Market Leader - Pad–Mounted Switchgear Market
The pad–mounted switchgear market is estimated to be USD 5.6 billion in 2023 to USD 7.1 billion by 2028, at a CAGR of 5.1% during the forecast period. The factors that drive the market growth 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. Underground cables with pad–mounted switchgear are used for high-priority loads, such as commercial and industrial loads, which require high reliability.
The pad–mounted switchgear market is dominated by a few globally established players such as Eaton (Ireland), Hubbell (US), G&W Electric (US), S&C Electric (US), and ABB (Switzerland). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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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.
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.
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 Hubbell 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.
Another important player in pad–mounted switchgear market is S&C Electric. The 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.
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
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