Rising demand for reliable and energy-efficient electrical distribution systems is reshaping the global switchgear market, which is valued at around USD 86 billion in 2024, with a CAGR of 8.2%. Increasing industrial automation, smart grid deployments, renewable energy projects, and modern commercial and residential infrastructure are driving the adoption of low-, medium-, and high-voltage switchgears. Among regions, Asia-Pacific stands out as the fastest-growing market, led by China, India, and Southeast Asia, where switchgear exports surged 13% year-over-year, surpassing the global growth rate of 8%. Meanwhile, North America and Europe maintain leadership in high-value industrial switchgear design and manufacturing, and Asia-Pacific continues to import medium-voltage and modular switchgears to meet expanding infrastructure and industrial requirements.
Switchgear overview
Published by MMR Statistics Research Team, Updated