Pad-Mounted Switchgear Market Electrifying Growth: North America's Role in Driving Growth Towards $7.1 Billion by 2028

Pad-mounted switchgear is being deployed due to its crucial role in providing protection, control, and monitoring for underground power distribution cables in various settings, including residential, commercial, and industrial applications. Furthermore, The Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA) are examples of government initiatives that provide funding for grid resilience and reliability improvements, including the transition to underground electrical networks that utilize pad-mounted switchgear. These funding programs aim to support utilities in enhancing their infrastructure to withstand natural disasters like wildfires and flooding, ultimately driving the demand for underground switchgear in the country. Additionally, government regulations and incentives focused on energy efficiency and safety standards further encourage the adoption of pad-mounted switchgear systems in the US market.

The global Pad-Mounted Switchgear Market is expected to grow from an estimated USD 5.6 billion in 2023 to USD 7.1 billion by 2028, at a CAGR of 5.1% during the forecast period.

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Pad-mounted switchgear manufacturers Eaton (Ireland), G&W Electric (US), ABB (Switzerland), S&C Electric (US), and Hubbell (US) are the top 5 players in the market and have a strong presence in the US. All these and other players have been engaged in several projects as the world moves towards a more sustainable and efficient energy future. The role of pad-mounted switchgear in smart grid infrastructure will continue to be significant, and ongoing technological innovations will support it.

The latest pad-mounted switchgear deployment project in the US involves a partnership between Eaton and Rewiring America for residential electrification education. This initiative aims to promote the adoption of pad-mounted switchgear systems in residential settings, contributing to efficient power distribution and enhancing the reliability of the electrical infrastructure. Additionally, this project underscores the growing importance of sustainable energy solutions and the role of advanced switchgear technologies in modernizing the power grid for residential consumers.

North America accounted for a 30.1% share of the pad-mounted switchgear market in 2021. In 2022, North America held the largest share of the pad-mounted switchgear market. It accounted for a 30.1% share, with a market size of USD 1,601 million in 2022. The North American pad-mounted switchgear market, by country, has been segmented into the US, Canada, and Mexico.

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The US accounted for approximately 63.4% share of the North American pad-mounted switchgear market. The region has a combined population of almost 530 million and an economy representing more than one-quarter of the world's GDP. According to the International Monetary Fund (IMF), the North American economy was expected to grow by approximately 5% in 2022. The region has extensive power demands and has seen growing investments in strengthening and modernizing its transmission and distribution utilities. According to the BP Statistical Review of World Energy 2021, this region was the second-largest consumer of energy, accounting for 19.4% of the total energy consumption in the world in 2020. According to the International Energy Agency's World Energy Investment 2021 report, the utilities in North America invested approximately USD 165 billion in electricity generation and transmission and distribution infrastructure in 2020. The utilities in the region are undergoing a major digital operational transformation and are focusing on decentralization, digitization, and decarbonization of power systems.

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