Chan Ye Xin Xi Wang·2025-12-18 01:29Core Insights - The high-voltage switchgear market is experiencing steady growth due to the ongoing development of the power industry and the advancement of smart grid construction, with the market size in China projected to increase from 44.519 billion yuan in 2016 to 107.896 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 11.7% [1][11][12] - The demand for high-voltage switchgear is driven by the upgrading of traditional power grids, the integration of renewable energy, accelerated urbanization, and the expansion of industrial electricity consumption [1][11] - The release of the IEC TS 62271-5:2024 technical specification in May 2024 sets new universal technical requirements for high-voltage direct current transmission systems, further enhancing the market's growth potential [1][11] High-Voltage Switchgear Industry Overview - High-voltage switchgear is a critical electrical device used in power distribution systems, allowing for the control and distribution of electrical energy safely and efficiently [3][11] - The industry is characterized by various classifications based on voltage levels, structural types, and insulation types, including armored, compartmentalized, and gas-insulated switchgear [3][4][5] Industry Development Background - Investment in power generation and grid construction in China has significantly increased, with the basic construction investment in power reaching 1,168.7 billion yuan by 2024, growing from 270 billion yuan in 2017, reflecting a CAGR of 23.28% [7][11] - The investment in grid construction also shows steady growth, with completion amounts rising from 531.5 billion yuan in 2017 to 608.3 billion yuan in 2024, at a CAGR of 1.95% [7][11] Industry Chain - The high-voltage switchgear industry chain includes upstream components such as electronic devices and metal materials, midstream manufacturing processes, and downstream applications in various sectors like power plants and industrial enterprises [8][11] Industry Current Status - The production of high-voltage switchgear in China has increased from 1.6225 million units in 2016 to 2.373 million units in 2024, with a CAGR of 4.87% [11][12] - The market is influenced by policies supporting the development of power equipment manufacturing, as well as the push for a new power system aligned with carbon neutrality goals [1][11] Competitive Landscape - The high-voltage switchgear market is competitive, with international brands like Siemens, ABB, and Schneider Electric dominating the high-end market, while domestic companies are improving their technology and product quality to compete effectively [12] - Key domestic players include Pinggao Electric, Jilin Jin Guan Electric, and several others, with varying degrees of market presence and product offerings [12][15] Industry Trends - The industry is moving towards greater intelligence, miniaturization, and sustainable development, with advancements in IoT, AI, and the use of environmentally friendly materials [16][18][19] - The focus on smart technology aims to enhance operational reliability and reduce maintenance costs, while miniaturization addresses space constraints in urban settings [16][18] - The shift towards green technologies is driven by stricter environmental regulations and the need to replace SF₆ gas with more sustainable alternatives [19]