Summary

Switchgears are an essential component of electrical distribution systems, and South Korea, like many countries, has a well-established electrical infrastructure. Switchgears are used to control, protect, and isolate electrical equipment in power generation, transmission, and distribution systems. They come in various types, including circuit breakers, relays, and disconnect switches. In South Korea, there are several industry associations and organizations related to the electrical and switchgear industry. These associations play a crucial role in promoting industry standards, networking, and providing support and information to businesses and professionals in the field. The Korea Association of Robot Industry (KAR) represents 200 Korean robot companies that develop, manufacture, and distribute robot components, materials, and embedded systems. South Korea is one of the leading countries in industrial robot usage worldwide. The government officially supports and develops the industry. The Seoul International Electric Fair (SIEF) is an international exhibition that showcases products related to Korea's electricity and power generation industry. The Korea Electrical Manufacturers Association (KOEMA) organizes the fair. KOEMA has an agreement of mutual cooperation with the Indian Electrical and Electronics Manufacturers.

According to the research report "South Korea Switch Gear Market Overview, 2028," published by Bonafide Research, the market is anticipated to grow with more than 6% CAGR from 2023-2028. In recent years, South Korea's switchgear market has grown and expanded significantly. Numerous elements that demonstrate the nation's dedication to updating its electrical infrastructure and guaranteeing a dependable and effective supply of power can be ascribed to this increase. The strong commercial and industrial sectors in South Korea, along with an increasing focus on renewable energy sources, have increased demand for sophisticated switchgear technologies. Investing in medium- and high-voltage switchgear systems has increased due to the increasing requirement for efficient power distribution and management. Additionally, South Korea is positioning itself as a leader in smart grid technology and the adoption of environmentally sustainable practices. As a result, the switchgear market is witnessing a surge in demand for innovative and eco-friendly solutions that can integrate with these smart grid initiatives. Furthermore, South Korean switchgear manufacturers are known for their high-quality products and technological advancements, making them competitive players in both domestic and international markets. The ongoing expansion of the switchgear market is likely to be further fueled by government initiatives, regulatory compliance, and the increasing need for energy efficiency.

The market is segmented based on the Insulation of Switchgears, which includes Gas insulated, Air insulated, and other types of insulations. Gas Insulated Switchgears (GIS) represent a cutting-edge technology in the field of electrical switchgear systems. These switchgears use gases like sulfur hexafluoride as an insulating medium, allowing for compact and space-efficient designs. GIS are renowned for their excellent electrical insulation and arc-quenching capabilities, making them ideal for applications where space is at a premium, such as densely populated urban areas or industrial facilities. Their sealed design minimizes environmental impact and reduces maintenance requirements. Air Insulated Switchgears (AIS), on the other hand, are cost-effective and widely used in various applications. They are known for their reliability, simplicity, and ease of maintenance. AIS switchgears are commonly found in utility substations and medium-voltage distribution networks. By Voltage type, low voltage switchgears are leading the market. They find extensive use in residential, commercial, and industrial settings, where the need for electrical distribution, protection, and control is ubiquitous. These switchgears are the cornerstone of countless everyday electrical applications, from power distribution in residential buildings to safeguarding industrial equipment. Their user-friendly and space-efficient designs, along with a multitude of protective features, make them an integral component of modern electrical infrastructure. Medium voltage switchgears, which typically operate in the voltage range of 1,000 to 35,000 volts, also hold a significant share in the market. These systems play a crucial role in power distribution networks, renewable energy installations, and various industrial applications.

The market is divided into two segments; indoor installation and outdoor installation, based on the switchgear installation. With a large share of the market, outside installations have emerged as one of these categories' most prominent and potent operators. Utility substations, large industrial complexes, and power production facilities are just a few of the many applications that depend on outdoor switchgear installations since they are built to withstand the environment. The dependability, resistance to environmental changes, and ease of maintenance and repair of these installations are well known. They are particularly crucial in businesses where the dependability of the power supply is crucial because of their adaptability in functioning in challenging outside conditions and a range of weather conditions. Based on the end-users, the Industries encompass a wide range of sectors, from manufacturing and process industries to heavy machinery and automation, and they rely heavily on switchgear systems. These systems are critical for ensuring the safety of electrical equipment, personnel, and processes in industrial settings. They help protect machinery from electrical faults and overloads, regulate power distribution within industrial complexes, and facilitate fault detection, ultimately optimizing operational efficiency and reducing downtime. Switchgear systems are specially designed to meet the complicated and distinct electrical requirements of the industrial sector. The foundation of the electrical power grid, however, is made up of the transmission and distribution utilities, which are in charge of sending high-voltage electricity from generating facilities to substations and then distributing it to final customers. The "Other End Users" category includes a wide range of businesses and applications. This covers a variety of industries, including data centers, hospitals, and transportation. Switchgear systems in data centers offer a steady power supply to safeguard vital IT equipment, lowering the possibility of data loss or outages. Switchgear is essential to the continuous operation of patient care systems and medical equipment in healthcare facilities. Switchgear is used in the transportation industry to electrify.

Considered in this report:
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• South Korea Switchgear market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Insulation:
• Gas Insulated Switchgears
• Air Insulated Switchgears
• Other Insulated Switchgears

By Voltage Level:
• Low-voltage Switchgears
• Medium-voltage Switchgears
• High-voltage Switchgears

By Installation:
• Indoor Installation
• Outdoor Installation

By End-User:
• Transmission & Distribution Utilities
• Industries
• Commercial & Residential
• Other End Users

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Switchgear industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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