In 2022, the global high voltage switchboard market is expected to be worth US$ 2.9 billion. Consumption is expected to grow at a 5.2% CAGR from 2022 to 2032, reaching a valuation of US$ 4.8 billion. Market growth will be driven by rising energy demands, as well as increased demand for mining, power generation, and maritime applications.
The demand for high voltage switchboards will increase as the power generation and transmission sector (which includes both industrial and commercial applications) expands. East Asia’s industrial sectors are among the most powerful in the world, with South Korea dominating shipbuilding and China dominating manufacturing.
The increased focus on increasing renewable energy installed capacity, combined with rising global electricity demand, is driving utilities to invest in electricity transmission and distribution networks. As high voltage switchboards are used to safely distribute power in electrical systems, demand will skyrocket.
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“Rising investments in the energy and utilities sector to improve energy supply across remote locations will fuel the adoption of high voltage switchboards. In addition to this, growing demand from the marine sector foe effective energy distribution will augment the growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Based on application, the commercial segment will account for more than 37% of the total market share by 2032.
- In terms of product type, sales of fusible switchboards will increase at a CAGR of 2% through the forecast period.
- By connection location, the front connected segment is projected to create an absolute dollar opportunity worth US$ 7 Mn in between 2022-2032.
- Based on voltage rating, the 480 to 600 volts segment is anticipated to gain 300 bps points through 2032.
- The India high voltage switchboard market is expected to create an absolute dollar opportunity of US$ 148 Mn.
- The U.S. will account for 77.7% of the North America high voltage switchboard market in 2022.
Competitive Landscape
ABB, Eaton, Schneider Electric, Rockwell Automation and Siemens are some of the leasing manufacturers operating in the global high voltage switchboard market. The high voltage switchboard market is moderately consolidated, with leading players accounting for more than 63% of the total market share. These players are investing in new technology developments, expansion of their distribution networks, and tie-ups with prominent end-users to improve sales.
About FMI – Industrial Automation
About FMI –The Industrial Automation division of FMI offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery across manufacturing sector and distinctive analysis about installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustain, grow and identify new revenue prospects.
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Key Segments Covered in High Voltage Switchboard Industry Analysis
By Application:
- Industrial
- Mining
- Power Generation
- Manufacturing and Process Industries
- Others
- Commercial
- Marine
By Product Type:
- Fusible Switchboards
- Draw-out Molded Case Switchboards
- Commercial Metering Switchboards
By Connection Location:
- Front Connected
- Rear Connected
- Rear and Front Connected
By Voltage Rating:
- Up to 480 V
- 480 to 600 V
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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