Residential Switchgear Market Share

Asia Pacific Market Analysis   

Asia Pacific residential switchgear market is estimated to hold revenue share of over 37.2% by the end of 2037. This dominance is driven by the growing middle class, rising urbanization, and rising investments in energy infrastructure. China, India, Japan, and South Korea are some key revenue-generating countries in Asia Pacific.

China continues to focus on smart projects and huge investments in renewable energy integration such as solar PV systems, leading to growing demand for advanced residential switchgear solutions. According to Cabon Brief in 2023, the clean energy sector was the major driver of China's economic growth, this accounts for a 40% expansion of the GDP.

India is developing phase, with its government push for electrification, and energy adoption especially solar, driving the need for modern switchgear installations in new residential developments as well as in the renovation of older houses. India pushes for affordable electrification and housing under initiatives such as the Pradhan Mantri Awas Yojana is also contributing significantly to the market growth. In February 2023, ABB India opened its new switchgear factory in Nashik, India to double its gas-insulated switchgear production capacity.

North America Market Analysis

North America is expected to experience a stable CAGR during the forecast period, owing to energy-efficient solutions and rising demand for smart homes and grid modernization initiatives. The increasing investments in residential infrastructures and rising preference for automation and renewable energy sources leads the U.S. to grow. This inclination towards integrating smart technologies in homes, such as automated power systems and smart lighting is driving the adoption of innovative switchgear in the United States. Moreover, the renovation of aging electrical infrastructures all over the country is boosting the market for expansion.

The U.S. is capitalizing on grid modernization initiatives, such as the Smart Grid Investment Grant (SGIG), which improves the efficiency of the electrical grid, indirectly increasing the need for modern switchgear systems.

In Canada, the focus on sustainable energy solutions and green energy standards is contributing to the demand for residential switchgear. Canada also takes part in initiatives, including, the Green Energy Act, increasing the adoption of advanced residential electrical systems.