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Global Switchgear Market To Grow At 6.9% CAGR Through 2031: FMI

By Ankush Nikam

Posted on July 2, 2022

Over the last few years, the switchgear market has experienced moderate growth. This expansion is expected to continue due to rising energy demand. Switchgear regulates a building’s voltage fluctuations and protects against power outages. Switchgears are used in a wide range of applications, including T&D utilities, commercial, industrial, and residential. Switchgear is a collection of components found in the grid that is used to control fluctuation.

FMI (FMI), ESOMAR-certified market research and consulting firm, offers insights into key factors driving Switchgear demand in its new study. The report tracks global Switchgear sales in 20+ high-growth markets, as well as the impact of COVID-19 on the building and construction industry in general, and Switchgear in particular.

High voltage and medium voltage switchgear are in high demand in the electrical industry. Manufacturers are likely to invest in the design and development of smart and connected switchgear as the world begins to recognize the importance of today’s smart grid capabilities. Intelligent switchgear enables intelligent power supply system management. They are intended to improve power utilities’ efficiency, reliability, and safety. As a result, manufacturers are expanding their R&D capabilities to incorporate smart technologies such as the Internet of Things (IoT).

According to FMI’s analysis, switchgear sales increased at a CAGR of 3.8 percent between 2016 and 2021. COVID – 19 has caused significant disruption in the electronics and infrastructure sectors, which are key growth drivers for the switchgear market.

Switchgears are mostly used for different applications including transmission and distribution utilities, residential, commercial, and industrial spaces for ensuring seamless and quality power.

Competitive price offering, increase in end-user satisfaction with the performance, and integration of smart and intelligent technologies within switchgear are the results of the R&D activities. Increasing research and development activities through collaboration or partnerships on projects are helping manufacturers launch new and innovative products in the market.

Moreover, establishing sales and service facilities in emerging countries coupled with long-term partnerships with regional distributors also paves the way for the expansion of channel reach.

Switchgear Market By Category

By Component Type