 87 EUROPE: SWITCHGEAR MARKET, BY INSTALLATION, 2023–2028 (USD BILLION)
             11.3.4 BY VOLTAGE
                       TABLE 88 EUROPE: SWITCHGEAR MARKET, BY VOLTAGE, 2020–2022 (USD BILLION)
                       TABLE 89 EUROPE: SWITCHGEAR MARKET, BY VOLTAGE, 2023–2028 (USD BILLION)
             11.3.5 BY CURRENT
                       TABLE 90 EUROPE: SWITCHGEAR MARKET, BY CURRENT, 2020–2022 (USD BILLION)
                       TABLE 91 EUROPE: SWITCHGEAR MARKET, BY CURRENT, 2023–2028 (USD BILLION)
             11.3.6 BY END USER
                       TABLE 92 EUROPE: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                       TABLE 93 EUROPE: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
             11.3.7 BY COUNTRY
                       TABLE 94 EUROPE: SWITCHGEAR MARKET, BY COUNTRY, 2020–2022 (USD BILLION)
                       TABLE 95 EUROPE: SWITCHGEAR MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                       11.3.7.1 Germany
                                   11.3.7.1.1 Increasing emphasis on enhancing energy efficiency and expanding grid infrastructure to drive market
                                   TABLE 96 GERMANY: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 97 GERMANY: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.3.7.2 UK
                                   11.3.7.2.1 Increasing renewable integration to foster market growth
                                   TABLE 98 UK: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 99 UK: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.3.7.3 Italy
                                   11.3.7.3.1 Expansion of grid interconnections to fuel demand for switchgears
                                   TABLE 100 ITALY: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 101 ITALY: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.3.7.4 France
                                   11.3.7.4.1 Rising emphasis on expanding renewable energy capacity to create opportunities for market players
                                   TABLE 102 FRANCE: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 103 FRANCE: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.3.7.5 Rest of Europe
                                   TABLE 104 REST OF EUROPE: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 105 REST OF EUROPE: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
     11.4 NORTH AMERICA 
             11.4.1 BY INSULATION
                       TABLE 106 NORTH AMERICA: SWITCHGEAR MARKET, BY INSULATION, 2020–2022 (USD BILLION)
                       TABLE 107 NORTH AMERICA: SWITCHGEAR MARKET, BY INSULATION, 2023–2028 (USD BILLION)
             11.4.2 BY INSTALLATION
                       TABLE 108 NORTH AMERICA: SWITCHGEAR MARKET, BY INSTALLATION, 2020–2022 (USD BILLION)
                       TABLE 109 NORTH AMERICA: SWITCHGEAR MARKET, BY INSTALLATION, 2023–2028 (USD BILLION)
             11.4.3 BY VOLTAGE
                       TABLE 110 NORTH AMERICA: SWITCHGEAR MARKET, BY VOLTAGE, 2020–2022 (USD BILLION)
                       TABLE 111 NORTH AMERICA: SWITCHGEAR MARKET, BY VOLTAGE, 2023–2028 (USD BILLION)
             11.4.4 BY CURRENT
                       TABLE 112 NORTH AMERICA: SWITCHGEAR MARKET, BY CURRENT, 2020–2022 (USD BILLION)
                       TABLE 113 NORTH AMERICA: SWITCHGEAR MARKET, BY CURRENT, 2023–2028 (USD BILLION)
             11.4.5 BY END USER
                       TABLE 114 NORTH AMERICA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                       TABLE 115 NORTH AMERICA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
             11.4.6 BY COUNTRY
                       TABLE 116 NORTH AMERICA: SWITCHGEAR MARKET, BY COUNTRY, 2020–2022 (USD BILLION)
                       TABLE 117 NORTH AMERICA: SWITCHGEAR MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                       11.4.6.1 US
                                   11.4.6.1.1 Development of power infrastructure to drive market
                                   TABLE 118 US: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 119 US: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.4.6.2 Canada
                                   11.4.6.2.1 Increasing low-emission power generation and investments in renewables to contribute to market growth
                                   TABLE 120 CANADA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 121 CANADA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.4.6.3 Mexico
                                   11.4.6.3.1 Rising investments in electric power infrastructure development to foster market growth
                                   TABLE 122 MEXICO: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 123 MEXICO: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
     11.5 MIDDLE EAST & AFRICA 
             11.5.1 MIDDLE EAST & AFRICA: RECESSION IMPACT
             11.5.2 BY INSULATION
                       TABLE 124 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY INSULATION, 2020–2022 (USD BILLION)
                       TABLE 125 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY INSULATION, 2023–2028 (USD BILLION)
             11.5.3 BY INSTALLATION
                       TABLE 126 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY INSTALLATION, 2020–2022 (USD BILLION)
                       TABLE 127 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY INSTALLATION, 2023–2028 (USD BILLION)
