The global medium voltage switchgear market size is expected to grow from $36.87 billion in 2021 to $42.10 billion in 2022 at a compound annual growth rate (CAGR) of 14.2%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The medium voltage switchgear market is expected to reach $65.06 billion in 2026 at a CAGR of 11.5%.
What is the Global Medium Voltage Switchgear Market?
The medium voltage switchgear market consists of sales of medium voltage switchgear and related services that manufacture medium voltage switchgear which are electrical switchgear rated between 2KV and 36KV. The medium voltage switchgear is the combination of electrical switches, fuses or circuit breakers used to operate, secure and separate electrical equipment.
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What drives the Global Medium Voltage Switchgear Market?
The demand for electricity generation is projected to drive the medium voltage switchgear market. Development of industrialization, urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth. For instance, in 2019, as per a research study, the Indian government is working on two of the most vital electrification projects that are the ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’ and the ‘Deen Dayal Upadhyaya Gram Jyoti Yojana’ to provide electricity with a budget allocation of $6.98 billion (INR 50,000 crores) for the project.
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Global Medium Voltage Switchgear Market Segments
The global medium voltage switchgear market is segmented:
By Insulation: Air, Gas, Oil, Vacuum
By Installation: Outdoor, Indoor
By Application: Residential, Commercial, Industrial, Utility
By Geography: The regions covered in the medium voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Medium Voltage Switchgear Global Market Report 2022 provides market size and growth forecasts for the global medium voltage switchgear market, global medium voltage switchgear market share, medium voltage switchgear market segments and geographies, medium voltage switchgear market competitive landscape including leading competitors’ revenues, profiles and market shares. The medium voltage switchgear market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Medium Voltage Switchgear Industry Players include Siemens AG, Schneider Electric SE, Eaton Corporation Plc., Mitsubishi, Hyundai Heavy Industries, ABB, Bharat Heavy Electricals Limited, Hyosung Heavy Industries, General Electric, and Powell. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
