The global switchgear market is slated to expand at a substantial rate through 2030 owing to the increasing innovation toward sustainable power.

Recently, some major players in the switchgear space have been partnering with overseas companies to expand, which has helped bolster industry growth. The ongoing electric infrastructural development and initiatives by the government and various economies across the world have also stimulated market expansion over the years.

For instance, in August 2021, Hitachi ABB Power Grids, the joint venture company formed when the Japanese tech firm Hitachi acquired the Swiss semiconductor company ABB's Power Grids, expanded its EconiQ eco-efficient high-voltage lineup into the transmission voltage level. EconiQ is the firm's eco-efficient sustainable portfolio, which includes services, products, and solutions that promise superior environmental performance. The EconiQ high-voltage switchgear & breakers range has no sulfur hexafluoride (SF6), a greenhouse gas, and is shown to cut carbon footprint remarkably over the whole lifecycle.

For comprehensive assessment, the switchgear market has been segmented in terms of voltage, insulation, current, application, and region.

With respect to current, the sector has been bifurcated into AC & DC. The AC segment is expected to grow at a steady pace through the forecast period driven by growing preference for sustainable power. The combination of cogeneration facilities spread across grid infrastructure is likely to impel segmental progress by 2030.

Meanwhile, the DC segment is set to register substantial growth over the projected timeframe owing to continuous technological developments. Rising number of ventures to support product development are slated to further propel segmental growth in the upcoming years.

Based on application, the switchgear market has been divided into residential, commercial & industrial, and utility. The residential segment is anticipated to record sizable growth up to 2030 due to the enhancement of flexible product applications and improved innovation portfolios. The utility segment is speculated to amass significant gains over the review timeline since the establishment of high voltage lines and advancements in new distribution networks are foreseen to fuel product demand over the following years.

From the regional perspective, the Middle East & Africa switchgear market is set to grow at an exponential rate through the forecast years. The developing space constraints and expanding R&D operations to improve smart and compact control units are primed to drive product adoption in the MEA market.

Meanwhile, the Latin America switchgear industry is expected to grow noticeably between 2022 and 2030. Mounting interest in efficient and low-cost switchgear in coal and gas-fired power plants is foreseen to boost LATAM industry growth in the future.