Switchgear Market worth $119.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

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North America to emerge as the third-largest Switchgear Industry.

During the forecast period, North America is anticipated to hold the third-largest market share in the global Switchgear Market. Encompassing the US, Canada, and Mexico, the region boasts extensive trade ties and significant foreign investments, with the US and Canada jointly contributing around 93.8% to North America's Switchgear Market. With a combined population of nearly 530 million and an economy representing over one-quarter of the world's GDP, the region faces substantial power demands, leading to increased investments in fortifying and modernizing its transmission and distribution utilities. Notably, energy consumption per capita in North America saw a 4% rise, according to the BP Statistical Review of World Energy 2022.

The region is undergoing a transformative phase in its utilities sector, marked by a shift towards digital operational strategies focusing on decentralization, digitization, and decarbonization of power systems. Aging power infrastructures, constituting nearly 72% of the US power infrastructure beyond 25 years of service, pose a blackout risk, prompting active government initiatives to upgrade and replace these structures for enhanced grid reliability.

Key Market Players:

Key players in the global Switchgear Companies include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).

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Recent Developments

In October 2022, ABB has completed the acquisition of ASKI Industrie Elektronik GmbH (ASKI Energy) in Austria, a move that significantly enhances ABB's digital energy management portfolio. This acquisition plays a vital role in advancing ABB's ecosystem of digital energy services, emphasizing the company's commitment to innovation and expansion in the energy sector..In April 2022, Siemens Smart Infrastructure was contracted by EWE NETZ GmbH, which operates highly efficient power grids in Germany. EWE NETZ installed fluorine gas-free blue GIS medium-voltage switchgear from Siemens.In October 2021, Schneider Electric launched the next-generation BlokSeT LV switchboard with enhanced safety features that include a real-time thermal monitoring solution.

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