The Chinese switchgear market, which has the largest global market share, is expected to increase at a compound annual growth rate of 10.8 percent between 2013 and 2020, reaching a share of 19.2 percent by 2020.

This is according to forecasts by research and consulting firm GlobalData, based in London.

In an electric power system, switchgear is the combination of electrical disconnect switches, fuses or circuit breakers used to control, protect and isolate electrical equipment.

China's switchgear market rose from $7.7 billion in 2008 to $9.9 billion in 2012, accounting for a 16.9 percent market share last year, the company's latest report states.

The global switchgear market increased from $46.8 billion in 2008 to $58.6 billion in 2012.

Sowmyavadhana Srinivasan, senior analyst covering power at the consultancy, said, "Growing installed capacity is a major driver of this market. GlobalData expects installed capacity worldwide to increase from 5,645 gigawatts in 2012 to 7,671 gigawatts in 2020."

The switchgear market has also benefited from substantial investment in transmission infrastructure, with future demand for high-voltage switchgear devices. This will be followed by investment in medium-voltage and low-voltage switchgear to ensure connectivity of power to the end user, the consultancy said.

"Developing countries such as China and India have introduced various initiatives in order to cater to the electricity demand that is being linked with rapid economic growth. Ultra-high-voltage grids are expected to be the core focus of investment for transmission and distribution," Srinivasan said.