             11.5.4 BY VOLTAGE
                       TABLE 128 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY VOLTAGE, 2020–2022 (USD BILLION)
                       TABLE 129 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY VOLTAGE, 2023–2028 (USD BILLION)
             11.5.5 BY CURRENT
                       TABLE 130 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY CURRENT, 2020–2022 (USD BILLION)
                       TABLE 131 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY CURRENT, 2023–2028 (USD BILLION)
             11.5.6 BY END USER
                       TABLE 132 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                       TABLE 133 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
             11.5.7 BY COUNTRY
                       TABLE 134 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY COUNTRY, 2020–2022 (USD BILLION)
                       TABLE 135 MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                       11.5.7.1 Gulf Cooperation Council (GCC) countries
                                   11.5.7.1.1 Saudi Arabia
                                                    11.5.7.1.1.1 Increasing power generation from renewables to accelerate market growth
                                   TABLE 136 SAUDI ARABIA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 137 SAUDI ARABIA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                                   11.5.7.1.2 UAE
                                                    11.5.7.1.2.1 Increasing power demand to create lucrative opportunities for market players
                                   TABLE 138 UAE: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 139 UAE: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                                   11.5.7.1.3 Rest of GCC countries
                                   TABLE 140 REST OF GCC COUNTRIES: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 141 REST OF GCC COUNTRIES: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.5.7.2 Egypt
                                   11.5.7.2.1 Investments in development of power generation infrastructure to augment market growth
                                   TABLE 142 EGYPT: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 143 EGYPT: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.5.7.3 South Africa
                                   11.5.7.3.1 Initiation of wind power development projects to favor market growth
                                   TABLE 144 SOUTH AFRICA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 145 SOUTH AFRICA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.5.7.4 Rest of Middle East & Africa
                                   TABLE 146 REST OF MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 147 REST OF MIDDLE EAST & AFRICA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
     11.6 SOUTH AMERICA 
             11.6.1 SOUTH AMERICA: RECESSION IMPACT
             11.6.2 BY INSULATION
                       TABLE 148 SOUTH AMERICA: SWITCHGEAR MARKET, BY INSULATION, 2020–2022 (USD BILLION)
                       TABLE 149 SOUTH AMERICA: SWITCHGEAR MARKET, BY INSULATION, 2023–2028 (USD BILLION)
             11.6.3 BY INSTALLATION
                       TABLE 150 SOUTH AMERICA: SWITCHGEAR MARKET, BY INSTALLATION, 2020–2022 (USD BILLION)
                       TABLE 151 SOUTH AMERICA: SWITCHGEAR MARKET, BY INSTALLATION, 2023–2028 (USD BILLION)
             11.6.4 BY VOLTAGE
                       TABLE 152 SOUTH AMERICA: SWITCHGEAR MARKET, BY VOLTAGE, 2020–2022 (USD BILLION)
                       TABLE 153 SOUTH AMERICA: SWITCHGEAR MARKET, BY VOLTAGE, 2023–2028 (USD BILLION)
             11.6.5 BY CURRENT
                       TABLE 154 SOUTH AMERICA: SWITCHGEAR MARKET, BY CURRENT, 2020–2022 (USD BILLION)
                       TABLE 155 SOUTH AMERICA: SWITCHGEAR MARKET, BY CURRENT, 2023–2028 (USD BILLION)
             11.6.6 BY END USER
                       TABLE 156 SOUTH AMERICA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                       TABLE 157 SOUTH AMERICA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
             11.6.7 BY COUNTRY
                       TABLE 158 SOUTH AMERICA: SWITCHGEAR MARKET, BY COUNTRY, 2020–2022 (USD BILLION)
                       TABLE 159 SOUTH AMERICA: SWITCHGEAR MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
                       11.6.7.1 Brazil
                                   11.6.7.1.1 Increasing number of electrification projects to drive demand for switchgears
                                   TABLE 160 BRAZIL: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 161 BRAZIL: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.6.7.2 Argentina
                                   11.6.7.2.1 Government initiatives promoting utilization of renewable energy to support market growth
                                   TABLE 162 ARGENTINA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)
                                   TABLE 163 ARGENTINA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
                       11.6.7.3 Rest of South America
                                   TABLE 164 REST OF SOUTH AMERICA: SWITCHGEAR MARKET, BY END USER, 2020–2022 (USD BILLION)S
                                   TABLE 165 REST OF SOUTH AMERICA: SWITCHGEAR MARKET, BY END USER, 2023–2028 (USD BILLION)
 
