Medium Voltage Switchgear Market Research, 2031
The global medium voltage switchgear market size was valued at $14.5 billion in 2021, and medium voltage switchgear industry is projected to reach $31.7 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
Medium voltage switchgear is a set of electrical equipment mainly enclosed in a metal structure. This centralized set includes various switches, transformers, fuses and circuit breakers. Control cabinets are used to better protect, control and isolate electrical equipment. Medium voltage switchgear market offers wide range of applications due to its reliability and flexibility. It gives easy access to the critical parts that requires maintenance due to its efficient design. It is widely used across automobile, telecommunication, electrical & electronic and construction sectors.
Increase in demand for electric supply and severe consumption of electricity by electrical and electronic equipment has boosted the growth of the medium voltage switchgear market. Moreover, rapid industrialization and urbanization has also accelerated the market growth. Urbanization has boosted the commercial as well as residential sector leading to growth of the medium voltage switchgear market. Similarly, the development of industries has led to increase in production of switchgears to reduce incidence of electricity outburst. Digitalization and various government initiatives has tremendously increased the growth of the medium voltage switchgear market. Increase in population has driven the construction and residential sectors which has stimulated the growth of the market. Furthermore, the trend of smart houses has tremendously increased the importance of the medium voltage switchgear market. However, the overall cost of switchgear is high and due to regular maintenance the operational cost also increases. These factors slow down the medium voltage switchgear market growth. Medium voltage switchgear market has opened various opportunities in numerous fields such as construction, automobile, transportation and telecommunication. The construction sector has gained tremendous momentum owing to the increase in the commercial and residential development. The improvement of public infrastructure has stimulated the transportation and automobile sector.
The medium voltage switchgear market forecast is segmented on the basis of voltage, type of installation, insulation type, end use industry and region. On the basis of voltage, the market is divided into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. On the basis of installation type, the market is bifurcated into indoor switchgear and outdoor switchgear. On the basis of insulation type, the medium voltage switchgear market is divided into air insulated switchgear, gas insulated switchgear and others (Oil and Solids). On the basis of end use industry, the market is divided into transmission and distribution utilities, commercial & residential and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating in the medium voltage switchgear market are ABB Ltd, General Electrics, Schneider Electrics, Siemens AG, Toshiba Corporation, Mitsubishi Electrics, Eaton Corporation, Bharat Heavy Electrical Ltd., Chint group, Efacec, Fuji Electric Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., Jyoti group, Ormazabel, Power Well Inc. and LUCY group Ltd.
On the basis of voltage, the 6kV - 15kV segment is projected to have the largest medium voltage switchgear market share during the forecast period. The expansion of digitalization has a huge impact on the market. It has led to the development of the products in the range of 6kV- 15kV voltage.
On the basis of current type, the AC current type segment is projected to have the largest market share in the medium voltage switchgear market, in 2021. Flexible AC Transmission Systems (FACTS) are used for increasing the reliability of AC grids, ensuring stability, and boosting transmission efficiency.
On the basis of insulation type, the air insulated switchgear segment is projected to exhibit the largest market share in the medium voltage switchgear market during the forecast period. The market is witnessing exponential growth as demand for electricity in the developed countries has continued to remain higher owing to continuous improvements in lighting efficiency, refrigerators, motors, and others.
On the basis of application, the transmission and distribution utilities segment is projected to exhibit the largest market share in the medium voltage switchgear market during the forecast period. Transmission & distribution utilities include non-renewable and renewable sources of energy to fulfill the demand for electricity. Increase in adoption of renewal energy sources for power generation makes it necessary to upgrade the current infrastructure to allow easy integration of the electricity generated from renewable sources.
The Asia-Pacific region is estimated to have the largest market size in 2021, in terms of volume. The growth of population in the region increases the burden on the housing infrastructure and is anticipated to compel economies to focus on expanding public housing infrastructure. The continued growth in the Asia-Pacific region in almost all major industrial sectors is expected to drive the demand for switchgears during the forecast period.
Rural families have a high rate of grid electrification and adoption; the grid is now the main source of power and illumination for these households. As a result, there is an increase in the need for medium voltage switchgear. In the forthcoming years, it is projected that efforts made by Indian and Chinese governments to completely electrify rural areas are likely to boost opportunities for the low voltage switchgear companies.
