Infinium Global Research’s recent report on the “Switchgear Market (By Operating Voltage Level - Low, Medium and High; By Component - Circuit Breaker, Relays, Fuses, Bus Bars and Others; By Application- Utilities, Residential, Commercial, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts upto 2026” provides a comprehensive outline of the factors responsible for the growth of the market. According to the report, the global market for switchgear was sized near USD 113 billion in 2020 and is expected to reach over USD 168 Billion by 2026, growing with a CAGR of 6.9% over 2020-2026.

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Electricity in daily life to mankind is the most important, once it comes to the electricity supply, it needs to be done securely. Thus, to maintain the security level of electrical distribution, it is very necessary to employ safety devices. There are different types of devices that help in protecting electrical devices as well as their connections in different areas like industrial, residential, and others. Hence, a switchgear device is used to overcome this because of its different features and functions. It helps to identify the failure connections so that they can reduce the damage.

Low Voltage Switchgear to Dominate the Switchgear Market

Low-voltage switchgear is a three-phase power distribution product designed to safely, efficiently, and reliably supply electric power. The low voltage switchgear is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations. These are often found on the secondary side of a power distribution transformer. It is used to supply electricity for critical process applications such as manufacturing, mining, metals, petrochemical, pulp and paper, utility, water treatment as well as data center and healthcare.

Manufacturing of Most Power Sector Equipment is Going into A Sharp Slowdown During Covid 19

Over the past few months, due to COVID-19, lockdown measures have significantly reduced electricity demand in the commercial and industrial sectors. The International Energy Agency (IEA) estimates that global electricity demand decreased by 2.5 percent in the first quarter of 2020. Non-critical investments have been suspended throughout the power sector from generation to transmission to distribution. In addition, Supply chains for the power, sector are also impacted and manufacturing of most power sector equipment is going into a sharp slowdown. Moreover, local and international travel restrictions, quarantine requirements, and lockdowns have resulted in most power project delays.

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A Major Market Player’s Increasingly Manufacturing Digital Switchgear

The key players in the switchgear market are CG Power and Industrial Solutions Limited, Schneider Electric SE, Hitachi Ltd., Alstom SA, Eaton Corporation PLC, Hyundai Heavy Industries Co., Ltd., Hyosung Corporation, Toshiba Corporation, General Electric Company, and Siemens AG. Companies are increasingly manufacturing digital switchgear. Smart switchgear allows grid optimization, improves quality, and reduces both transmission and operating losses. For instance, in April 2018, the ABB group launched SafeGear digital in its digital switchgear portfolio.

Moreover, consumers are preferring technologically advanced or innovative gas-insulated switchgear. Hence, to cater to the rising demand for gas-insulated switchgear, manufacturers are launching a range of products. For instance, in December 2018, Schneider Electric announced the launch of CBGS-0, industry-leading gas-insulated switchgear. It is designed to meet the need for indoor substations which serve an important purpose for the development of the industry. In addition to this, in September 2018, ABB installed the latest in high-voltage direct current gas-insulated switchgear in a European Union test project.

The Asia Pacific Holds the Largest Market Share in the Switchgear Market

The Asia Pacific dominates the switchgear market. This regional growth is attributed due to the rise in renewable power generation, increasing investments in the transmission & distribution infrastructure, escalating energy demand, and government initiatives toward improving electricity access. The countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability.

Moreover, Japan, China, and India are also emphasizing nuclear and solar power generation to meet their increasing energy demand. This has led to growing investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the switchgear market in the Asia Pacific.

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