12 COMPETITIVE LANDSCAPE (Page No. - 166)
     12.1 OVERVIEW 
     12.2 STRATEGIES ADOPTED BY KEY PLAYERS 
               TABLE 166 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, APRIL 2019–MARCH 2023
     12.3 MARKET SHARE ANALYSIS 
               TABLE 167 SWITCHGEAR MARKET: DEGREE OF COMPETITION
               FIGURE 47 SWITCHGEAR MARKET SHARE ANALYSIS, 2022
     12.4 REVENUE ANALYSIS 
               FIGURE 48 REVENUE ANALYSIS OF KEY PLAYERS IN SWITCHGEAR MARKET, 2018–2022
     12.5 MARKET EVALUATION FRAMEWORK 
               TABLE 168 MARKET EVALUATION FRAMEWORK, 2018–2022
     12.6 COMPANY EVALUATION MATRIX 
             12.6.1 STARS
             12.6.2 EMERGING LEADERS
             12.6.3 PERVASIVE PLAYERS
             12.6.4 PARTICIPANTS
                       FIGURE 49 COMPANY EVALUATION MATRIX, 2022
             12.6.5 COMPANY FOOTPRINT
                       TABLE 169 COMPANY FOOTPRINT, BY VOLTAGE
                       TABLE 170 COMPANY FOOTPRINT, BY END USER
                       TABLE 171 COMPANY FOOTPRINT, BY REGION
                       TABLE 172 OVERALL COMPANY FOOTPRINT
     12.7 START-UP/SME EVALUATION MATRIX 
             12.7.1 PROGRESSIVE COMPANIES
             12.7.2 RESPONSIVE COMPANIES
             12.7.3 DYNAMIC COMPANIES
             12.7.4 STARTING BLOCKS
                       FIGURE 50 START-UP/SME EVALUATION MATRIX, 2022
             12.7.5 COMPETITIVE BENCHMARKING
                       TABLE 173 SWITCHGEAR MARKET: LIST OF KEY START-UPS/SMES
                       TABLE 174 SWITCHGEAR MARKET: COMPETITIVE BENCHMARKING OF START-UPS/SMES
     12.8 COMPETITIVE SCENARIOS AND TRENDS 
               TABLE 175 SWITCHGEAR MARKET: PRODUCT LAUNCHES
               TABLE 176 SWITCHGEAR MARKET: DEALS
               TABLE 177 SWITCHGEAR MARKET: OTHER DEVELOPMENTS
 
