Press Releases

Global Market in Switchgear Manufacturing to Gain $33 Billion by 2022

February 23, 2018

Additional Reports

WELLESLEY, Mass., Feb. 23, 2018 – Growing demand from manufacturing companies, and power generation and distribution companies, along with advances in smart grid and IoT technologies, should drive solid growth in the switchgear manufacturing industry over the coming years. In a new report, Switchgear Manufacturing: Global Markets to 2022, BCC Research estimates this global market will grow from $85.4 billion in 2017 to $118.7 billion by 2022, indicating a compound annual growth rate (CAGR) of 6.8%.

Tax waivers and government subsidies for power generation, transmission and distribution companies have increased global demand for switchgears. Increased access to electricity in developing countries, rising investments in smart grid networks in developed economies and growth expansion in emerging markets are driving demand, as well. Other key growth factors include low interest rates, rapid global urbanization, a rising global population, technology advancements, and growth in both the manufacturing industry and in renewable energy generation. 

The market for switchgear manufacturing remains marginally consolidated with a few large players dominating the market. Major players include Schneider Electric, Siemens and Toshiba Corporation. In the past three years, the market has witnessed low merger and acquisition activity despite major deals realized by ABB Ltd., Toshiba Corporation, AZZ and Fuji Electric.

Research Highlights

  • India and China are expected to achieve the highest growth rate, 12.1% CAGR and 10.7% CAGR, respectively.
  • Asia Pacific is the largest market for switchgear manufacturing, accounting for 43.9% of the global market.
  • Demand for arc resistant switchgear is increasing rapidly due to growing emphasis on safety on the shop floor and workplaces.

“The report indicates that switchgear manufacturers are increasingly outsourcing their manufacturing process to small-scale manufacturers,” said Gordon Nameni, Senior Editor, BCC Research. “Outsourcing allows companies to reduce costs and focus more on product development and the marketing of the switchgears.”

Editors/reporters requesting analyst interviews should contact steven.cumming@bccresearch.com.

Switchgear Manufacturing: Global Markets to 2022( MFG044A )
Publish Date: Feb 2018    

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, Telephone: 866-285-7215; Email: editorial@bccresearch.com as the source and publisher. Thank you.