Residential Switchgear Market Size

Residential Switchgear Market size was estimated at USD 19.9 billion in 2024 and is expected to surpass USD 60.4 billion by the end of 2037, rising at a CAGR of 9.7% during the forecast period, i.e., 2025-2037. In 2025, the industry size of residential switchgear will be valued at USD 21.9 billion.

The market for residential switchgear is projected to grow rapidly throughout the forecast period due to increasing urbanization and technological advancements. These switchgears provide diagnostic capabilities, and monitoring, allowing homeowners to control and manage their electrical systems more efficiently. Some characteristics that drive consumer adoption and interest are energy consumption, less maintenance, and remote monitoring.

New houses require advanced electrical systems which include switchgear to ensure safe and reliable electricity distribution. According to a report by Research Nester, the smart home market was valued at USD 134.8 billion in 2023 and is expected to register a CAGR of 10.6% during the forecast period. This is expected to result in increasing adoption of smart switchgear systems. Also, government rules and regulations on safety and energy efficiency lead manufacturers to develop highly efficient switchgear, especially for the residential sector.  In September 2024, Schneider Electric launched the Wiser Home app, which combines smart switchgear with energy management tools, letting homeowners keep a record of energy consumption and optimize its usage based on demand.