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Switchgear Market size to grow by USD 121.2 billion from 2023 to 2030; The growing demand for power supply in remote areas will boost the global market growth – Facts & Factor




NEW YORK, June 26, 2023 /PRNewswire/ — As per Facts and Factors study, the global switchgear market size was nearly $91.1 billion in 2022 and is set to increase to about $121.2 billion by 2030 along with securing the highest CAGR of 5.8% from 2023 to 2030.

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Switchgear Market: Overview

A switching device is an integration of a slew of components including switches, current & voltage transformers, relays, isolators, fuses, switches, circuit breakers, and various other devices for improving operations. The rise in the use of switching equipment in transmission & distribution networks is likely to boost the demand for switchgear in the upcoming years. Furthermore, a switchgear device finds a plethora of applications in complex electric substations, thereby helping the latter withstand oscillating voltage operations in a volatile environment.     

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Key Insights:

  • As per the analysis shared by our research analyst, the global switchgear market is projected to expand annually at the annual growth rate of around 5.8% over the forecast timespan (2023-2030)
  • In terms of revenue, the global switchgear market size was evaluated at nearly $91.1 billion in 2022 and is expected to reach $121.2 billion by 2030.
  • The global switchgear market is anticipated to record massive growth over the forecast period owing to the implementation of new regulations aimed at reducing power blackouts along with strengthening power distribution networks.
  • Based on insulation, the gas-insulated switchgear segment is predicted to contribute majorly towards the global market share over the forecast timeline.
  • In terms of current, the AC segment is projected to account for a major share of the global market in 2023-2030.
  • On the basis of end-user, the transmission & distribution utilities segment is set to register the highest CAGR over the period from 2023 to 2030.
  • Region-wise, the Asia-Pacific switchgear market is projected to register the highest CAGR during the assessment period.

Facts and Factors published the latest report titled “Switchgear Market Size, Share, Growth Analysis Report By Insulation (Gas-Insulated Switchgear and Air-Insulated Switchgear), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By Current (AC and DC), By End-User (Transmission & Distribution Utilities, Commercial Sector, and Residential Sector), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030″ into their research database.

Industry Dynamics:

Global Switchgear Market: Growth Drivers

  • Growing demand for power supply in remote areas will boost the global market expansion.

Rising industrialization and urbanization will translate into humungous demand for switchgear in various sectors. An increase in renewable energy trends will boost the growth of the switchgear market across the globe. Emerging economies such as India are upgrading as well as deploying new transmission lines & distribution networks for infrastructural development, thereby driving global switchgear market trends. Favorable government laws for restricting power outages along with the need for reinforcing power distribution networks will boost global market trends. A rise in funding for developing strong power infrastructure will propel the global market expansion.

Nevertheless, strict laws limiting GHG emissions and strict EU laws as well as the Paris Agreement related to reducing environmental degradation can put brakes on the growth of the global switchgear industry. However, the onset of the Industrial 4.0 revolution and the launching of smart technologies will open new growth opportunities for the industry across the globe. 

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Global Switchgear Market: Segmentation

  • Global switchgear market is segregated into insulation, installation, voltage, end-user, current, and region. 

The insulation segment of the switchgear market is subdivided into gas-insulated switchgear and air-insulated switchgear segments. Furthermore, the gas-insulated switchgear segment, which accrued over 50% of the global market share in 2022, is anticipated to retain its segment dominance in the years ahead. The segmental surge in the upcoming years can be attributed to the massive use of thermoplastics in the food & beverages sector owing to its high mechanical strength, production ease, and cost proficiency. Additionally, thermoplastics find large-scale applications in lightweight constructions, storage tanks, window frames, and panels. 

On the basis of current, the switchgear industry across the globe is divided into AC and DC segments. The AC segment, which amassed nearly 40% of the industry share in 2022, is anticipated to record the fastest CAGR in the upcoming years. The expansion of the segment in the projected timeline can be subject to the penetration of AC switchgear tools in the utility and residential sectors. 

In terms of end-user, the switchgear market across the globe is segmented into transmission & distribution utilities, commercial sector, and residential sector segments. Moreover, the transmission & distribution utilities segment, which dominated the segmental growth in 2022, is anticipated to record the fastest CAGR in the forthcoming years. The segmental growth over the forecast timeline can be owing to a massive increase in the renewable and non-renewable energy demand.

Based on the installation, the global switchgear market is divided into indoor and outdoor segments.

On the basis of voltage, the switchgear industry across the globe is sectored into low, medium, and high segments.


