How Has the Medium Voltage Switchgear Market Size Evolved in Recent Years?
The medium voltage switchgear market has seen considerable growth due to a variety of factors.
• In recent years, the market size for medium voltage switchgear has seen substantial growth. With a compound annual growth rate (CAGR) of 7.5%, it is projected to escalate from $44.92 billion in 2024 to $48.28 billion in 2025. This past growth has been a result of several factors such as infrastructure development projects, the process of urbanization and industrialization, the integration of renewable energy, strict electrical safety standards, and a rise in electricity consumption.
How Will the Medium Voltage Switchgear Market Size Evolve over the Forecast Period?
The medium voltage switchgear market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the medium voltage switchgear market to experience significant expansion in the coming years, potentially achieving a market size of $60.11 billion by the year 2029. This corresponds to a compound annual growth rate (CAGR) of 5.6%.
The predicted growth during this period is driven by a variety of factors, including an emphasis on energy efficiency and grid modernization initiatives, as well as increased renewable energy capacity, advanced industrial automation and an upswing in demand from emerging markets. The forecast period is set to witness certain key trends like distant monitoring and diagnostics, cybersecurity efforts, updated communication protocols, a shift towards gas-insulated switchgear (GIS), and global electrification campaigns.
What Main Forces Are Fueling Expansion In The Medium Voltage Switchgear Market?
The medium voltage switchgear market is anticipated to be propelled by the growing demand for electricity generation. The continuous need for electricity resulting from urbanization and industrialization heavily leans on the efficient performance of switchgear. Sustainable energy production meets the demand in both rural and urban areas and improvements in supply protection continue to stimulate industrial growth. The International Energy Agency (IEA), an independent intergovernmental organization based in France, noted that global electricity generation experienced a growth of 2.6% in 2023, in January 2024, bouncing back to pre-pandemic growth rates after experiencing a slowdown in the preceding years. Consequently, this amplifying demand for electricity generation is driving the expansion of the medium voltage switchgear market.
What Key Areas Define The Segmentation Of The Global Medium Voltage Switchgear Market?
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
Subsegments:
1) By Air: Air-Insulated Switchgear (AIS), Outdoor Air-Insulated Switchgear
2) By Gas: Gas-Insulated Switchgear (GIS), Hybrid Gas-Insulated Switchgear
3) By Oil: Oil-Insulated Switchgear, Liquid-Filled Switchgear
4) By Vacuum: Vacuum Circuit Breakers, Vacuum Interrupters
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How Are Emerging Trends Reshaping The Dynamics Of The Medium Voltage Switchgear Market?
An emerging trend in the medium-voltage switchgear market is the creation of eco-efficient switchgear. This type of switchgear offers an eco-friendly alternative to sulfur hexafluoride (SF6), a greenhouse gas typically used for electrical insulation and current interruption, which has significant environmental implications. For example, Hitachi Energy, a Swiss-based energy solutions company, unveiled a sulfur hexafluoride (SF6) free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology in November 2022. This technology aims to achieve carbon neutrality in the power grid, emphasizing why eco-efficient switchgear is becoming increasingly popular in the medium-voltage switchgear market.
Who Are the Key Players in the Medium Voltage Switchgear Market?
Major companies operating in the medium voltage switchgear market include:
• 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
• 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.
What Is The Most Dominant Region In The Medium Voltage Switchgear Market?
Asia-Pacific was the largest region in the medium voltage switchgear market in 2024. Western Europe is the second-largest region in the global medium power transformers market share. The regions covered in the medium voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
