North America Switchgear Market Size, Share, Industry Growth, Top Key Players, Competitive Landscape, Applications, and Recent Trends by Forecast Report To 2027
The demand for switchgear is increasing across the utility, industrial and commercial sector of North America in view of its high operational performance in line with the requirement for controlled, safe, secure power supply across the grid network. Expansion of T&D networks combined with the replacement of existing grid infrastructure will propel switchgear demand in the coming years. A report published by Global Market Insights, Inc., cites that the North America switchgear market is estimated to grow at a rate of over 6% by 2027.
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Mentioned below are some of the factors that will support this growth:
Surging demand from the utility sector
The North America switchgear market is anticipated to grow over USD 14 billion in the utility sector. This growth will be majorly attributed to manufacturers and consumers inclining towards carbon-free switchgear backed by favorable govt. norms and maximum annual allowable SF6 emission rate for each GIS owner’s active equipment.
Carbon-free switchgears are being utilized in the renewable energy generation sector. In 2018, Siemens agreed to supply 102 SF6-free, gas-insulated switchgear (GIS) to Siemens Gamesa for use in wind farms. The switchgear is designed to protect each wind turbine against short-circuits and overloads, making it possible to securely supply electricity. While in 2021, OES (Ozop Energy Solutions) agreed to supply approximately $600,000 of energy generation, storage and switchgear equipment for its near Net Zero Microgrid project.
With renewable construction and refurbishment of transmission & distribution networks witnessing minimal or no delay due to the COVID-19 pandemic, the switchgear industry is expected to witness a lucrative business scenario.
Rising use of HVAC systems
North America AC switchgear industry accounted for the major share of over 85% in recent years. Lower installation cost, and ease of replacement along quick fault response time will favor this projected growth. Rising demand for HVAC systems based on quick lead time due to rapid power changes as well as network stabilization will further boost product demand. Consumer inclination toward zero carbon emission energy generation systems along with new fundings by governments worldwide for incorporating sustainable power solutions will enhance the AC switchgear industry size in North America.
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New product developments
Some of the emerging key players functioning in the North America switchgear industry include General Electric, Siemens AG, Mitsubishi Electric Systems, ABB, Powell Industries, and others. These companies are constantly focusing on developing novel products that are sustainable and environmentally friendly. In 2019, General Electric launched its portfolio of Green Gas for Grid (g3) equipment which includes SF-6 free electrical components. The company expanded its portfolio to initiate the production of g3 switchgear.
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