Global switchgear market to reach US$ 143,266.68 Mn by 2025: Report

The Asia-Pacific is expected to hold the largest switchgear market share during the forecast period. This dominance of Asia-Pacific is attributed to the growth in urbanization, especially in China and India.

The global switchgear market size is expected to grow from USD 102,484.56 million in 2019 to USD 143,266.68 million 2025 at a CAGR of 5.74%, according to a report published on Valuates Reports. As per the report, major factors driving the global switchgear market’s growth are replacing aging power infrastructure and upgrading existing substations, and increasing investment in renewable energy.

The study includes a global and regional forecast for the switchgear industry. The study includes switchgear market drivers and constraints along with the effect they have on the demand over the forecast period. The report also provides an analysis of the possibilities available on a global level in the switchgear industry.

Trends influencing the switchgear market size

Advertising