13 COMPANY PROFILES (Page No. - 196)
     13.1 KEY PLAYERS 
(Business Overview, Products/Solutions/Services Offered, Recent Developments, MnM view (Key strengths/Right to win, Strategic choices made, Weakness/competitive threats)*
             13.1.1 ABB
                       TABLE 178 ABB: COMPANY OVERVIEW
                       FIGURE 51 ABB: COMPANY SNAPSHOT, 2022
                       TABLE 179 ABB: PRODUCTS OFFERED
                       TABLE 180 ABB: DEALS
                       TABLE 181 ABB: OTHERS
             13.1.2 GENERAL ELECTRIC
                       TABLE 182 GENERAL ELECTRIC: COMPANY OVERVIEW
                       FIGURE 52 GENERAL ELECTRIC: COMPANY SNAPSHOT, 2022
                       TABLE 183 GENERAL ELECTRIC: PRODUCTS OFFERED
                       TABLE 184 GENERAL ELECTRIC: PRODUCT LAUNCHES
                       TABLE 185 GENERAL ELECTRIC: DEALS
                       TABLE 186 GENERAL ELECTRIC: OTHERS
             13.1.3 SIEMENS
                       TABLE 187 SIEMENS: COMPANY OVERVIEW
                       FIGURE 53 SIEMENS: COMPANY SNAPSHOT, 2022
                       TABLE 188 SIEMENS: PRODUCTS OFFERED
                       TABLE 189 SIEMENS: PRODUCT LAUNCHES
                       TABLE 190 SIEMENS: DEALS
                       TABLE 191 SIEMENS: OTHERS
             13.1.4 SCHNEIDER ELECTRIC
                       TABLE 192 SCHNEIDER ELECTRIC: COMPANY OVERVIEW
                       FIGURE 54 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT, 2022
                       TABLE 193 SCHNEIDER ELECTRIC: PRODUCTS OFFERED
                       TABLE 194 SCHNEIDER ELECTRIC: PRODUCT LAUNCHES
                       TABLE 195 SCHNEIDER ELECTRIC: OTHERS
             13.1.5 EATON
                       TABLE 196 EATON: COMPANY OVERVIEW
                       FIGURE 55 EATON: COMPANY SNAPSHOT, 2022
                       TABLE 197 EATON: PRODUCTS OFFERED
                       TABLE 198 EATON: PRODUCT LAUNCHES
                       TABLE 199 EATON: DEALS
                       TABLE 200 EATON: OTHERS
             13.1.6 MITSUBISHI ELECTRIC CORPORATION
                       TABLE 201 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
                       FIGURE 56 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT, 2022
                       TABLE 202 MITSUBISHI ELECTRIC CORPORATION: PRODUCTS OFFERED
                       TABLE 203 MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES
                       TABLE 204 MITSUBISHI ELECTRIC CORPORATION: DEALS
             13.1.7 POWELL INDUSTRIES
                       TABLE 205 POWELL INDUSTRIES: COMPANY OVERVIEW
                       FIGURE 57 POWELL INDUSTRIES: COMPANY SNAPSHOT, 2022
                       TABLE 206 POWELL INDUSTRIES: PRODUCTS OFFERED
             13.1.8 HAVELLS INDIA LTD.
                       TABLE 207 HAVELLS INDIA LTD.: COMPANY OVERVIEW
