The global high-voltage switchboard market is anticipated at USD 2.9 billion in 2022. Demand is likely to remain high for high-voltage switchboards during the assessment period. This is due to the increased application in various end-use industries and garnering USD 5.0 billion in 2033, recording a CAGR of 5.3% from 2023 to 2033. The market is likely to secure USD 3.0 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| High Voltage Switchboard Market Size Value in 2023 | USD 3.0 billion |
| High Voltage Switchboard Market Forecast Value in 2033 | USD 5.0 billion |
| Global Growth Rate | 5.3% |
| Forecast Period | 2023 to 2033 |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
East Asia has one of the biggest industrial sectors across the globe, with China leading the manufacturing and South Korea leading the ship-building sectors. East Asia is anticipated to create an absolute opportunity worth USD 460.7 million over the forecast period.
Aggressive net-zero goals announced by nations responsible for about 90% of the world's GDP, and increased wind and solar PV competitiveness have resulted in a significant increase in renewable energy capacity.
An additional 290 gigawatts (GW) of renewable energy capacity were constructed in 2021, 3% more than 2020. Following wind and hydropower in 2021, solar PV accounted for more than half of the renewable energy generation worldwide. Developments as such are expected to bode well for the market.
Sales in the high-voltage switchboard market represent around 10-15% of the global power distribution system market.
| Historical CAGR (2018 to 2022) | 2.8% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.3 |
Between 2018 and 2022, demand for high-voltage switchboards increased at a 2.8% CAGR and is estimated to increase at a 5.3% CAGR over the assessment period. Increasing demand for electrical distribution systems from the industrial as well as commercial sectors is fueling sales in the market.
Switchboards are common pieces of equipment used in transmission and distribution systems, notably used in a range of receiving and distributing electrical energy systems. The debugging, maintenance, and adaptability of current switchboard cabinets are difficult and inconvenient.
Available switchboard cabinets typically employ a variety of drawer structures as a way to separate and integrate coils. This can be replaced by using a fixed partition-type cabinet for high-voltage switchboards. This type of switchboard is gaining traction in the market, particularly in applications where space remains a deciding factor for using any type of electrical distribution system equipment.
Switchboards incorporate only low-voltage power circuit breakers (LVPCB) which are listed in UL-1066 and conform with ANSI C37.13 and NEMA SG-3. Circuit breakers carry out a vital task: they keep track of electrical current and shut off the power if current levels become too high, preventing issues like overheating and fires.
Despite being regarded as crucial safety measures; they are not infallible. They haven't kept up with modern technology in terms of functionality. With the development of Industry 4.0 and automation, there has been an increase in interest in modernizing the conventional breaker box to the same extent.
Infrastructure for the utility grid has had a difficult time keeping up with rising demand as the popularity of decentralized grids, smart energy management, solar energy storage, and microgrids are growing. These might be coordinated to achieve better efficiency and significant advancements in distributed energy resources thanks to the power of remote connectivity and the newest breaker technology, which will further boost demand in the market.
Principal Consultant
Increasing Application in Industrial Sector to Drive the Market Growth
The popularity of smart switchboards is growing with ongoing improvements in production facilities and infrastructure. Smart switchboards, which play a key part in the distribution of energy to industrial and commercial spaces.
Integrating smart power distribution equipment such as smart switchboard is crucial for achieving high performance, power continuity, and resource optimization while lowering the transmission, operational, and maintenance costs.
New smart switchboards are versatile, energy-efficient, and future-proof. These technologies update and upgrade solutions with minimal downtime. For instance, Schneider Electric has rolled out the new PrismaSeT Active smart switchboard, which is one of the first to include built-in cloud connectivity, providing instant access to smart alarming, energy usage analysis, trends, and preventative maintenance plans.
This system, which is built into the roof of the unit, allows individuals to consistently monitor their electrical distribution systems like switchboards. High efficiency and power availability will create a conducive environment for the adoption of smart switchboards, thereby augmenting the growth in the market.
An Arc Flash During Electrical Failures May Hamper the Market Growth
An arc flash is an energy that is released during an electrical fault when current flows through the air between two live conductors, causing a short circuit. In a residential setting, an arc flash often causes only a brief flash of light before harmlessly going out.
In a commercial or industrial setting, voltages and currents are substantially larger, and electrical failures frequently release more energy. An arc flash typically causes a large explosion that is followed by intense heat, poisonous chemicals, blinding light, deafening noise, and enormous pressure waves.
This has been a long-lasting issue faced by high-voltage switchboard users. These electrical faults can be avoided with the use of smart switchboards and monitoring systems in power distribution.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Increasing Investments in Power Generation Sector in India Will Boost Sales of High Voltage Switchboards
Total sales of high voltage switchboards in India are expected to account for a dominant share in the South Asia high voltage switchboard market, creating an absolute $ opportunity worth USD 148 million over the forecast period.
