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3. Pad–Mounted Switchgear Market Size & Share - Future Growth Expectations

The global pad–mounted switchgear market size is expected to reach USD 7.1 billion by 2028 from an estimated USD 5.6 billion in 2023, at a CAGR of 5.1% during the forecast period. The major factors driving the growth of this market include the growing requirement for improved grid infrastructure, increasing investments in upgrading distribution infrastructure to meet the growing electricity demand and rising global energy consumption.

The pad–mounted switchgear market has been experiencing steady growth, fueled by several factors.

• Expansion of Power Distribution Infrastructure
• Renewable Energy Integration
• Upgradation of Aging Infrastructure
• Focus on Smart Grid Technologies
• Rising Demand for Compact and Space-Saving Solutions
• Stringent Safety and Environmental Regulations
• Emerging Markets and Rural Electrification Initiatives

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

Expansion of Power Distribution Infrastructure:

• With increasing urbanization, industrialization, and electrification projects worldwide, there's a growing demand for reliable and efficient power distribution infrastructure. Pad-mounted switchgear serves as a vital component in medium-voltage distribution networks, facilitating safe and efficient power distribution in residential, commercial, and industrial areas.

Renewable Energy Integration:

• The rise of renewable energy sources such as wind and solar has led to the need for enhanced grid integration and management. Pad-mounted switchgear plays a crucial role in connecting renewable energy systems to the grid, managing power flow, and ensuring grid stability, thereby driving the demand for these systems.

Upgradation of Aging Infrastructure:

• Many regions are facing the challenge of aging power distribution infrastructure, leading to increased investments in modernization and upgradation projects. Pad-mounted switchgear offers a cost-effective solution for replacing outdated equipment, improving system reliability, and incorporating advanced monitoring and control capabilities.

Focus on Smart Grid Technologies:

• The adoption of smart grid technologies is gaining momentum globally, driven by the need for improved energy efficiency, reliability, and grid resilience. Pad-mounted switchgear with integrated communication and automation features enables utilities to monitor and manage distribution networks more effectively, supporting the deployment of smart grid solutions.

Rising Demand for Compact and Space-Saving Solutions:

• Pad-mounted switchgear is preferred in urban and suburban areas where space constraints limit the installation of conventional indoor substations. These compact, ground-mounted enclosures offer a space-saving alternative, allowing utilities to optimize land use and deploy distribution equipment closer to end-users, thereby reducing transmission losses and improving system efficiency.

Stringent Safety and Environmental Regulations:

• Regulatory standards governing the safety and environmental performance of electrical distribution equipment continue to evolve, driving the adoption of pad-mounted switchgear designed to meet or exceed industry standards for insulation, protection, and environmental sustainability. Manufacturers are focusing on developing products with enhanced safety features and reduced environmental impact to comply with regulations and meet customer requirements.

Emerging Markets and Rural Electrification Initiatives:

• In emerging economies and rural areas, there's a growing emphasis on expanding electricity access and improving electrification rates. Pad-mounted switchgear is well-suited for decentralized distribution systems, microgrids, and rural electrification projects due to its ease of installation, low maintenance requirements, and ability to withstand harsh environmental conditions.

The pad–mounted switchgear market is expected to continue growing as utilities, industries, and governments invest in modernizing power infrastructure, integrating renewable energy sources, and improving grid reliability and efficiency. Innovation in product design, technology integration, and regulatory compliance will be key drivers of market expansion in the coming years.

Pad–Mounted Switchgear Market Share - Global Industry Landscape

The pad–mounted switchgear market is characterized by the presence of several key players competing for market share. Some of the leading companies in the pad–mounted switchgear industry include:

• Eaton (Ireland)
• Hubbell (US)
• G&W Electric (US)
• S&C Electric (US)
• ABB (Switzerland)

These companies, along with other regional and niche players, compete in the global pad-mounted switchgear market by offering a variety of products, technologies, and solutions to meet the diverse needs of customers in different industries. Market share within the pad-mounted switchgear industry may evolve as companies innovate, expand their product portfolios, and explore new market opportunities.

Eaton (Ireland)

• Eaton (Ireland) held the majority of the global pad–mounted switchgear market share in 2022. The company has expanded partnerships to enhance grid reliability and began coordinating with the US federal government to make electric transportation safer and more efficient. For instance, in 2022, the company also acquired a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd., a manufacturer of low-voltage circuit breakers in China. Eaton reported this investment in the Electrical Global business segment.

Hubbell (US)

• Hubbell is considered to have the third largest share in the pad–mounted switchgear market. The company’s competitive strategy is to design and manufacture high-quality products at the lowest possible cost. The strategy also increases selling prices to offset the rising costs of raw materials and components. The pad–mounted switchgear product falls under the Utility Solutions segment. The segmental revenue increased from 56% in 2021 to 58% in 2022.

G&W Electric (US)

• G&W Electric is considered to have the forth largest share in the pad–mounted switchgear market. It has a 75-year legacy in power quality. The company has deployed over 50,000 monitoring solutions and over 5,000 power correction projects in over 50 countries. Its expert team utilizes a customer-centric approach and a suite of tailored measurement, intelligence, and correction solutions, to help customers quickly identify and meet power quality challenges. By investing heavily in research and development and leveraging its experience installing thousands of intelligent electrical devices (IEDs) worldwide, the company is moving power solutions into the future by advancing smart grid technology through products and capabilities for key applications such DISCOMs and utilities.

S&C Electric (US)

• S&C Electric company works closely with customers to understand their challenges and develop solutions for real-world applications. As utilities are facing a major energy transformation, they are looking for ways to modernize and improve reliability and resiliency in every part of the grid. Switchgear products and innovations are the best examples of how the company has collaborated with customers to solve industry-related challenges and created an innovative, easy-to-use solution that tackles outages at the grid edge.

ABB (Switzerland)

• ABB followed in second place with an extremely huge product portfolio. The company also has global operations and generates the remaining revenue from the Middle East, Asia Pacific, South America, North America, and Africa. Furthermore, the company’s dominant presence in Europe and the global pad–mounted switchgear market is expected to contribute to the revenue growth of ABB.

Related Reports:

Pad–Mounted Switchgear Market by Type (Air, Gas, Solid Dielectric, Others), Voltage (Up to 15 kV, 15-25 kV, 25-38 kV), Application (Industrial, Commercial, & Residential), Standard (IEC, IEEE) and Region - Global Forecast to 2028