Switchgear Market Size, Share & Trends Analysis growing at a CAGR of 7.2% from 2025 to 2030
The global switchgear market size was estimated at USD 107.33 billion in 2024 and is projected to reach USD 160.07 billion by 2030, growing at a CAGR of 7.2% from 2025 to 2030. A major factor expected to drive the global switchgear industry is the increasing emphasis on developing smart grid infrastructure.
Key Market Trends & Insights
- North America dominated the global switchgear market with a revenue share of 37.9% in 2024
- The U.S. switchgear market held a dominant position in the North America region in 2024.
- By voltage type, the low voltage segment accounted for the largest share of 69.2% in 2024.
- By insulation, the others segment held the largest share of the switchgear industry in 2024.
- By end-use, the commercial & residential segment accounted for the largest share in 2024.
Market Size & Forecast
- 2024 Market Size: USD 107.33 Billion
- 2030 Projected Market Size: USD 160.07 Billion
- CAGR (2025-2030): 7.2%
- North America: Largest market in 2024
- Asia Pacific: Fastest growing market
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Governments of developed and emerging economies are focused on upgrading the present electric grid infrastructure to ensure an efficient electricity supply and reduce electric component failure during power transmission. Switchgear aids in lowering the damage to the components that are connected to the power supply during the event of a power surge by interrupting the power flow.
Due to rapid urbanization and industrialization, the increasing demand for power from emerging economies has led to a high emphasis on developing efficient power transmission and distribution networks, ultimately increasing demand for switches, fuses, and circuit breakers. This high demand for products from the power sector is expected to drive the growth of the global switchgear market. In addition, the rise of new factories, commercial buildings, and residential complexes is further driving demand for robust electrical distribution and protection systems. Medium-voltage switchgear is experiencing rapid adoption in these sectors. Supportive government policies, infrastructure development programs, and foreign direct investment (FDI) inflows are further strengthening the market.
Aging power infrastructure and rising electricity consumption are prompting large-scale investments in grid modernization, particularly in developed markets. Switchgear plays a pivotal role in enabling intelligent grid operations by protecting electrical circuits and supporting automation and real-time control. The growing adoption of digital switchgear equipped with IoT sensors, remote monitoring, and predictive maintenance capabilities is enhancing operational efficiency and reducing downtime. Utilities and transmission operators are increasingly upgrading to smart switchgear systems as part of broader grid digitalization strategies, fueling switchgear industry growth.