                       FIGURE 58 HAVELLS INDIA LTD.: COMPANY SNAPSHOT, 2022
                       TABLE 208 HAVELLS INDIA LTD.: PRODUCTS OFFERED
                       TABLE 209 HAVELLS INDIA LTD.: PRODUCT LAUNCHES
             13.1.9 BHARAT HEAVY ELECTRICALS LIMITED (BHEL)
                       TABLE 210 BHARAT HEAVY ELECTRICALS LIMITED: COMPANY OVERVIEW
                       FIGURE 59 BHARAT HEAVY ELECTRICALS LIMITED: COMPANY SNAPSHOT, 2022
                       TABLE 211 BHARAT HEAVY ELECTRICALS LIMITED: PRODUCTS OFFERED
             13.1.10 HD HYUNDAI ELECTRIC CO., LTD
                       TABLE 212 HD HYUNDAI ELECTRIC CO., LTD.: COMPANY OVERVIEW
                       FIGURE 60 HD HYUNDAI ELECTRIC CO., LTD.: COMPANY SNAPSHOT, 2022
                       TABLE 213 HD HYUNDAI ELECTRIC CO., LTD.: PRODUCTS OFFERED
             13.1.11 HUBBELL
                       TABLE 214 HUBBELL: COMPANY OVERVIEW
                       FIGURE 61 HUBBELL: COMPANY SNAPSHOT, 2022
                       TABLE 215 HUBBELL: PRODUCTS OFFERED
             13.1.12 FUJI ELECTRIC CO., LTD.
                       TABLE 216 FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW
                       FIGURE 62 FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT, 2022
                       TABLE 217 FUJI ELECTRIC CO., LTD.: PRODUCTS OFFERED
                       TABLE 218 FUJI ELECTRIC CO., LTD.: DEALS
                       TABLE 219 FUJI ELECTRIC CO., LTD.: OTHERS
             13.1.13 HITACHI, LTD.
                       TABLE 220 HITACHI, LTD.: COMPANY OVERVIEW
                       FIGURE 63 HITACHI, LTD.: COMPANY SNAPSHOT, 2022
                       TABLE 221 HITACHI, LTD.: PRODUCTS OFFERED
                       TABLE 222 HITACHI, LTD.: PRODUCT LAUNCHES
                       TABLE 223 HITACHI, LTD.: DEALS
                       TABLE 224 HITACHI, LTD.: OTHERS
             13.1.14 LEGRAND
                       TABLE 225 LEGRAND: COMPANY OVERVIEW
                       FIGURE 64 LEGRAND: COMPANY SNAPSHOT, 2022
                       TABLE 226 LEGRAND: PRODUCTS OFFERED
             13.1.15 CG POWER AND INDUSTRIAL SOLUTIONS, LTD.
                       TABLE 227 CG POWER AND INDUSTRIAL SOLUTIONS, LTD.: COMPANY OVERVIEW
                       FIGURE 65 CG POWER AND INDUSTRIAL SOLUTIONS, LTD.: COMPANY SNAPSHOT, 2022
                       TABLE 228 CG POWER AND INDUSTRIAL SOLUTIONS, LTD.: PRODUCTS OFFERED
     13.2 OTHER PLAYERS 
             13.2.1 HYOSUNG CORPORATION
             13.2.2 LUCY GROUP LTD.
             13.2.3 TOSHIBA CORPORATION
             13.2.4 SÉCHERON
             13.2.5 ELEKTROBUDOWA
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, MnM view (Key strengths/Right to win, Strategic choices made, Weakness/competitive threats)* might not be captured in case of unlisted companies.
 
