Global Switchgear Market accounted for a value of USD 62.2 billion in 2019
The global switchgear market accounted for a value of USD 62.2 billion in 2019. Switchgear market is projected to register growth at a CAGR of 5.1% during forecast period.
The key market players in switchgear market are ABB, Hitachi, CG Power & Industrial Solutions, Hyundai, Schneider, Eaton, Siemens, GE, Mitsubishi Electric, Powell, Larsen & Turbo, Lucy Electric, Fuji Electric, Hubbell and Elektrobudowa.
Asia-Pacific is estimated to hold largest market share during forecast period. The industrialization and urbanization is rising in various countries of this region such as India and China. The installation of new substation is rising in this region and the existing infrastructure is also upgrading in various countries of this region. The upgrade of electrical infrastructure involves use of improved and efficient power equipments including switchgears. This is likely to drive growth in Asia-Pacific region in switchgear market during forecast period.
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