Medium Voltage Switchgear Market: Global Industry Analysis And Forecast (2022-2029)

Medium Voltage Switchgear Market size was valued at US$ 38.01 Billion in 2021 and the total Medium Voltage Switchgear revenue is expected to grow at 6.2% through 2021 to 2029, reaching nearly US$ 61.51 Billion.
Medium Voltage Switchgear Market Overview:
Voltage changes between 3KV-36KV are handled by medium voltage switchgear. The switchgear is suitable for a wide range of tasks, including on or off switching, inductive current switching, short circuit interruption, capacitive current switching, and even specific applications. Metal enclosed indoor switchgear, switchgear without a metal enclosure, metal-enclosed outdoor switchgear, and other types of switchgear are often available. Switchgears are used to halt current flow in the event of improper current transfers. As a result, switchgear is built with the primary focus on dependability and safety. Fluctuations in currents might be expected depending on the system location, surrounding as well as system quality.

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The medium voltage switchgear is also suited as a capacitor collector, an application in which the system's power factor must be enhanced to satisfy end-user demand. It aids in the safe disconnection of loaded and unloaded cable lines from the main system without the risk of reionization. The reionization process creates current fluctuations in the system, as well as excess voltage due to the contact gap. This is when vacuum circuit breakers come in handy.

In this report, the medium voltage switchgear market's growth reasons, as well as the market's many segments (Voltage, Insulation, End-Users and, Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the medium voltage switchgear market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global medium voltage switchgear market situation.
Medium Voltage Switchgear Market Dynamics:
One of the major drivers of the medium voltage switchgear market is the aging of the power infrastructures around the world. The major causes of the rising number of blackouts in North America include old infrastructure, a lack of investment, and a lack of defined grid modernization policies. New rules throughout the globe are generating a market for the full power sector equipment value chain to decrease power outages and rebuild outdated power networks. Switchgear, with the aid of monitoring technologies, informs the maintenance staff when aged and over-used equipment is about to fail, allowing them to make better decisions by delivering real-time data that provides improvement measures.

A major restraint of the medium voltage switchgear market is inadequate environmental situations. Temperature and humidity, as well as water seepage from the ground, are some of the conditions that might impair the effectiveness of switchgear electrical networks, particularly those that are situated outside. Switchgear must meet or exceed stringent criteria to ensure its reliability and proper operation in the power station environment.

The main challenge in the medium voltage switchgear market is the high cost of switchgear.
Switchgears disconnect electric circuits from the power supply to allow for the safe completion of maintenance tasks or the correction of problems. Switchgear is used by energy customers to safeguard electrical equipment from surges. The switchgears are expensive due to all of these characteristics.
Medium Voltage Switchgear Market Segment Analysis:
By Insulation, the Air Insulated Switchgear held the largest share in the medium voltage switchgear market in 2021. This segment is expected to grow at the CAGR of 7.1% in the aforementioned forecast period. This can be attributed to AIS being the most common switchgears.

AIS is made up of a mix of electrical disconnector switches, circuit breakers, and earth switches that are used to regulate, isolate, and safeguard electrical equipment that is insulated by air. Transmission, manufacturing and automation, transportation, petrochemical are the major buyers of switchgears. Air Insulated Switchgears are predicted to lead the market because they are less expensive, less polluting, have a simpler structure, and are easier to maintain than Gas Insulated Switchgears.

By End-Users, the Power plant segment dominated the market in 2021. However, the utility segment is expected to witness rapid growth in the aforementioned forecast period. It is expected to grow at the CAGR of 6.8% in the same forecast period.

