The global switchgear market was valued at USD 156.3 billion in 2024 and is estimated CAGR of 7.3% from 2025 to 2034, as reported in the latest study by Global Market Insights, Inc. This growth is primarily driven by rising investments in infrastructure projects and the modernization of power grids. The increasing reliance on renewable energy sources has amplified the demand for advanced switchgear, which is critical in ensuring efficient power distribution and grid stability. In addition, rapid urbanization and industrialization fuel the need for reliable electrical systems to support expanding cities and manufacturing hubs.
Technological innovations are reshaping the switchgear landscape, with smart and digital systems enhancing monitoring, control, and protection features. The industry also embraces sustainable solutions, such as eco-friendly gas-insulated switchgear, to align with global environmental goals. Emerging economies are experiencing significant growth due to extensive electrification initiatives and the adoption of modern power distribution systems. The integration of automation and smart technologies further enhances operational efficiency by enabling remote management and predictive maintenance, leading to reduced costs and improved safety standards.
The low voltage segment is expected to witness substantial growth, surpassing USD 179.5 billion by 2034. This expansion is attributed to the growing demand for advanced electrical distribution networks that ensure energy efficiency, safety, and reliability. Low voltage switchgear is becoming increasingly essential to support the rapid development of residential, commercial, and industrial infrastructures. The global shift toward smart cities and modernized grids further accelerates the adoption of low voltage solutions.
Source: https://www.gminsights.com/industry-analysis/switchgears-market
