According to a new report published by Allied Market Research, the medium voltage switchgear market size was valued at $14.5 billion in 2021, and medium voltage switchgear industry is estimated to reach $31.7 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
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.
Asia-Pacific segment is projected to grow at the highest CAGR of approximately 8.8%, in terms of revenue, during the forecast period.
As per medium voltage switchgear market analysis, on the basis of voltage, the 3kV – 5kV medium voltage switchgear segment is projected to grow at the highest CAGR of approximately 9.1%, in terms of revenue, during the forecast period.
On the current type, the AC segment is expected to dominate the market during the forecast period.
On the basis of insulation type, the air insulated switchgear segment is expected to dominate the market during the forecast period.
On the basis of application, the transmission and distribution utilities segment is expected to dominate the medium voltage switchgear market share during the forecast period.
Domestic and industrial power demand is increasing significantly due to urbanization, public infrastructure, and the construction of industrial plants around the world which has led to the increased demand for the medium voltage switchgear market opportunities. In addition, the government rules and regulations for the development of electrification in rural and remote areas have boosted the growth of the medium voltage switchgear market. In addition, power utilities install switchgear to meet current business requirements such as ensuring a safe and reliable power supply and ensuring business continuity which has triggered the growth of the medium voltage switchgear market trends.
The air insulated switchgear is widely used in various sectors such as data centers, oil & gas, mining, marine and nuclear power. The safety while handling the electric equipment is a concern owing to the growing demand for medium voltage switchgear in the market. The main restraining factor for the medium voltage switchgear market is the maintenance of the switchgears. Regular maintenance is required for the proper functioning of the switchgears but it increases the overall cost and makes the process expensive.
The construction industry in various developing countries such as India, Indonesia, and Brazil is witnessing substantial growth because of massive expenditures for infrastructural and residential development. The purchasing power of the people has stimulated the growth of the automobile industry in the medium voltage switchgear market.
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 classified into 3kV – 5kV, 6kV – 15kV, 16kV – 27kV and 28kV – 40kV. Similarly on the basis of installation type, the medium voltage switchgear market is divided into two major categories which include indoor switchgear and outdoor switchgear.
The medium voltage switchgear market is classified by insulation type into three categories which include air insulated switchgear, gas insulated switchgear and others (oil and solids). Depending on the end use industry, the market is broadly divided into three types which are transmission and digital utilities, commercial & residential and others. On the basis of region, the market is classified into North America, Europe, Asia-Pacific and LAMEA.
A medium voltage switchgear is a device designed to open an electrical circuit by mechanical action. It interrupts the flow of current without permanently damaging the device operating in the voltage range of 3kV-40kV. Switchgear includes, for example, switches, fuses, circuit breakers, disconnectors, relays, current and potential converters, indicators, lightning arresters and control cabinets. Switchgear devices and their assemblies are used in connection with the generation, transmission, distribution and conversion of electrical energy. The switchgear is mainly classified into two types, the outdoor type and the indoor type. The combination of these unique features has allowed the product to penetrate many end-user industries such as the automobile, aviation, building and construction, electrical and electronic industries, and others.
Source: https://www.alliedmarketresearch.com/medium-voltage-switchgear-market-A31300