Increasing foreign direct investments (FDI) in the energy sector, along with ongoing expansion in the industrial and commercial sectors are prime factors expected to drive sales in India.
While the National Infrastructure Pipeline was announced by the Indian government the previous year, further measures to promote FDI inflow and aid power distribution businesses to increase operational effectiveness were planned for the fiscal years 2020 to 2021.
The government of India's emphasis on achieving "Power for All" has sped up the country's capacity expansion. These changes will necessitate grid stability, capacity growth, and new digital, decentralized, and decarbonization technologies. The need for affordable, dependable, and sustainable energy will increase as India's economy continues its post-pandemic recovery path.
Expansion in the Residential Sector in the United States is Spurring Demand for High Voltage Switchboards
The United States is expected to account for around 78.2% of the North American high-voltage switchboard market share in 2023.
According to the International Monetary Fund (IMF), the COVID-19 pandemic's impact on GDP growth in 2020 had a substantial impact, which contracted by 3.5% that year. The energy consumption significantly decreased, but it has since increased as a result of the relaxation of lockdown restrictions and the full-scale restart of the country’s manufacturing and industrial sectors.
High Demand from Marine Distribution Systems to Augment High Voltage Switchboard Sales
South Korea is one of the top ship-building nations across the globe. East Asia has the largest share of the global shipping market. The marine industry accounts for more than 18.5% market share on a volume basis in the South Korean high-voltage switchboard market.
Switchboards are a key element in any marine distribution system and are used aboard large ships, tugboats, commercial fishing boats, research vessels, and other offshore marine vessels.
The Ministry of Trade, Industry, and Energy has set a target for shipbuilders to take up to 75% of the market share for environmentally friendly vessels with less or no carbon emissions by 2030, up from 66% in the current scenario, according to the South Korean government's enrolled blueprint. With the growing shipbuilding market in South Korea, demand for high-voltage switchboards will increase.
Adoption of High Voltage Switchboards in the Industrial Sector Will Gain Traction
Based on application, the industrial segment will dominate the market, according to more than 44.5% of the total market share by 2033.
The focus on modernizing and expanding the capacity of electricity systems has resulted from the world's rapidly increasing energy needs, particularly across emerging economies. The growing trend of urbanization and "smart cities" is driving up energy demand, which has led to high requirements for high-voltage switchboards in the industrial sector.
Sales of Fusible Switchboards to Remain High
As per the report, sales of fusible switchboards are set to grow at a CAGR of 4.8% and are estimated to create an absolute dollar opportunity worth USD 776.7 million.
This type of switchboard is extensively used in commercial, industrial, and service entrance applications to protect and switch feeder and branch circuits. Each unit includes a switching contact structure with an instantaneous trip element.
Leading players in the global high voltage switchboard market such as ABB, Schneider Electric, and others are focusing on integrating high voltage switchboards with cloud connectivity and other IoT-based solutions to align with the industry 4.0 norms. Tier-II level manufacturers are concentrating on light industrial and commercial applications by offering space and cost-effective products to suit end-users demands.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.3% from 2023 to2033 |
| Market Value in 2023 | USD 3.0 billion |
| Market Value in 2033 | USD 5.0 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, Product Type, Connection Location, Voltage Rating, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | ABB; Eaton; Schneider Electric; Rockwell Automation; Siemens; Powerwell; Gedac Electric; Kounis; Aussie Switchboards |
The high voltage switchboard market is valued at USD 3.0 billion in 2023.
The high voltage switchboard market is likely to surge at 5.3% CAGR, reaching USD 5.0 billion by 2033.
India's burgeoning power infrastructure and industrial growth position it as a lucrative market for high voltage switchboards, with a USD 148 million opportunity by 2033.
Given their burgeoning industrial sectors, China, India, South Korea, and Japan have emerged as notable Asia Pacific countries in the high voltage switchboard market.
Key high voltage switchboard market players are ABB, Eaton, Schneider Electric, Rockwell Automation, Siemens, Powerwell, Gedac Electric, Kounis, and Aussie Switchboards.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Industrial 5.1.1. Mining 5.1.2. Power Generation 5.1.3. Manufacturing and Process Industries 5.1.4. Others 5.2. Commercial 5.3. Marine 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Fusible Switchboards 6.2. Draw-out Molded Case Switchboards 6.3. Commercial Metering Switchboards 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Connection Location 7.1. Front Connected 7.2. Rear Connected 7.3. Rear and Front Connected 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Voltage Rating 8.1. Up to 480 V 8.2. 480 to 600 V 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. ABB 19.2. Eaton 19.3. Schneider Electric 19.4. Rockwell Automation 19.5. Siemens 19.6. Powerwell 19.7. Gedac Electric 19.8. Kounis 19.9. Aussie Switchboards 19.10. Bay Power Inc 20. Assumptions & Acronyms Used 21. Research Methodology
Explore Industrial Automation Insights
View Reports
High Voltage Switchboard Market
