In 2021, the global switchgear market was worth around USD 93,432.6 million, and it is projected to advance at a 5.9% CAGR from 2022 to 2030, hitting USD 157,045.5 million in 2030, as per PS Intelligence.

This growth can be ascribed to the advancement in energy distribution infrastructure and rising construction activities. Basically, the market is rising because of the increasing energy need in the developed and emerging countries, as well as technological enhancements and acceptance of automation.

Based on insulation type, the gas-insulated switchgear category is predicted to develop at the highest CAGR, of approximately 7%, in the coming years, credited to the increasing industrialization and urbanization rates and several government initiatives in order to reduce CO2 emission, armed with the growth of the electrical grid.

 This can be credited to the fact that indoor switchgear is more secure, has a relatively lower price, is less prone to harm in harsh weather conditions, decreases the danger of electrocution, because of its grounded metal enclosures; is simple to preserve, robust, and occupies less space than outdoor variants.

Get More Insights: Switchgear Market Revenue Estimation and Growth Forecast Report

Additionally, a rising number of governments across the globe are focusing on smart grid technology as a planned infrastructure expenditure that will allow long-term financial growth and support them to fulfill their emission reduction objectives.

Hence, advancement in energy distribution infrastructure and rising building activities, and the expanding energy need in the developed and emerging countries, as well as technological enhancements and acceptance of automation, are some major factors driving the switchgear industry.