Canada Switch Gear Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Switch Gear Market Analysis
The Canadian switchgear market is expected to grow at a CAGR of more than 7.0% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
Over the long term, the rise in electricity demand and generation. The expansion of the distribution network is also increasing significantly across the country to accommodate the infrastructure development projects, and integration of renewables into the grid are the primary drivers for the market.
However, stringent environmental and safety regulations related to SF6 gas emissions are restraining factors for the switchgear market.
Nevertheless, the rising investment by government-owned companies in expanding transmission and distribution network is likley to create lucrative opportunities for the market.
Canada Switch Gear Market Trends
High Voltage Switchgear to Grow at Significant Pace
The high-voltage switchgear segment is likely to grow significantly during the forecast period. High-voltage switchgear is popular in the market, comprising components like disconnectors and circuit breakers. They are commonly used in city buildings, office spaces, offshore platforms, extensions, roofs, etc.
High voltage switchgear is divided into two types, namely gas-insulated switchgear (GIS) and air-insulated switchgear (AIS) (AIS). GIS is widely used in power transmission, railways, and integrating renewable energy-producing units into the grid.
The demand for high-voltage switchgear is expected to be propelled by the country's potential to integrate renewable power generation units into the grid. For instance, according to the government of Canada, the country's grid could derive 90% of its electricity from renewables by 2030.
In 2022, solar power capacity in Canada reached over 4.4 GW. Between 2010 and 2022, cumulative installed solar capacity increased yearly, reaching a peak in the latter year. Sol-Luce Kingston and Grand Renewable Energy Park are the two largest solar farms in Canada, with a capacity of 100 MW each.
Furthermore, the country's infrastructure Bank's Growth plan invests around USD 2 billion in energy efficiency retrofits for large-scale buildings. This investment will further boost the demand for switchgear in such retrofits nationwide. In addition, the rising installation of solar infrastructure over buildings, homes, etc., increases the further inattention to switchgear. In 2022, the government had 4.4 GW of installed solar PV capacity.
The major factors driving the growth are the rising energy demand and the extension/replacement of old switchgear at sub-stations. Due to its space optimization, low maintenance, and protection against external elements, the need for switchgear is expected to rise during the forecast period in Canada.
Rising Renewable Sources of Energy Generation
The government in the country is implementing reforms to foster the security of supply, including a retailer reliability obligation, adjustments to system operation, and planning for market design post-2025 at higher levels of variable renewables. This is expected to propel the demand for switchgear during the forecast period.
The government of Canada has targeted to reduce carbon emissions by 40-45% by 2050, according to the Government of Canada. The government of Canada has launched a USD 8 billion Net-Zero Accelerator Fund to help reduce their emissions.
For instance, Algoma Steel Inc. has received up to USD 420 million from the Fund to retrofit its operations and phase out coal-fired steelmaking processes at its facility in Ontario. The primary strategy of the government to reduce carbon emissions is increasing the share of renewable energy generation in the energy mix.
In 2022, Canada generated about 105 GW of electricity from renewable sources. That year, renewable sources accounted for nearly 68 percent of Canada's electricity generation.
Further, the solar photovoltaic (PV) module installation across the country increased. According to Canadian Renewable Energy Association (CanREA), the government had an installed capacity of more than 19 GW of utility-scale wind and solar energy. Such development is expected to boost the demand for switchgear in the market during the forecast period.
Moreover, the country's government has planned to increase the renewable energy share in the energy mix. It has been announced that the country will generate around 90% of its electricity from cleaner sources by 2030. Such initiatives taken by the government to achieve carbon neutrality further boost the demand for the market.
Canada Switch Gear Industry Overview
The Canada Switch Gear Market is moderately fragmented. Some of the major players in the market (in no particular order) include ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, General Electric Company, and Schneider Electric SE, among others.
Canada Switch Gear Market Leaders
-
ABB Ltd.
-
Siemens AG
-
Mitsubishi Electric Corporation
-
General Electric Company
-
Schneider Electric SE
*Disclaimer: Major Players sorted in no particular order
Canada Switch Gear Market News
- March 2023: RESA Power, LLC, a company involved in power systems, electrical testing, and life extension solutions for power distribution equipment, including Switchgear, and other components, announced the acquisition of Excell Power Services, Ltd. This acquisition will expand RESA Power's capabilities in Canada.
- October 2022: Schneider Electric announced to invest around USD 46 million in its Lexington, KY and Lincoln, NE manufacturing plants to modernize their operations and increase circuit breaker, Switchgear, and related electrical product output for its customers in the U.S. and Canada.
Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 By Voltage Low-Voltage
5.1.1 Low-Voltage
5.1.2 Medium-Voltage
5.1.3 High-Voltage
5.2 By End-user
5.2.1 Commercial
5.2.2 Residential
5.2.3 Industrial
5.3 By Insulation
5.3.1 Gas Insulated Switchgear (GIS)
5.3.2 Air Insulated Switchgear (AIS)
5.3.3 Other Insulation Types
5.4 By Installation
5.4.1 Indoor
5.4.2 Outdoor
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Mitsubishi Electric Corporation
6.3.3 Siemens AG
6.3.4 Schneider Electric SE
6.3.5 General Electric Company
6.3.6 Toshiba Corporation
6.3.7 Eaton Corporation Plc
6.3.8 Hubbell Incorporated
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada Switch Gear Industry Segmentation
Switchgear is a device that controls, regulates, and switches on or off the electrical circuit. The power supply system is linked directly to the switchgear system. It is located on the high and low-voltage sides of the power transformer. It is used to switch off the equipment's power so that it may be examined and maintained and clear the issue.
The Canada Switch Gear Market is segmented by type of Voltage (Low-Voltage, Medium-Voltage, High-Voltage), Insulation (Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS) and other types), Installation (Indoor, Outdoor) and End-user Industry (Commercial, Residential, Industrial). The report offers the market size and forecasts in revenue (USD Billion) for all the above segments. For each segment, the market size and forecast have been done on the basis of revenue (USD Billion).
| By Voltage Low-Voltage | |
| Low-Voltage | |
| Medium-Voltage | |
| High-Voltage |
| By End-user | |
| Commercial | |
| Residential | |
| Industrial |
| By Insulation | |
| Gas Insulated Switchgear (GIS) | |
| Air Insulated Switchgear (AIS) | |
| Other Insulation Types |
| By Installation | |
| Indoor | |
| Outdoor |
Frequently Asked Questions
What is the current Canada Switch Gear Market size?
The Canada Switch Gear Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Canada Switch Gear Market?
ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, General Electric Company and Schneider Electric SE are the major companies operating in the Canada Switch Gear Market.
What years does this Canada Switch Gear Market cover?
The report covers the Canada Switch Gear Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Switch Gear Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Switch Gear Industry Report
Statistics for the 2024 Canada Switch Gear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Switch Gear analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Canada Switch Gear Market Report Snapshots
