The global high voltage switchboard market size is expected to total US$ 2.9 Bn in 2022. Demand is forecast to increase a CAGR of 5.2% over forecast period (2022-2032), to reach a valuation of US$ 4.8 Bn by 2032. Growing energy needs, along with high demand for applications in mining, power generation, and marine will augment the growth in the market.
More electrical power systems are expected to be needed as the power generating and transmission sector (which includes both industrial and commercial applications) expands, which will in turn increase demand for high voltage switchboards. East Asia has one of the largest industrial sectors in the world, with South Korea dominating the shipbuilding industry and China dominating the manufacturing industry.
The rise in global electricity demand, combined with increasing focus on boosting renewable energy installed capacity, is driving utilities to invest in electricity transmission and distribution networks. As high voltage switchboards are used to distribute power safely in electrical systems, demand will rise at a considerable pace.
“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.
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- 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.
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.
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