Pad-Mounted Switchgear Market worth $7.1 Billion by 2028

Pad-Mounted Switchgear Market worth $7.1 Billion by 2028
The global pad-mounted switchgear market is expected to grow from an estimated USD 5.6 billion in 2023 to USD 7.1 billion by 2028, at a CAGR of 5.1 % during the forecast period.

The global Pad-Mounted Switchgear Market is projected to reach USD 7.1 billion in 2028 from USD 5.6 billion in 2023 at a CAGR of 5.1% according to a new report by MarketsandMarkets™.  Pad-mounted switchgear systems provide easy access to cable connections and operating apparatus, while vault switchgear can be wall- or floor-mounted for underground installations with flexibility to the direction of incoming underground cable connections. Many countries adopt advanced underground distribution solutions to achieve highly reliable and safe power transmission.

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IEEE standards are estimated to be the fastest growing market.

Based on the end user segment of pad–mounted switchgear systems, the telecom & IT sector is estimated to be the fastest and largest growing market from 2020 to 2027. The IEEE C37.20.7 standard is for arc-resistant switchgear systems. This standard is categorized as Type 2B and Type 2C. The IEEE C37.20.7 defines Type 2B equipment as those in which arc events do not cause any holes in the freely accessible front, sides, and rear of the enclosure or the walls isolating the low-voltage control or instrument compartment. Alternatively, Type 2C testing specifies that arcing does not cause holes in the freely accessible front, sides, and rear of the enclosure or in the walls separating the compartment in which the arc is initiated from all adjacent compartments.

Commercial segment is expected to result in the segment occupying the least market share of the pad–mounted switchgear.

The commercial segment accounted for a share of 26.9% of the pad-mounted switchgear market in 2022. The commercial sector includes shopping malls, hotels, hospitals, data centers, government buildings, and airports. Uninterrupted delivery of power is very important in all commercial places. Any disruption or breakdown due to electrical accidents, such as short circuits or overloading, may damage substations or transmission lines, leading to huge losses due to increased non-productive time. The demand for pad-mounted switchgear systems in the commercial sector can be attributed to the increasing infrastructural developments and rising commercial construction projects. Pad-mounted switchgear systems are used in underground distribution systems to prevent blackouts due to natural calamities or emergencies, such as earthquakes and fires.

Europe likely to emerge as the largest Pad–Mounted Switchgear Market

Europe accounted for a 34.1% share with a market size worth USD 1,814 million in 2022. The European pad-mounted switchgear market, by country, has been segmented into the UK, Germany, France, Italy, and Rest of Europe. On July 14, 2021, the European Commission proposed the first part of its Fit for 55 package, aimed at reducing the EU2’s carbon emissions by 55% by 2030 compared to 1990 levels. This target paves the way for achieving climate neutrality in the EU by 2050 by increasing renewable energy consumption. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the EU emphasizes upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading. This would also require the replacement of the pad-mounted switchgear systems. According to the European Commission, expanding, replacing, and refurbishing the power grid to integrate renewable energy production necessary for reaching the 55% emission reduction target by 2030 would require annual investments of more than USD 61 billion. This presents a lucrative opportunity for the growth of the pad-mounted switchgear market in the region. ABB (Switzerland), and Eaton (Ireland), are the key players in the European Pad–Mounted Switchgear Market.

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Key Market Players:

The overall key players in the Pad–Mounted Switchgear Market are Eaton (Ireland), Hubbell (US), ABB (Switzerland), G&W Electric (US), S&C Electric (US), Powell (US), Federal Pacific (US), Entec Electric & Electronic (South Korea), NOJA Power (Australia), TIEPCO (Saudi Arabia), Ghorit Electricals (China), Ningbo Tianan Group (China), Trayer Switchgear (US), KDM Steel (China), Switchgear Power Systems (US), Park Detroit and Park Electric (US), Beijing Kylin Power & Technology (China), Telawne Power Equipments Pvt. Ltd. (India), Ormazabal (Brazil), and Actom (Boksburg).

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