14 APPENDIX (Page No. - 268)
     14.1 INSIGHTS FROM INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE 
     14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.4 CUSTOMIZATION OPTIONS 
     14.5 RELATED REPORTS 
     14.6 AUTHOR DETAILS 

This study encompassed significant efforts in determining the present size of the switchgear market. It commenced with a thorough secondary research process to gather data related to the market, similar markets, and the overarching industry. Subsequently, these findings, assumptions, and market size calculations were rigorously validated by consulting industry experts across the entire value chain through primary research. The total market size was assessed by conducting an analysis specific to each country. Following that, the market was further dissected, and the data was cross-referenced to estimate the size of various segments and sub-segments within the market.

Secondary Research

In this research study, a wide range of secondary sources were utilized, including directories, databases, and reputable references such as Hoover's, Bloomberg BusinessWeek, Factiva, World Bank, the US Department of Energy (DOE), and the International Energy Agency (IEA). These sources played a crucial role in gathering valuable data for a comprehensive analysis of the global switchgear market, covering technical, market-oriented, and commercial aspects. Additional secondary sources included annual reports, press releases, investor presentations, whitepapers, authoritative publications, articles authored by well-respected experts, information from industry associations, trade directories, and various database resources.

Primary Research

The switchgear market involves a range of stakeholders, including component manufacturers, product manufacturers/assemblers, service providers, distributors, and end-users within the supply chain. The demand for this market is primarily driven by industrial end-users. Additionally, the increasing demand from transmission and distribution utilities contributes to market growth. On the supply side, there is a notable trend of heightened demand for contracts from the industrial sector and a significant presence of mergers and acquisitions among major players.

To gather qualitative and quantitative insights, various primary sources from both the supply and demand sides of the market were interviewed. The following breakdown presents the primary respondents involved in the research study.

Switchgear Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The estimation and validation of the switchgear market size have been conducted using a bottom-up approach. This approach was rigorously employed to ascertain the dimensions of multiple subsegments within the market. The research process comprises the following key stages.

In this method, the production statistics for each type of switchgear have been examined at both the country and regional levels.

Thorough secondary and primary research has been conducted to gain a comprehensive understanding of the global market landscape for various categories of switchgears.

Numerous primary interviews have been undertaken with key experts in the field of switchgear system development, encompassing important OEMs and Tier I suppliers.

When calculating and forecasting the market size, qualitative factors such as market drivers, limitations, opportunities, and challenges have been taken into account.

Global Switchgear Market Size: Bottom-Up Approach

Switchgear Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Data Triangulation

The process of determining the overall market size involved the methodologies described earlier, followed by segmenting the market into multiple segments and subsegments. To finalize the comprehensive market analysis and obtain precise statistics for each market segment and subsegment, data triangulation and market segmentation techniques were applied, as appropriate. Data triangulation was accomplished by examining various factors and trends from both the demand and supply perspectives within the ecosystem of the switchgear market.

Market Definition

Switchgear devices function akin to switches, managing the flow of normal load current. They also play a critical role in clearing fault currents. Sensing devices like current transformers, potential transformers, and various types of relays are employed based on the application to detect and respond to faults. Additionally, these systems incorporate provisions for metering, control, and data gathering, employing a diverse array of devices to fulfil their switching functions.

These systems directly interface with supply systems, strategically positioned in both high- and low-voltage sides of power transformers. Their primary functions encompass de-energizing equipment for testing and maintenance, as well as responding to faults in the power system. In the event of a fault, switchgear devices, particularly automatic protective ones, come into play. This involves relays and circuit breakers; the relay identifies the faulty section and activates the circuit to trip the breaker, isolating the defective segment. The unaffected sections continue normal operation, preventing damage and ensuring uninterrupted power supply.

The market encompasses a wide range of stakeholders, from component manufacturers and product assemblers to service providers and end-users and is influenced by factors such as development of power distribution infrastructure, rapid growth in renewable energy-based capacity, likewise.

Key Stakeholders

  • Government Utility Providers
  • Independent Power Producers
  • Switchgear manufacturers
  • Power equipment and garden tool manufacturers
  • Consulting companies in the energy & power sector
  • Distribution utilities
  • Government and research organizations
  • Organizations, forums, and associations
  • Raw material suppliers
  • State and national regulatory authorities
  • Switchgear manufacturers, distributors, and suppliers
  • Switchgear and circuit breaker original equipment manufacturers (OEMs)

Objectives of the Study

  • The switchgear market will be defined, described, segmented, and forecasted based on installation, insulation, voltage, current,  and end-user.
  • To forecast market size for five key regions: North America, South America, Europe, Asia Pacific, and the Middle East and Africa, as well as the key countries within each region.
  • To provide comprehensive information about market growth drivers, restraints, opportunities, and industry-specific challenges.
  • To strategically analyze the subsegments in terms of individual growth trends, prospects, and contributions to overall market size.
  • To examine market opportunities for stakeholders and the competitive landscape for market leaders.
  • To profile the key players strategically and thoroughly analyze their market shares and core competencies.
  • To monitor and analyze competitive developments in the switchgear market, such as agreements, sales contracts, partnerships, new product launches, acquisitions, joint ventures, contracts, expansions, and investments.
  • This report examines the value of the switchgear market.

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With the given market data, MarketsandMarkets offers customizations based on the company’s specific needs. The following customization options are available for the report:

Product Analysis

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Company Information

  • Detailed analyses and profiling of additional market players (up to 5)
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