Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 67.5 Billion | USD 92.01825643 Billion | 5.3% | 2021 |
FrequentlyAsked Questions
The main reasons behind the increasing number of blackouts are aging infrastructure, lack of investments, and lack of clear policy to modernize the grid. Blackouts cost American businesses about USD 150 billion per year, therefore, there is a sudden need to upgrade the aging power infrastructure which ultimately leads to an increase in demand for switchgear and acts as a driver in the global switchgear market.
According to the Market Research report, Switchgear Market was worth around USD 67.5 billion in 2021 and is estimated to grow to about USD 92.01825643 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.3 percent over the forecast period.
The Asia Pacific is expected to be the largest market during the forecast period. It is estimated to be the largest market from 2021 to 2028, driven by the growth in urbanization, especially in China and India. China is the largest country by market value in this region. Followed by this, Europe and North American switchgear markets are estimated to witness significant growth in the medium-voltage switchgear segment due to the growing demand for renewable power generation.
Some of the main competitors dominating the switchgear market include - ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Eaton (Ireland).
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