Market Size of Australia Switchgear Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.70 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Switchgear Market Analysis
The Australia Switchgear Market size is expected to grow from USD 1.44 billion in 2023 to USD 1.90 billion by 2028, at a CAGR of 5.70% during the forecast period (2023-2028).
Increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for the transmission and distribution of power, which is expected to drive the switchgear market in Australia during the forecast period.
- The primary driver of the Australian switchgear market is the upgradation and expansion of the electrification infrastructure, as well as the demand for electrical networks for industrial and residential utilities. The rise in the demand for renewable energy sources is also one of the primary driving factors.
- The market is growing due to rising infrastructure development costs and legislative restrictions on extending the power grid in rural areas. Market expansion is also driven by government directives to replace outdated redundant systems in industrial organizations to ensure operational safety and security.
- In March 2022, the Australian government announced an investment of AUD 17.9 billion (~USD 13.4 billion) toward new and existing infrastructure projects in the pipeline. With investments in these infrastructure projects in every state and territory, the government's rolling 10year infrastructure investment pipeline is expected to increase from AUD 110 billion (~USD 73.8 billion) to over AUD 120 billion (~USD 80.5 billion).
- Eastern Australia National Electricity Market (NEM) operates the world's most extensive interconnected power system that runs for more than 5,000 kilometers from North Queensland to Tasmania and central South Australia and meets the demand of more than 10 million end users. This is expected to drive the demand for switchgears during the forecast period.
- The Australian switchgear market was impacted significantly by the COVID-19 pandemic as major suppliers of raw materials and finished products were hugely affected. The industry faced a reduction in production, disruption in the supply chain, and price fluctuations. The industry was also affected by the impact of the pandemic on the country's power sector.
