Increasing investment in transmission & distribution infrastructure and rising demand for electricity from the commercial & residential sectors are likely to propel the demand for the North America switchgear market in the forecast period, 2024-2028.
According to TechSci Research report, “North America Switchgear Market – By Country, Competition, Forecast & Opportunities, 2028F”, North America switchgear market is expected to rise in the upcoming years, owing to increasing demand for electricity in the commercial & residential sectors, governments’ rising investment in renewable energy, and growing demands for clean energy, among others.
Electrical devices known as switchgear are used to control, protect, monitor, and isolate electrical equipment. They include circuit breakers, electrical disconnect switches, fuses, and relays. The market is going to expand because of rising infrastructure costs and a rising need for effective monitoring and control systems. Demand for the sector is also being driven by the need for the replacement and modernization of conventional power infrastructure as well as the incorporation of renewable energy sources.
The market for switchgear in North America is expected to have moderate expansion over the next years as infrastructure construction picks up speed. The North American switchgear industry is rising as a result of increasing penetration of effective controlling and monitoring. The growth of the North American switchgear market is also being aided by the increasing substitution of conventional electricity for renewable power generation. Another aspect influencing the growth of the market is the region government’s increasing investment in the construction of the electricity infrastructure.
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The North America Switchgear Market is divided into insulation, installation, voltage, current and end user. Based on Insulation, the market is divided into air insulated, gas insulated, and others. Based on the installation, the market is segmented into indoor and outdoor. Based on Voltage, the market is segmented into low (up to 1 kV), medium (between 1.1 kV and 40 kV), and high (above 40 kV). Based on current, the market is segmented into alternating current (AC) and direct current (DC). Based on end user, the market is segmented into commercial, residential, and industrial.
Based on insulation, the gas-insulated segment has the largest market share in 2022 and is expected to register a significant CAGR during 2024-2028F. Gas-Insulated products are equipped with high-voltage components such as circuit breakers and disconnectors to operate efficiently & safely in limited spaces. Gas-Insulated products are used in building extensions, industrial facilities, hydropower plants, and offshore platforms, among others.
Based on end user, the residential end user segment had the largest market share in 2022. The expansion of this market is supported by a significant increase in power demand as well as increased implementation of smart grids. Urbanization and population growth have increased energy consumption. In order to meet the rising need for energy using sustainable energy sources, a surge in the adoption of renewable energy sources has been seen across the region. The adoption of smart cities, the ageing of infrastructure, and the introduction of automation and smart technologies in the distribution of electric power, are all driving reasons for the North America switchgear market’s growth.
Key market players in the North America switchgear market include:
- Hitachi America Ltd
- Schneider Electric IT USA Inc
- General Electric Company
- Eaton Corporation PLC
- Toshiba America Inc
- Mitsubishi Electric Automation Inc
- Siemens USA
- Powell Industries Inc
- Hyosung Heavy Industries Co
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“North America Switchgear Market is expected to rise in the upcoming years and register a strong CAGR during the 2024-2028F. owing to rapid urbanization & industrialization, rising investment in renewable & clean energy, increasing demand of continuous electricity from commercial, & residential, among others. The region’s increased use of medium-voltage switchgear components is a result of the increased focus on upgrading the region’s current grid infrastructure. For instance, the U.S. government offered financial options through the U.S. Department of Energy in November 2022, to develop and upgrade the electric grid totalling USD 13 billion.
Additionally, in 2022, to enhance electrification rates and satisfy the demand for energy in rural regions, Canada decided to repair the ageing infrastructure and build transmission and distribution lines. Additionally, it is anticipated that overall transmission & distribution (T&D) investment is going to increase in the upcoming years. Electric power production and transmission accounted for more than USD 21.2 billion in 2020, of the USD 60 billion in capital expenditures in Canada’s energy industry.” Therefore, above mentioned factors are likely to propel the North America switchgear market is the upcoming years.” said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“North America Switchgear Market, By Insulation (Air Insulated, Gas Insulated, and Others), By Installation (Indoor and Outdoor), By Voltage, (low (up to 1 kV), medium (between 1.1 kV and 40 kV), and high (above 40 kV)), By Current (Alternating current (AC) and Direct Current (DC)), By End User (Commercial, Residential, and Industrial), By Region, Competition, Forecast & Opportunities, 2028F”, has evaluated the future growth potential of North America switchgear market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the North America switchgear market.
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