Impact of Covid-19 on Medium Voltage Switchgear Market
- Due to COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production of raw materials and disrupted supply chains. Thus, affected the global economic growth by a substantial proportion and severely impacted the market growth.
- The COVID-19 outbreak has moderately affected the medium voltage switchgear market due to lockdown measures, the closure of various manufacturing and industrial facilities, and the delay of several infrastructure projects. It had a negative impact on different industries like automobile, aerospace, transportation and construction. The commercial, residential and industrial projects were put on hold due to the strict regulations imposed by the government.
- The transportation sector has halted due to the pandemic which caused the stoppage of raw materials required for the manufacturing of the switchgears. Also the reduced manpower has delayed the production process due to the limited number of labor allowed to work.
- However, the industry will experience a significant rise due to the ongoing expansion of grid infrastructures along with shifting focus on the adoption of renewable energy. Moreover, increasing investments in infrastructural development combined with the growing necessity for continuous & reliable electrical supply will boost the business outlook.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medium voltage switchgear market analysis from 2021 to 2031 to identify the prevailing medium voltage switchgear market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medium voltage switchgear market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medium voltage switchgear market trends, key players, market segments, application areas, and market growth strategies.
Medium Voltage Switchgear Market Report Highlights
| Aspects | Details |
 By Voltage |
|
 By Current Type |
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 By Insulation Type |
|
 By Application |
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 By Region |
|
 Key Market Players | General Electric, Schneider Electric, Hyosung Heavy Industries, Hyundai Electric & Energy Systems Co., Ltd., Lucky Group Ltd., Powell Industries, Eaton Corporation, Bharat Heavy Industries, Siemens AG, Fuji Electric Co., Ltd, SENTEG, TOSHIBA Corporation, Chint Group, Jyothi Ltd.,, Mitsubishi Electric Corporation, Ormazabal, ABB Ltd |
Analyst Review
According to the opinions of various CXOs of leading companies, the major factors driving the market include the enhancement in power distribution infrastructure and surge in construction activities. Essentially, the business is expanding as a result of increased energy demand in both developing and developed countries, as well as advances in technology and the development of automation. The largest market share was maintained by Asia-Pacific. It is also expected to witness the fastest growth among all the other regions during the forecast period. China is anticipated to hold the biggest market share among all countries in the Asia-Pacific region. The power generation industry is growing quickly to meet the demands of China's burgeoning population. The nation is spending more money on regional and global energy infrastructure initiatives. The Boston University Global Development Policy Center claims that from 2000 to 2018, China's overseas power generation capacity was made possible by foreign direct investments and development funds, totaling 106.2 GW.
High consumption of electricity and acceptance of smart grid technology to drive global market are the key factors boosting the Medium voltage switchgear market growth.
Rise in demand from end use industries is the Main Driver of Medium voltage switchgear Market.
ABB Ltd, General Electrics, Schneider Electrics, Siemens AG, Toshiba Corporation, Mitsubishi Electrics, Eaton Corporation, Bharat Heavy Electrical Ltd., Chint group, Efacec, Fuji Electric Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., Jyoti group, Ormazabel, Power Well Inc. and LUCY group Ltd.
Transmission and distribution utilities segment is projected to increase the demand for Medium voltage switchgear Market
The medium voltage switchgear market is segmented on the basis of voltage, current type, insulation type, application, and region. On the basis of voltage, the market is divided into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. On the basis of current type, the market is bifurcated into AC and DC. On the basis of insulation type, the medium voltage switchgear market is divided into air insulated switchgear, gas insulated switchgear and others (oil and solids). On the basis of end-use industry, the market is divided into transmission and distribution utilities, commercial & residential and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The market value of Medium voltage switchgear in 2031 is expected to be $31.7 billion
The industry will experience a significant rise due to the ongoing expansion of grid infrastructures along with shifting focus on the adoption of renewable energy. Moreover, increasing investments in infrastructural development combined with the growing necessity for continuous & reliable electrical supply will boost the business outlook.
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