(MENAFN- GlobeNewsWire - Nasdaq) Digital Transformation in Switchgear: IoT and Predictive Maintenance Unlock New Growth OpportunitiesDublin, Jan. 07, 2025 (GLOBE NEWSWIRE) -- The "Switchgear market by Voltage, Equipment, Insulation Media, End-User, Installation - Global Forecast 2025-2030" report has been added to ResearchAndMarkets.com's offering.
The Switchgear Market grew from USD 127.75 billion in 2023 to USD 136.29 billion in 2024. It is expected to continue growing at a CAGR of 6.71%, reaching USD 201.35 billion by 2030.
Currently, the market is principally influenced by urbanization, burgeoning energy consumption, and expansion of renewable energy sources. These growth factors fuel investments in electrical infrastructure, thus driving the demand for advanced switchgear systems, particularly those with smart abilities like condition monitoring and predictive maintenance.
A significant opportunity lies in the integration of digital technologies and IoT in switchgear solutions, enhancing efficiency and reliability. Customization of solutions to cater to specific sector requirements also presents growth avenues.
However, challenges such as high costs of advanced systems, complexity in integration with existing infrastructures, and regulatory compliance impede market growth. The limited technical expertise in some regions can also be a restraint.
To foster innovation, research can focus on environmental sustainability by developing eco-friendly and compact switchgear, reducing SF6 emissions, and enhancing digital capabilities for smart grids.
The market exhibits a competitive landscape with continuous technological advancements, offering ample areas for research and development. Companies positioned at the forefront of innovation with adaptable, cost-effective solutions will likely gain competitive advantages in this dynamic market.
Market Segmentation & Coverage
This research report categorizes the Switchgear Market to forecast the revenues and analyze trends in each of the following sub-markets:
Voltage 1-36 kV 36-72.5 kV < 1 kV > 72.5
Equipment Circuit Breakers Fuses Isolators Relays Switches
Insulation Media End-User Commercial & Residential Infrastructure Manufacturing & Process Industries Transmission & Distribution Utilities
Installation
Region Americas Asia-Pacific Europe, Middle East & Africa
The report provides a detailed overview of the market, exploring several key areas:
Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market. Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development. Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape. Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players. Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future. Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
What is the current size of the market, and how is it expected to grow? Which products, segments, and regions present the most attractive investment opportunities? What are the prevailing technology trends and regulatory factors influencing the market? How do top vendors rank regarding market share and competitive positioning? What revenue sources and strategic opportunities guide vendors' market entry or exit decisions? Key Attributes
| Report Attribute | Details |
| No. of Pages | 186 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $136.29 Billion |
| Forecasted Market Value (USD) by 2030 | $201.35 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
The leading players in the Switchgear market, which are profiled in this report, include:
Legrand SA Havells India Limited Vertiv Holdings Co. Regal Rexnord Corporation Power Grid Components, Inc. Industrial Electric Mfg. E-Abel CG Power and Industrial Solutions Limited Panasonic Holdings Corporation Toshiba Corporation Schneider Electric SE Mitsubishi Electric Corporation Orecco Electric Hyundai Electric & Energy Systems Co. Ltd. Peco Industries Lucy Group Ltd. Bharat Heavy Electricals Limited Abunayyan Holding Powell Industries, Inc. Eaton Corporation PLC Siemens AG ZPUE SA CHINT Group Corporation Kirloskar Electric Co. Ltd. China Transpowers Electric Co. Limited Meidensha Corporation NOJA Power Switchgear Pty. Ltd. WEG SA ALSTOM SA nuventura GmbH Hitachi, Ltd. Tavrida Electric AG ACTOM (Pty) Ltd. ABB Ltd. Gelpag Advanced Technology GmbH Larsen & Toubro Limited Switchgear Power Systems LLC ELEKTROBUDOWA Sp. z o. o. Fuji Electric Co. Ltd. OMRON Corporation General Electric Company Hyosung Heavy Industries Corporation Hubbell Incorporated
Switchgear Market Dynamics
Market Drivers Replacement of aging grid infrastructure across countries Growing focus on industrial infrastructure and renewable energy sources
Market Restraints High cost of switchgear and maintenance requirements
Market Opportunities Growing investment in smart grid and adoption of high voltage direct current (HVDC) technology Rising number of data centers and adoption of eco-efficient switchgear
Market Challenges Environmental and safety regulations for Sulfur Hexafluoride (SF6) switchgears
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