Switchgear Market Share, Global Size, Growth Analysis, and Forecast 2025-2033
- Rahul Pal
- Jan 8
- 4 min read
Market Overview
The global switchgear market size was USD 116.9 Billion in 2024 and is projected to reach USD 172.3 Billion by 2033, growing at a CAGR of 4.4% during the forecast period 2025-2033. This growth is driven by urbanization, industrialization, rising investments in renewable energy, government policies promoting grid modernization and rural electrification, along with technological advancements and energy efficiency needs.
Study Assumption Years
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
Switchgear Market Key Takeaways
The global switchgear market was valued at USD 116.9 Billion in 2024.
The market is expected to grow at a CAGR of 4.4% during 2025-2033.
The forecast period for market growth is 2025-2033.
The market growth is propelled by the increasing trend of urbanization and industrialization, expanding renewable energy projects, and government initiatives for grid modernization.
Integration of digital monitoring and automation in smart switchgears improves grid efficiency and reliability.
Demand for modular, compact switchgear designs with scalability and IoT applications for predictive maintenance aid market expansion.
Asia Pacific holds the largest share due to infrastructure development and renewable energy projects.
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Market Growth Factors
The global switchgear market growth is significantly encouraged by the accelerating trends of urbanization and industrialization worldwide. Especially in developing countries, urban populations are increasing rapidly; for instance, Vietnam's urban population was 38.05%, and metropolitan areas in Indonesia housed 57.29% of the population as per the World Bank. The United Nations projects urban residency at 55.0% globally, expected to rise to 68.0% by 2050. The greater need for reliable electrical distribution systems in residential and industrial utilities enhances demand for switchgears, facilitating uninterrupted operations of heavy machinery.
The increasing investments in renewable energy projects form another vital driver. Switchgears are extensively utilized in wind and solar farms to manage, regulate, and distribute power effectively. Notably, Infratil invested US$ 233 Million (EUR 197 Million) to establish Gurn Energy, focusing on renewable energy projects in Asia, including a 500 MW project pipeline across the Philippines, Vietnam, Thailand, Indonesia, and Japan. The global consumer shift towards sustainability further fuels these investments.
Government initiatives focusing on grid modernization and rural electrification are crucial to market development. Projects improving grid resilience, efficiency, and reliability contribute to the demand for advanced switchgear. For example, the U.S. Department of the Interior approved transmission projects delivering 10,000MW of renewable energy to the Western U.S. aiming for a 100% clean electricity grid by 2035. Canada targets net zero electricity by 2035 and a net zero economy by 2050 with new transmission developments. These policies highlight the strategic role of switchgear in evolving power infrastructure.
Market Segmentation
Breakup by Voltage Type:
Low-Voltage
Medium-Voltage
High-Voltage
Medium-voltage switchgears represent the largest segment, widely used across industrial, commercial, and utility sectors for their effective control and protection capabilities. Schneider Electric and ABB have launched sustainable and digital medium-voltage switchgear ranges, including SF6-free options and expansion of production facilities.
Breakup by Insulation:
Gas Insulated Switchgear (GIS)
Air Insulated Switchgear (AIS)
Others
Gas insulated switchgear (GIS) dominates the market due to its compact design requiring about 10% of the space of AIS units and superior operational efficiency and power handling. Its use is highlighted in large infrastructure projects such as the GO Expansion in Toronto, Canada.
Breakup by Installation:
Indoor
Outdoor
Outdoor installations hold the largest market share, driven by their robustness against environmental conditions and extensive use in transmission lines and distribution substations. U.S. government grant programs worth US$ 2.3 Billion support grid modernization against natural disasters.
Breakup by End Use:
Commercial
Residential
Industrial
The industrial segment holds the largest share, fueled by demand in manufacturing, oil and gas, mining, and power generation sectors to ensure steady operation of heavy equipment. Australian initiatives in renewable energy integration and expansions of SF6-free switchgear portfolios by Schneider Electric demonstrate industrial adoption.
Regional Insights
Asia Pacific dominates the global switchgear market due to rapid urbanization, infrastructure development, and increasing renewable energy projects. The region's numerous power grid upgrades, like India's Green Energy Corridor Phase-II involving US$ 144.8 million investments for transmission lines and substations, further stimulate market growth.
Recent Developments & News
February 2023: Toshiba Transmission & Distribution Systems Private Limited received orders for 23 units of 400 kV and nine units of 220 kV gas-insulated switchgear for solar and wind renewable projects at various substations in India.
April 2023: Siemens expanded its sustainable blue GIS portfolio with the 8DAB 40 switchgear, which uses clean air insulation with GWP less than 1, eliminating fluorinated gases.
February 2024: Schneider Electric announced the launch of its SureSeT Medium Voltage switchgear for the Canadian market, featuring the award-winning EvoPacT circuit breaker for enhanced digital management and compact design.
Key Players
ABB Ltd.
CG Power and Industrial Solutions Limited
Eaton Corporation PLC
Fuji Electric Co. Ltd.
General Electric Company
Havells India Limited
Hitachi Ltd.
Larsen & Toubro Limited
Meidensha Corporation
Mitsubishi Electric Corporation
Powell Industries Inc.
Schneider Electric SE
Siemens AG
Toshiba Corporation
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