SWITCHGEAR MARKET ANALYSIS

Switchgear MarketSize and Trends

The global switchgear market size was valued at US$ 104.12 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.98% from 2023 to 2030. Switchgear market is projected to witness significant growth during the forecast period, driven by the rising energy demand, growing urbanization, and industrialization. The market is also expected to grow due to increased investment in renewable energy and increasing construction and expansion of new industrial infrastructure. The growing population and aging infrastructure will drive the market growth in Asia Pacific region.

Global Switchgear Market Trends:

Decentralizing activities in administration of buildings and services is a recent trend

The decentralize activities in administration of services by a medium-sized industrial plants or a building have increased in recent years. The increase in connectivity is offering more visibility of the facilities and increased control over health of operations. Moreover, the edge control capabilities are now a possibility for making proper decisions at needed times in order for improving operational efficiency and uptime. Thus, this trend is likely to drive growth of the global switchgear market during the forecast period.

Increasing inclination toward SF6 free switchgear is a new trend

There is a growing shift toward SF6 free switchgear, specifically in the EU countries. Despite the small percentage contributed by SF6 to greenhouse gases, the percentage seems to be increasing, owing to extensive use of SF6. For instance, according to NOAA atmosphere analysis in Alaska, the SF6 contribution to greenhouse gases is increasing 108% from 2000, and it is likely to continue to increase in the coming future. Thus, technological advancements in the market is growing to offer more eco-friendly, low carbon solutions, which is further expected to augment growth of the market.