Switchboard Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Switchboard Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071997 •
  • Format: PDF
Major players in the switchboard market are ABB, Mitsubishi Electric, Schneider Electric, Emerson Process Management, Rockwell Automation, Siemens, Powerwell, GEDAC ELECTRIC, Kounis and Aussie Switchboards.

The global switchboard market is expected to grow from $30.95 billion in 2020 to $37.12 billion in 2021 at a compound annual growth rate (CAGR) of 19.9%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $54.62 billion in 2025 at a CAGR of 10%.

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

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, 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 price 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 late 2020’s, the Indian manufacturers of steel has increased the steel prices due to rising iron ore prices and strong demand for steel.In December 2020, the steel companies were charging around $34 to $37 (?2,500 to ?2,700) a tonne of both flat and long products.

Therefore such fluctuations in raw material price effect the manufacturing cost of switchboards and this factor is expected to restrain the market growth of switchboard.

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, others.

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. Some of the major companies manufacturing Ethernet connected switchboards include Schneider Electric, Southwire Company LLC, Siemens AG and Prysmian Group.

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.