The medium voltage switchgear market has shown strong growth, increasing from $43.91 billion in 2023 to $47.18 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.4%. This growth is attributed to infrastructure development projects, urbanization, industrialization, renewable energy integration, and rising electricity consumption. The market is expected to reach $59.38 billion by 2028, with a CAGR of 5.9%. Key growth drivers include energy efficiency focus, grid modernization, renewable energy capacity expansion, industrial automation, and demand in emerging markets. Major trends include remote monitoring and diagnostics, cybersecurity measures, advanced communication protocols, transition to gas-insulated switchgear (GIS), and global electrification initiatives.
Major Driver In The Medium Voltage Switchgear Market
The demand for electricity generation is projected to drive the medium voltage switchgear market. The development of industrialization and urbanization necessitates continuous electricity supply, underscoring the importance of reliable switchgear performance. Initiatives like the Pradhan Mantri Sahaj Bijli Har Ghar Yojana in India aim for universal household electrification, contributing to increased electricity generation efforts. Additionally, the Indian government allocated Rs. 19,500 crores ($2.57 billion) in the Union Budget 2022–23 for a PLI scheme to promote high-efficiency solar modules, further boosting electricity generation. Thus, the increasing demand for electricity generation propels the medium voltage switchgear market growth. The medium voltage switchgear market witnessed notable expansion in 2023, driven by the growing focus on improving electricity infrastructure and expanding access to reliable power supply. Forecasts for 2024 and beyond suggest sustained growth, fueled by ongoing investments in renewable energy projects and infrastructure upgrades aimed at meeting escalating electricity demand and ensuring grid stability.
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Medium Voltage Switchgear Market Competitive Landscape
Hitachi Ltd., Siemens AG, Fuji Electric Co. Ltd., Schneider Electric SE, Bharat Heavy Electricals Limited, HD Hyundai Heavy Industries Co. Ltd., ABB Ltd., Larsen & Toubro Saudi Arabia LLC, Eaton Corporation Plc, Toshiba Corporation, Mitsubishi Motors Corporation, General Electric Company, Chint Group, NARI Group Corporation, Hyosung Heavy Industries, Rittal GmbH & Co. KG, Ormazabal, Crompton Greaves Consumer Electricals Limited, E+I Engineering, S&C Electric Company, Lucy Electric UK Ltd., Powell Electronics Inc., EFACEC Power Solutions SGPS S.A., Jyoti Ltd., Kirloskar Electric Company Limited, Skema SpA, Elatec Power Distribution GmbH, Hawker Siddeley Switchgear Ltd., START Electrical Switchgear Assembly LLC, SENTEG Schaltanlagen für Energietechnik GmbH, Xiamen Huadian Switchgear Co. Ltd.
Key Medium Voltage Switchgear Market Trend
The development of eco-efficient switchgear has become an emerging trend in the medium-voltage switchgear market. Eco-efficient switchgear is an alternative to greenhouse gas sulfur hexafluoride (SF6) for improved eco-efficiency and less environmental impact. Switchgear of SF6 gas is used as the electrical insulation and current interruption medium and is extremely restricted to greenhouse gas. For instance, in November 2022, Hitachi Energy, a Switzerland-based company operating in an energy solution, introduced sulfur hexafluoride (SF6) free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology to achieve carbon neutrality in the power grid. Therefore, a rise in the usage of eco-efficient switchgear is gaining popularity in the medium-voltage switchgear market.
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Medium Voltage Switchgear Market Segmentation
The medium voltage switchgear market covered in this report is segmented –
1) By Insulation: Air, Gas, Oil, Vacuum
2) By Installation: Outdoor, Indoor
3) By Application: Residential, Commercial, Industrial, Utility
By Geography:The regions covered in the medium voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the medium voltage switchgear market in 2023.
The Medium Voltage Switchgear Global Market Report 2024 furnishes information about the global medium voltage switchgear market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
