United States Switchgear Market Size
| Study Period | 2018-2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United States Switchgear Market Analysis
The United States switchgear market is expected to grow at a CAGR of more than 6% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
Over the medium term, increasing electricity generation and consumption, along with network expansions to accommodate the infrastructure development projects and integration of renewables into the grid, are expected to be the major drivers for the transmission & distribution network growth, which, in turn, is expected to drive the switchgear market, during the forecast period.
On the other hand, stringent environmental and safety regulations related to the high-voltage switchgear market are restraining factors.
Nevertheless, United States government-owned companies are expected to invest highly to meet the growing demand. Thus, expected to create significant opportunity for the United States switchgear market during the forecsat period.
United States Switchgear Market Trends
Growing Focus on Infrastructure and Renewable Energy Sources Drives the Market Growth
Switchgear is a device that controls, regulates, and switches on or off the electrical circuit. The power supply system is linked directly to the switchgear system. It is located on the high and low-voltage sides of the power transformer. It is used to switch off the equipment's power so that it may be examined and maintained and clear the issue.
The rapid development of electricity in rural areas and expanding energy output have increased the need for a wide range of electrical equipment.
According to BP Statistics World Energy, the United States' renewable energy generation capacity reached 624.5 terawatt hours in 2021, a 14 percent increase over 2020. The renewable energy market has grown in recent decades due to falling renewable technology prices and concerns about the environmental impact of more traditional sources.
In February 2023, Alstom secured an operations and maintenance contract from the Maryland Department of Transportation Maryland Transit Administration (MDOT MTA) - the base term of the initial five-year contract with an agency budget of around USD 401 million. The scope includes the addition of digital innovations aiming at developing sustainable and smart mobility, which is expected to drive the switchgear market.
Thus, increased regional government goals for bringing power to rural regions and increased investment in this industry are the major switchgear market trends predicted to drive market expansion.
Gas-Insulated Switchgear to Witness a Significant Growth
Gas-insulated high voltage switchgear (GIS) is close-packed metal-enclosed switchgear comprises of high voltage components, such as circuit breakers and disconnectors, and offers numerous advantages, such as less field construction work, flexible designs, minimal maintenance, and good reliability and safety.
In March 2022, GE Renewable Energy’s Grid Solutions launched the world’s first 420 kV, 63 kA g3 gas-insulated substation (GIS) circuit-breaker1 prototype. The g3 circuit breaker was presented to a group of leading transmission utilities.
In July 2022, the U.S. Department of Energy (DOE) opened the application period for States, Tribal nations, and territories to apply for the USD 2.3 billion formula grant program designed to strengthen and modernize America’s power grid against extreme weather, wildfires, and other natural disasters exacerbated by the climate crisis which in turn will boost the Gas Insulated Switchgear (GIS) market in the country.
According to BP Statistical Review of World Energy 2022, in 2021, the United States wind power installed capacity reached approximately 132.7 GW, a significant increase from the previous year, which registered a value of 118.7 GW in 2020.
Further, investments in electricity transmission and distribution (T&D) networks and smart grid technology are also expected to increase the demand for gas-insulated switch gears. The United States has witnessed increasing investments in the transmission and distribution systems for years, with the annual investments by the utilities in the country spending more on delivering electricity to customers and less on producing the electricity.
The government is taking numerous initiatives to develop and revolutionize power transmission networks. For instance, in May 2022, the federal government launched USD 2.5 billion in funds to modernize and expand the country’s power grid capacity under the Transmission Facilitation Program (TFP) created by the Bipartisan Infrastructure Law. As part of this, the U.S. Department of Energy (DOE) issued a request for information (RFI) to seek public input on the structure of the new revolving fund program.
Therefore, with increasing urbanization and industrialization across developing economies, the demand for gas-insulated switchgear is expected to grow significantly during the forecast period.
United States Switchgear Industry Overview
The United States Switchgear Market is moderately fragmented. Some of the key players in this market include ABB Ltd, Siemens AG, General Electric Company, Schneider Electric SE, and Mitsubishi Electric Corporation.
United States Switchgear Market Leaders
ABB Ltd.
Siemens AG
General Electric Company
Mitsubishi Electric Company
Schneider Electric SE
*Disclaimer: Major Players sorted in no particular order
United States Switchgear Market News
- May 2022: Schneider Electric announced the launch of its new SureSeT MV switchgear offering for the North American market. The unique and improved solution, backed by the innovative and award-winning EvoPacT circuit breaker, replaces the Schneider Electric Masterclad solution for primary switchgear applications with a smaller, more robust, and more creative solution for managing day-to-day digital operations.
- March 2022: Schneider Electric announced a significant expansion to their El Paso plant in Texas. The new plant will add 160,000 square feet of manufacturing space and 400 new employees, driving it Schneider's largest facility in the United States. This expansion will add a new building to the current 576,000 square foot, three-building campus in El Paso that houses 1300 employees. The latest development will focus on "engineer-to-order" parts, particularly customized switchboards and switchgear for distributing low voltages in commercial facilities.
Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Air-insulated
5.1.2 Gas-insulated
5.1.3 Other Types
5.2 Installation
5.2.1 Indoor
5.2.2 Outdoor
5.3 End User
5.3.1 Commercial
5.3.2 Residential
5.3.3 Industrial
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd.
6.3.2 Schneider Electric SE
6.3.3 General Electric Company
6.3.4 Toshiba Corporation
6.3.5 Mitsubishi Electric Corporation
6.3.6 Siemens AG
6.3.7 Larson & Turbo Limited
6.3.8 Powell Industries Inc.
6.3.9 Hubbell Incorporated
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
United States Switchgear Industry Segmentation
Switchgear is a device that controls, regulates, and switches on or off the electrical circuit. The power supply system is linked directly to the switchgear system. It is located on the high and low-voltage sides of the power transformer. It is used to switch off the equipment's power so that it may be examined and maintained and clear the issue.
The United States switchgear market is segmented on the basis of type, insulation, installation, and end-user industry. By type, the market is segmented as Low-Voltage, Medium-Voltage, and High-Voltage. By insulation, the market is segmented into Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), and other types. By installation, the market is segmented as Indoor and Outdoor, and by end-user industry, the market is segmented as Commercial, Residential, and Industrial. For each segment, the market size and forecast have been done on the basis of revenue (USD Billion).
Frequently Asked Questions
What is the current United States Switchgear Market size?
The United States Switchgear Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in United States Switchgear Market?
ABB Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Company and Schneider Electric SE are the major companies operating in the United States Switchgear Market.
United States Switchgear Industry Report
Statistics for the 2023 United States Switchgear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Switchgear analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
