Switchgear Market Trends, Share, Industry Insights, and Report 2025-2033
- Rahul Pal
- Dec 23, 2025
- 4 min read
Market Overview
The global switchgear market size reached 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 2025-2033. This growth is driven by urbanization, industrialization, investments in renewable energy, government policies promoting grid modernization and rural electrification, technological advancements, and increasing energy efficiency demands.
Study Assumption Years
Base Year: 2024
Historical Years: 2019-2024
Forecast Period: 2025-2033
Switchgear Market Key Takeaways
The global switchgear market size was 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 this market is 2025-2033.
Shifting consumer preferences to renewable energy sources like solar and wind power are propelling market growth.
Integration of digital monitoring, automation, and communication in smart switchgears is improving grid efficiency and reliability.
Increasing demand for modular, compact designs offering scalability and space-saving benefits influences market expansion.
The growing use of Internet of Things (IoT) technologies for predictive maintenance and asset management is catalyzing growth.
Sample Request Link: https://www.imarcgroup.com/switchgear-market/requestsample
Market Growth Factors
Rapid Urbanization and Industrialization:
The fast-paced urbanization and industrialization, particularly in developing countries, are key market growth drivers. For example, Vietnam's urban population stands at 38.05%, and metropolitan areas in Indonesia house 57.29% of the population. Globally, 55% of the population resides in urban areas, projected to rise to 68% by 2050, with urban populations doubling in developing countries. This trend escalates the need for reliable electrical distribution systems and efficient power equipment.
Investments in Renewable Energy Projects:
Significant investments in renewable energy, fueled by consumer sustainability focus, stimulate market demand. Switchgear systems are extensively used in wind and solar farms to regulate, control, and distribute power effectively. Infratil's US$ 233 Million investment in Gurn Energy aims to develop 500 MW renewable projects across Asia, including the Philippines, Vietnam, Thailand, Indonesia, and Japan.
Government Initiatives for Grid Modernization and Rural Electrification:
Advancements in grid modernization to enhance resilience and efficiency and policies promoting rural electrification drive the market. In the US, projects will supply 10,000 MW of electricity to achieve a clean grid by 2035. Canada also plans new power transmission networks targeting net zero electricity by 2035 and net zero economy by 2050.
Market Segmentation
By Voltage Type:
Low-Voltage
Medium-Voltage: Represents the largest segment with broad use in industrial, commercial, and utility sectors due to effective control and protection. Schneider Electric and ABB have launched new sustainable and digital medium-voltage switchgear products to meet various market demands.
High-Voltage
By Insulation:
Gas Insulated Switchgear (GIS): Largest market segment, favored for limited space as it occupies 10% of the space needed by Air Insulated Switchgear (AIS). GIS also offers excellent operational efficiency and power handling. For instance, ONxpress Transportation Partners' contract in Toronto includes GIS-related rail electrification.
Air Insulated Switchgear (AIS)
Others
By Installation:
Indoor
Outdoor: Accounts for the largest market share due to extensive use in transmission lines and distribution substations. Outdoor switchgears withstand severe environmental conditions and reduce housing structure needs. The US DOE has opened a US$ 2.3 Billion grant to modernize power grids with outdoor switchgear relevance.
By End Use:
Commercial
Residential
Industrial: Holds the largest market share, fueled by demand in manufacturing, oil and gas, mining, and power generation sectors to ensure heavy equipment operational efficiency. Australian Energy Market Operator’s roadmap accelerates renewables transition, and Schneider Electric expanded its green MV switchgear portfolio for industrial applications.
Regional Insights
Asia Pacific dominates the global switchgear market, driven by rapid urbanization, industrialization, and infrastructure development. The region benefits from new renewable energy projects and initiatives to enhance power distribution systems. In India, the Green Energy Corridor Phase-II involves US$ 144.8 million investment to integrate 20 GW of renewable power via transmission lines and substations.
Recent Developments & News
February 2023: Toshiba Transmission & Distribution Systems Private Limited received orders for gas-insulated switchgear units for substations in Goa and renewable projects at 400 kV voltage levels.
April 2023: Siemens expanded its sustainable blue GIS portfolio with the 8DAB 40 switchgear using clean air as insulating medium, free of 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 digital operation management.
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
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No: (D) +91 120 433 0800
United States: +1-201971-6302
Comments