Global Switchboards Market 2020 Industry Analysis, Share, Growth, Sales, Trends, Supply, Forecast 2023

Global Switchboards Market 2020 Industry Analysis, Share, Growth, Sales, Trends, Supply, Forecast 2023

“Switchboards Market”
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Switchboards Market:

Executive Summary

The switchboard market consists of sales of switchboards and related services for distribution of electricity from one electrical source to another electrical source. Switchboards refers to the power distribution process system which consists of panels with different switches and indicators to direct and control electricity for functioning in circuits.

The global switchboard market was worth $ 71.83 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8% and reach $95.78 billion by 2023.

The switchboard market covered in this report is segmented by type into low-voltage, middle-voltage, high-voltage. It is also segmented by end-user into industrial, residential, commercial, other.

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Increasing manufacturing efficiency of products for longer durability increases demand for the switchboards. Major companies are highly focusing on innovations to design switchboards. Incorporation of new technologies within the production tends to improve its efficiency and service life of the products. For instance, in 2018, the Shanghai municipal government and ABB signed a memorandum and invested about $2.4 billion in China for upgradation of functionality in building smart city with smart manufacturing for efficient and safe connectivity in Shanghai’s local enterprises. Increase in efficiency drives the demand for switchboard, thereby contributing to the growth of the market.

The rising prices of raw materials is expected to limit the growth of the switchboard market. The volatility of prices in raw materials such as copper, aluminum and steel is expected to have a significant impact on manufacturing cost of switchboards increasing the expenses of manufacturers. For instance, in 2018, Schneider Electric predicted high prices of raw materials owing to high input costs due to new import tariffs in the USA and China impacting the company’s business and bottom line.

Ethernet connected switchboards are widely being used in household and commercial buildings to save energy and reduce maintenance costs. Switchboards can be connected to a computer through an Ethernet cable. Electricity use, system status and other data is transmitted to the computer through the Ethernet cable. Data obtained on the computer is analyzed by energy experts and suggestions to minimize energy consumption. For example, Enerlin’x system manufactured by Schneider is a smart panel that transmits energy consumption data to computer through Ethernet and Modbus interfaces. For instance, some of the major companies manufacturing Ethernet connected switchboards include Schneider Electric, Southwire Company LLC, Siemens AG and Prysmian Group.
Establishments in the switchboard manufacturing market should consider investing in technologies for manufacturing Ethernet connected switchboards to capitalize on the growing demand for energy efficient systems.

In July 2018, ABB, a Switzerland-based automation company acquired GE Industrial Solutions for $2.6 billion. With this acquisition, ABB aimed to become market leader in electrification and expanding its footprint in the North American market. GE Industrial Solutions is a USA-based company that specializes in designing and selling electrical solutions such as circuit breakers, switchgear, components for lighting control and power supply equipments.

Major players in the market are ABB, Mitsubishi Electric, Schneider Electric, Emerson Process Management, Rockwell Automation, Siemens, Powerwell, GEDAC ELECTRIC, Kounis, Aussie SwitchboardsSwitchboard Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global switchboard market.

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