South Korea Switchgear Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 4.7% from 2023 to 2033.
• The South Korea Switchgear Market Size is Expected to Hold a Significant Share by 2033.

The South Korea Switchgear Market Size is expected to hold a significant share by 2033, at a CAGR of 4.7% during the forecast period 2023 to 2033.

 Market Overview

Switchgear is an electrical component which enables a circuit to be successfully controlled, monitored, and regulated as needed. It is used in a variety of residential, commercial, industrial, and utility applications to assure operational safety, cost-effectiveness, and continuous operation. They are mostly utilized in low, medium, and high-voltage systems to manage anomalous operating voltage networks between load centres and generating stations. Furthermore, the technologies empower maintenance teams by giving real-time data, allowing them to detect ageing or overused equipment and take preventive measures to avoid failures and maximize grid efficiency. Investments in these technologies are critical to guaranteeing a consistent and robust electricity supply in the face of rising demand and changing weather patterns. In addition, the South Korea government has started to implement plans to update and modernize the nation's electrical system. These projects include investments in smart grids and the replacement of obsolete switchgear with more efficient and environmentally friendly alternatives. Moreover, the rapidly expanding electrification demand in remote locations, combined with rising energy generation, has boosted the growth of different electrical equipment. The increasing targets set by South Korea governments for bringing power to rural areas, as well as increased investment in this industry, are the significant switchgear market trends that are expected to drive market growth.

Report Coverage

This research report categorizes the market for South Korea switchgear market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea switchgear market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the South Korea switchgear market.

Driving Factors

The adoption of electric cars (EVs) and the construction of EV charging infrastructure boost demand for switchgear in South Korea. Switchgear controls and protects charging stations, ensuring their safe operation. Furthermore, South Korea is aggressively developing smart grid technology to improve the efficiency and reliability of its power grid. Switchgear with advanced monitoring and control capabilities is an essential component of smart grids. Furthermore, growing environmental awareness and laws encourage the use of environmentally friendly switchgear technology. Gas-insulated switchgear (GIS) and other environmentally friendly technologies are gaining popularity in the South Korea marketplace.

Restraining Factors

The extreme environmental conditions, such as temperature, pressure, and humidity, as well as groundwater leaks, are some of the most significant issues that can impair the effectiveness of electrical switchgear equipment that is typically installed outside. To address the atmospheric circumstances, regulatory organizations developed severe norms and specifications to improve dependability and feasibility. This equipment is more expensive due to its advanced features and IoT-based control system. It provides a comprehensive solution that is complex and costly. As a result, expensive capital expenditure in the switchgear industry and difficult environmental conditions may stifle market expansion in the next years.

Market Segment

• In 2023, the medium (2-36 kV) segment accounted for the largest revenue share over the forecast period.

Based on the voltage type, the South Korea switchgear market is segmented into voltage (low (up to 1 kV), medium (2-36 kV), high (Above 36 kV). Among these, the medium (2-36 kV) segment has the largest revenue share over the forecast period. Growing industrialization is strengthening the medium voltage switchgear market, which leads to higher demand for the components. It has a wide working range and is often rated between 2 kV to 36 kV for usage in construction and industrial infrastructure.

• In 2023, the commercial & residential segment accounted for the largest revenue share over the forecast period.

On the basis of end user, the South Korea switchgear market is segmented into T&D utility, industrial, commercial & residential, and others. Among these, the commercial & residential segment has the largest revenue share over the forecast period. An increased emphasis on substation construction and grid strengthening initiatives would encourage the utility to invest in T&D infrastructure. The expanding population migration from rural to urban regions, together with investments in the development of new dwelling buildings and business projects, is expected to benefit the commercial & residential segments during the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea switchgear market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hyosung
• Hyundai Electric
• Len Hanchang Co., Ltd.
• Joo Sung Sea & Air Co., Ltd
• Winners Trans Co., Ltd.
• Lotte International Co., Ltd.
• Hc Power Co., Ltd.
• Crane Worldwide Logistics Icn.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea Switchgear Market based on the below-mentioned segments:

South Korea Switchgear Market, By Voltage Type

• Voltage (Low (up to 1 kV)
• Medium (2-36 kV)
• High (Above 36 kV)

South Korea Switchgear Market, By End User

• T&D Utility
• Industrial
• Commercial & Residential
• Others