Market Size of Europe High Voltage Switchgear Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 3.57 Billion |
Market Size (2029) | USD 5.41 Billion |
CAGR (2024 - 2029) | 8.71 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe High Voltage Switchgear Market Analysis
The Europe High Voltage Switchgear Market size is estimated at USD 3.57 billion in 2024, and is expected to reach USD 5.41 billion by 2029, growing at a CAGR of 8.71% during the forecast period (2024-2029).
- Over the medium period, increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for the T&D network growth, which, in turn, is expected to drive the high-voltage switchgear market during the forecast period.
- On the other hand, stringent environmental and safety regulations related to the high-voltage switchgear market are restraining factors. Also, increasing competition from the unorganized sector of the overall switchgear market is expected to restrain the high-voltage switchgear market in the coming years.
- Nevertheless, the expansion of power transmission and distribution (T&D) infrastructure to achieve high electricity access rates in both developing and underdeveloped nations is expected to create significant opportunities for the high age switchgear manufacturers.