Recent Developments:

  • In the first quarter of 2023, ABB Ltd., a leading digital tech firm based in Switzerland., declared the commissioning of a factory unit in Nashik for producing gas-insulated switchgear. Such initiatives are likely to expand the scope of the switchgear market in India and across the Asia-Pacific zone.
  • In the second half of 2022, Fuji Electric Co., Ltd., a Japanese electrical equipment manufacturing company, introduced VC-V20A-1 switchgear. The strategic move is anticipated to provide impetus to activities such as product developments as well as product launches. This will embellish the global industry trends.
  • In the third quarter of 2022, Schneider Electric entered into a strategic alliance with ARDECO for manufacturing power & energy tech tools such as switchgear and control panels in the UAE. The move is projected to spur the expansion of switchgear business space in the Middle East region.

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List of Key Players in Switchgear Market:

  • CG Power and Industrial Solutions Limited
  • Fuji Electric Co. Ltd.
  • Eaton Corporation PLC
  • Hitachi Ltd.
  • General Electric Company
  • Meidensha Corporation
  • Larsen & Toubro Limited
  • Toshiba Corporation
  • Powell Industries Inc.
  • Havells India Ltd.
  • ABB Ltd.
  • Schneider Electric
  • Mitsubishi Electric Corporation
  • Siemens AG.
  • Others

Key questions answered in this report:

  • What are the growth rate forecast and market size for Switchgear Market?
  • What are the key driving factors propelling the Switchgear Market forward?
  • What are the most important companies in the Switchgear Market Industry?
  • What segments does the Switchgear Market cover?
  • How can I receive a free copy of the Switchgear Market sample report and company profiles?

Report Scope:

Report Attribute


Market size value in 2022


USD 91.1 Billion

Revenue forecast in 2030

USD 121.2 Billion

Growth Rate

CAGR of almost 5.8% 2023-2030


Base Year


Historic Years

2016 – 2021

Forecast Years



Segments Covered

By Insulation, Installation, Voltage, Current, End-User, and Region

Forecast Units

Value (USD Billion), and Volume (Units)


Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2030

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered


U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

CG Power and Industrial Solutions Limited, Fuji Electric Co. Ltd., Eaton Corporation PLC, Hitachi Ltd., General Electric Company, Meidensha Corporation, Larsen & Toubro Limited, Toshiba Corporation, Powell Industries Inc., Havells India Ltd., ABB Ltd., Schneider Electric, Mitsubishi Electric Corporation, Siemens AG, and others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.


Customization Scope

Avail of customized purchase options to meet your exact research needs.


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Regional Dominance:

  • Asia-Pacific switchgear market to register the highest CAGR over the forecast period.

Asia-Pacific, which garnered more than 55% of the global switchgear market revenue in 2022, is anticipated to record the fastest CAGR during the assessment timeframe. The regional market expansion over 2023-2030 can be due to the presence of big industries such as manufacturing & processing in the countries such as India and China.

Moreover, emerging economies are investing heavily in power infrastructural growth that requires a strong grid structure. Furthermore, the large-scale presence of manufacturers in the region will contribute majorly towards regional infrastructural growth.

Furthermore, the European switchgear industry is set to witness mammoth growth in the forecasting years. The factors that are likely to determine the growth of the regional market include favorable government policies such as the offering of subsidies for technological innovations and legislations by the EU promoting the use of renewable & sustainable energy.

Global Switchgear Market is segmented as follows:

Switchgear Market: By Insulation Outlook (2023-2030)

  • Gas-Insulated Switchgear
  • Air-Insulated Switchgear

Switchgear Market: By Installation Outlook (2023-2030)

  • Indoor
  • Outdoor

Switchgear Market: By Voltage Outlook (2023-2030)

  • Low
  • Medium
  • High

Switchgear Market: By Current Outlook (2023-2030)

  • AC
  • DC

Switchgear Market: By End-User Outlook (2023-2030)

  • Transmission & Distribution Utilities
  • Commercial Sector
  • Residential Sector

Switchgear Market: By Region Outlook (2023-2030)

North America

  • The U.S.
  • Canada


  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

Press Release:

Browse Other Related Research Reports from Facts and Factors

  • Switchgear Market: According to the report published by Facts & Factors, the global Switchgear market size was evaluated at $94 billion in 2022 and is slated to hit $133 billion by the end of 2030 with a CAGR of nearly 5.1% between 2023 and 2030.
  • HVAC Equipment Market: According to the report published by Facts & Factors, the global HVAC equipment market size was evaluated at $136 billion in 2022 and is slated to hit $231.85 billion by the end of 2030 with a CAGR of nearly 6.1% between 2023 and 2030.
  • Firefighting Foam Market: According to Facts and Factors, the global firefighting foam market size was worth around USD 5.51 billion in 2022 and is predicted to grow to around USD 6.72 billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.81% between 2023 and 2030.
  • HVAC Systems Market: According to the report published by Facts & Factors, the global HVAC systems market size was evaluated at $137 billion in 2022 and is slated to hit $235 billion by the end of 2030 with a CAGR of nearly 6.4% between 2023 and 2030.
  • Testing, Inspection and Certification (TIC) Market: According to the report published by Facts and Factors, The global testing, inspection, and certification (TIC) market size was worth around USD 233.21 billion in 2022 and is predicted to grow to around USD 304.52 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.51% between 2023 and 2030.