For example, the Transmission and Distribution utility sub-segment is in charge of electricity generation, transmission, and distribution. Investor-owned and publicly owned cooperatives, as well as nationalized enterprises, are the primary providers of energy in the majority of countries across the world. To meet the demand for power, Transmission and Distribution utilities use both non-renewable and renewable energy sources. Switchgears; physical security includes different applications that require a reliable communications network to provide centralized monitoring services.
Medium Voltage Switchgear Market Regional Insights:
At the end of the forecast period (2021-27), North America is expected to account for the largest proportion of total global revenue. Renewable energy capacity, such as wind and solar power, is growing across the North American countries e.g. US and Canada. Furthermore, to promote a decentralized form of power distribution, new policy efforts are increasingly focusing on efficient energy exchanges with smaller and medium-sized power grids. This is projected to result in a significant amount of grid development in the near future, giving companies in the switchgear market more opportunities for business growth.

Initiatives aimed at rapidly developing electricity infrastructure in rural areas are gaining traction in a number of countries e.g. Electricity for all citizens is a goal pursued by governments in a number of nations. These measures provide the medium voltage switchgear market more growth opportunities. Rapid industrialization is also expected to act as development pillars in highly populated countries like India and China. Over time, digitalization has progressed significantly. The ripple effect of digitization ensures that the medium voltage switchgear market continues to grow.

The objective of the report is to present a comprehensive analysis of the Medium Voltage Switchgear market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Medium Voltage Switchgear market dynamics, structure by analyzing the market segments and project the Medium Voltage Switchgear market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Medium Voltage Switchgear market make the report investor’s guide.
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Medium Voltage Switchgear Market


Base Year
2021
Forecast Period
2022-2029


Historical Data
CAGR
Market Size in 2021
Market Size in 2029


2017 to 2021
6.2%
US$ 38.01 Bn
US$ 61.51 Bn


Segments Covered


by Voltage
• 3kV - 5kV
• 6kV - 15kV
• 17kV - 27kV
• 28kV - 40Kv
by Insulation
• Air Insulated Switchgear
• Gas Insulated Switchgear
by End-Users
• Power Plant
• Gas and Petrochemical
• Commercial Sector
• Oil
• Utility Sector
• Paper and Pulp Industry


Regions Covered


North America
• United States
• Canada
• Mexico
Europe
• UK
• France
• Germany
• Italy
• Spain
• Sweden
• Austria
• Rest of Europe
Asia Pacific
• China
• S Korea
• Japan
• India
• Australia
• Indonesia
• Malaysia
• Vietnam
• Taiwan
• Bangladesh
• Pakistan
• Rest of APAC
Middle East and Africa
• South Africa
• GCC
• Egypt
• Nigeria
• Rest of ME&A
South America
• Brazil
• Argentina
• Rest of South America



Medium Voltage Switchgear Market Key Players
• Schneider Electric SE
• ABB
• Siemens AG
• General Electric
• ABB, Ltd.
• EATON CORPORATION plc
• Larsen & Toubro, Ltd.
• Alstom SA
• Hitachi, Ltd.
• CG Power and Industrial Solutions Limited
• Hawker Siddeley Switchgear Ltd.
• Efacec Power Solutions – S.G.P.S. S.A.
• ELEKTROBUDOWA SA GROUP
• Hyosung Corporation
• Mitsubishi Electric Corporation
• Toshiba Corporation
FAQs:
1. Which is the potential market for the Medium Voltage Switchgear in terms of the region?
Ans. At the end of the forecast period (2021-29), North America is expected to account for the largest proportion of total global revenue.

2. What are the challenges for new market entrants?
Ans. The main challenge in the medium voltage switchgear market is the high cost of switchgears.

3. What is expected to drive the growth of the Medium Voltage Switchgear market in the forecast period?
Ans. One of the major drivers of the medium voltage switchgear market is the aging of the power infrastructures around the world.

4. What is the projected market size & growth rate of the Medium Voltage Switchgear Market?
Ans. Medium Voltage Switchgear Market size was valued at US$ 38.01 Billion in 2021 and the total Medium Voltage Switchgear revenue is expected to grow at 6.2% through 2021 to 2029, reaching nearly US$ 61.51 Billion.

5. What segments are covered in the Medium Voltage Switchgear Market report?
Ans. The segments covered are Voltage, Insulation, End-Users and, Region.