Canada Switchgear Market (2024-2030) | Outlook, Companies, Size, Analysis, Growth, Value, Industry, Revenue, Forecast, Share & Trends

Topics Covered in the Canada Switchgear Market

Canada Switchgear Market report thoroughly covers the market by voltage, by insulation, and by applications. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Canada Switchgear Market Synopsis

Canada Switchgear Market is experiencing immense growth owing to growing demand for reliable power supply, government initiatives, and the development of smart grids. The growth of the Canada switchgear market is further attributed to the rising demand for electricity in the oil and gas, manufacturing, and construction sectors. In addition, the augmented interest in infrastructure projects seeks to improve transportation and healthcare services in Canada, which demands reliable and effective switchgear solutions.

According to 6Wresearch, the Canada Switchgear Market size is predicted to grow at a CAGR of 7.4% during the forecast period of 2024-2030. The primary factor propelling market growth is the increasing demand for electricity in the country. With rapid urbanization and industrialization, the power demand is anticipated to increase in the future years, leading to a rise in the installation of switchgear systems. Additionally, the growing number of renewable energy projects in Canada offers tremendous potential for switchgear manufacturers. Moreover, the Canada switchgear industry is witnessing trends that are shaping the market growth. For instance, one of the prominent trends is the development of smart grids. In general, smart grid systems enable efficient and reliable transmission and distribution of electricity.

Moreover, the integration of renewable energy sources into the grid requires smart switchgear systems. Furthermore, the demand for gas-insulated switchgear (GIS) is increasing, which is compact and offers higher reliability and safety. However, the lack of a skilled workforce is one of the major challenges hampering the Canadian switchgear Market Growth as this industry requires skilled technicians and engineers who can install, operate, and maintain switchgear systems efficiently. Also, the shortage of skilled personnel is hindering the growth of the market. Nevertheless, the growing demand for smart grids and renewable energy projects presents significant potential for switchgear manufacturers. 

Government policies and schemes introduced in the Canada Switchgear Market 

The government has introduced several policies to ensure the constant growth of the Switchgear Market in Canada. For instance, the government has set targets to increase the amount of renewable energy used in the country. This goal has seen the rise of solar and wind power generation, which has consequently heightened the demand for switchgear in the country. Moreover, the government has launched various schemes to promote energy efficiency. These schemes provide incentives to industries that adopt energy-efficient measures, thereby reducing their energy bills and subsequently increasing their profits. 

Leading players in the Canada Switchgear Market

The Canada Switchgear Market has several leading players that are expected to lead the Canada Switchgear Market Share in the years to come. For instance, United Technologies Corporation, Siemens AG, Schneider Electric SE, and ABB Ltd. These companies have been at the forefront of driving innovation in the sector. 

Market Analysis by Voltage

According to Nitesh Kumar, Research Manager, 6Wresearch, the low voltage switchgear segment holds the largest market share due to its extensive use in residential, commercial, and industrial applications. On the other hand, medium voltage switchgears are also in demand owing to their use in power distribution networks, while high voltage switchgears are primarily used in power transmission systems.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Canada Switchgear Market Overview
• Canada Switchgear Market Outlook
• Canada Switchgear Market Forecast
• Historical Data of Canada Switchgear Market Revenues & Volume for the Period 2020-2030
• Canada Switchgear Market Size and Canada Switchgear Market Forecast of Revenues & Volume, Until 2030
• Historical Data of Canada Switchgear Market Revenues & Volume, By Voltage, for the Period 2020-2030
• Market Size & Forecast of Canada Switchgear Market Revenues & Volume, By Voltage, Until 2030
• Historical Data of Canada Switchgear Market Revenues & Volume, By Insulation, for the Period 2020-2030
• Market Size & Forecast of Canada Switchgear Market Revenues & Volume, By Insulation, Until 2030
• Historical Data of Canada Switchgear Market Revenues & Volume, By Applications, for the Period 2020-2030
• Market Size & Forecast of Canada Switchgear Market Revenues & Volume, By Applications, Until 2030
• Market Drivers and Restraints
• Canada Switchgear Market Price Trends
• Canada Switchgear Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Canada Switchgear Market Share, By Players
• Canada Switchgear Market Share, By Regions
• Canada Switchgear Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Voltage

Low Voltage Switchgear

• Medium Voltage Switchgear
• High Voltage Switchgear

By Insulation

Medium Voltage Switchgear

• Air Insulated
• Gas Insulated

High Voltage Switchgear

Air Insulated

• Gas Insulated
• Low Voltage Switchgear
• MCB
• MCCB
• C&R
• ACB
• COS
• others

By Applications

Residential

Commercial

Industrial

Power Utilities