Browse through Facts and Factors’s coverage of the Global Heavy Industry Industry

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About Us

Facts and Factors is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, and company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.


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Blockchain Press Releases

Animoca-backed Upland’s SPARKLET Token Lists Exclusively on Bitget Launchpool




VICTORIA, Seychelles, July 23, 2024 /PRNewswire/ — Bitget, the leading cryptocurrency exchange and Web3 company, announced the exclusive listing of Upland’s first-ever tradable token SPARKLET on the Bitget Launchpool.

The one-of-its-kind metaverse project will launch its token generation event (TGE) in collaboration with Bitget, allowing the platform’s users to have priority access for the awaited token. The farming for SPARKLET will start at 13:00 (UTC), on 24th July and end on 1st August 2024. With this, users can stake Bitget Token (BGB) to earn a total prize pool of 7,000,000 SPARKLET tokens. The SPARKLET/USDT pair will be listed on Bitget Spot market, with trading service starting at the same time as Launchpool.

This news comes right after the partnership announcement between Bitget and Upland, which includes building the exchange’s virtual headquarters in the metaverse. As part of this initiative, Bitget has purchased Treasure Island, the last unminted neighborhood in Upland’s San Francisco which houses 888 properties.

Built in 2019, Upland stands as one of the most widely-used web3 platforms, with 30,000+ daily active players, 300,000 unique land owners, and over 6,000,000 NFT sales. Upland has transformed into a Layer 1 metaverse, delivering the foundational infrastructure of an open, immersive web, including identity, liquidity, currency, land, no-code NFT creation, fiat on/off ramps, and governance.

“The initiative directs Upland’s strong stance towards decentralization, allowing Spark holders to trade Sparklet in liquid markets. It also aims to boost Upland’s presence and credibility in the Web3 industry by listing on top-tier exchanges such as Bitget, attracting more users and enhancing the platform’s network effects,” says Dirk Lueth, CEO at Upland.


Spark as the native utility token, fueled all value creation in Upland. It is the resource required for world-building, joint community projects, no-code NFT minting, and “manufacturing” of 3D map NFTs such as cars or decor items and more. The SPARKLET token is one-thousandth of a SPARK. In May 2024, Upland users were airdropped Sparks, which now has been migrated to SPARKLET tokens on Ethereum.

“At Bitget, our support for crypto gems goes beyond a simple listing. We are dedicated to helping promising projects gain more visibility, users, and partners through our Launchpool, Launchpad, and various educational and reward initiatives. Our collaboration with Upland to create a Bitget-themed metaverse is a mutually beneficial and exciting endeavor. We aim to become the top choice for more emerging projects in the future, aiding them in creating a greater real-life impact,” says Gracy Chen, CEO at Bitget.

The exclusive listing of SPARKLET on Bitget’s launchpool provides its users with early access to Upland’s first-ever tradable token. This also allows Upland’s current users to use their SPARKLET airdrops for further trading on a sophisticated platform such as Bitget. Previously, Bitget’s launchpool listed high potential projects such as Merlin Chain (MERL), Ethena (ENA), ZetaChain (ZETA) and more.

To participate, users can visit SPARKLET launchpool on Bitget, enter preferred staking amount and earn tokens within a few clicks.

For more information on getting exclusive access to SPARKLET tokens, please visit here.


About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale




peaq, the layer-1 blockchain for DePIN and Machine RWAs, announces the expansion of its ecosystem as YOM, the cloud gaming and interactive experience DePIN, unveils its plan to expand to peaq from Solana. YOM enables gamers to earn crypto from their advanced rigs by lending their idle computational power to its DePIN. As the first step toward integrating peaq, YOM will launch its recently-unveiled Genesis Series as the first NFT Node Mint on the peaq blockchain. It will also explore further venues for more collaborations and integrations in the future.

Projected to grow to $312 billion in total revenue by 2027, the video game industry is a powerhouse in the wider entertainment segment, leaving both Hollywood and the music industry far behind. Cloud gaming services, which stream games to the user’s devices such as a smart TV or even a smartphone, are a promising sector in this industry, as they deliver AAA-tier gaming experiences without having to purchase a high-end PC or a console. However, in Web2, such services have to rely on massive data centers, which invokes environmental concerns and further strains the GPU market amid soaring demand from the AI industry. Besides, such data centers are costly to build and operate and often struggle to deliver the content at a comfortable latency.

YOM changes the game by ditching Web2 data centers. Instead, it taps idle personal gaming rigs, leveraging their powerful hardware to remotely run games and interactive experiences and stream them to any devices via their web browsers. The rigs’ owners earn rewards in crypto for every game hour they stream. YOM’s platform currently supports Unreal Engine 5 — one of the industry’s most popular options both among AAA studios and indie developers. The DePIN makes for a more sustainable approach to cloud gaming, with lower hosting costs and low latency, all while enabling gamers to earn revenue from their advanced hardware.

YOM’s strategic integration of peaq will begin with a node sale, where the community will be able to buy YOM’s Genesis Node Licenses as NFTs minted on peaq. The NFTs will be necessary to join YOM’s DePIN as a node. Full details, including the dates and the eligibility criteria, can be found on the YOM site. The mechanism for the node sale will-be open-sourced, enabling other DePINs building on peaq to conduct similar events. After the node sale, YOM is excited to explore more prospective directions for the integration into the peaq ecosystem.


“We are very excited to be working with a Layer-1 chain that has the ability to support us and other DePIN projects on both the ecosystem and technical front,” remarks Jeff Outlaw, CXO at YOM. “Their support frees up the time for our tech team to work on the cloud gaming network. We are working to bring AAA games and immersive experiences to a wider top-of-funnel market as fast as possible, and building with peaq means we can skip a few crucial steps by leveraging its Modular DePIN Functions. All of our focus is now on bringing games to gamers!”

“The gaming industry is a staple of today’s digital entertainment market,” says Leonard Dorlöchter, co-founder of peaq. “Web3 has already tried to take it on with play-to-earn games, but YOM’s approach is a lot more creative — and it truly gives gamers ownership over something they’re so passionate about while earning rewards from their expensive rigs. We are thrilled to see YOM join the peaq ecosystem and look forward to the change it brings about in the gaming world, working as the true Web3 gateway for the mainstream gaming community.”

YOM is the second DePIN to expand to peaq from Solana even before the former’s mainnet launch, which is slated to take place in the coming months. In April this year, MapMetrics, another project originally based on Solana, unveiled its plan to migrate to peaq after the initial announcement of a more limited integration. Also in April, dTelecom, originally building on Arbitrum, announced joining peaq as well.

The post YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale appeared first on HIPTHER Alerts.

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Blockchain Press Releases

Buy and Sell Crypto on X! Bybit Web3 Supports Solana Blinks




DUBAI, UAE, July 23, 2024 /PRNewswire/ — Bybit, the world’s second-largest web3 platform by trading volume, continues to enhance user convenience and accessibility by integrating Solana Blinks into its Web3 ecosystem. This integration reflects Bybit Web3’s commitment to simplifying user access and enhancing the convenience of engaging with cryptocurrencies.

Bridging the Gap Between Web2 and Web3

Bybit Web3’s support for Blinks eliminates the friction between their Web2 environments and the exciting possibilities of Web3. Users can now seamlessly interact with the decentralized world, purchasing tokens or NFTs directly on X and effortlessly confirming transactions with their Bybit Web3 Wallet extension. This integration simplifies crypto engagement and opens the doors for a wider audience to participate in the future of finance.

“We are thrilled to support Blinks, bringing a new level of simplicity and convenience to our users. This integration allows us to bridge the gap between Web2 social platforms and the burgeoning Web3 ecosystem, empowering users to engage with crypto assets seamlessly,” said MK Chin, Bybit Web3 Evangelist.

Key Highlights of the Integration:

  • Seamless Web3 Access: Users can now perform crypto transactions directly on X, bridging the gap between Web2 and Web3 environments.
  • Enhanced User Convenience: Bybit Web3’s support for BLINKS ensures a smooth and intuitive experience, allowing users to trade and manage crypto assets effortlessly.
  • Expanded Web3 Possibilities: This integration empowers users to share token purchases, airdrop campaigns, and more on social media, as well as complete trades and participate in campaigns directly within social media platforms like X.

A Shared Vision for a User-Friendly Web3 Future

We are excited to collaborate with Bybit Web3, who shares our vision of making Web3 accessible to end users. By supporting seamless access through popular social platforms such as X and across the internet, we are breaking down barriers and simplifying the entry into the Web3 ecosystem. This partnership exemplifies our commitment to innovation and inclusivity, ensuring that users can effortlessly engage with the future of finance and digital interactions,” added  Lily Liu, the President of Solana Foundation

For more information, please visit:

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 10 million wallet users, over 20 major ecosystem partners, and counting. 


Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 33 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 37 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.


For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit:
For updates, please follow: Bybit’s Communities and Social Media

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