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Medium-voltage Switchgear Market to Reach Valuation of US$ 44 Bn by 2031

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Medium-voltage Switchgear Market to Reach Valuation of US$ 44 Bn by 2031

June 22
14:04 2021
Medium-voltage Switchgear Market is projected to touch value of US$ 8,395.0 Mn by 2026, expanding at a CAGR of 6.2% from 2018 to 2026. Asia Pacific is likely to continue to lead the global market, with the market in the region expanding at a CAGR of 6.8%

Transparency Market Research delivers key insights on the global medium-voltage switchgear market. In terms of revenue, the global medium-voltage switchgear market is estimated to expand at a CAGR of 5.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global medium-voltage switchgear market.

The global medium-voltage switchgear market is broadly affected by several factors, including the upgrading of old age transmission and distribution networks. Thus, expanding applications of medium-voltage switchgear due to the old and obsolete transmission and distribution networks across various commercial and residential sectors is propelling the global medium-voltage switchgear market.

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Medium-voltage Switchgear Market: Dynamics

Medium-voltage switchgear are used to protect, regulate, and control power generation, transmission and distribution equipment, and electric motor control systems. There are four operating voltage ranges of medium-voltage switchgear: 3kV – 5kV, 6kV – 15kV, 16kV – 27kV, and 28kV – 40kV, and three insulation types of medium-voltage switchgear: air insulated switchgear, gas insulated switchgear, and others (oil and solids). Air insulated switchgear are used extensively in areas where weather conditions, space, seismic occurrences, and environmental concerns are generally not an issue, such as favorable offsite terrain and rural areas. Gas insulated switchgear is majorly used in high scale power transmission and distribution projects (construction, oil and gas, and utilities), and the usage of oil and solid insulated switchgear is limited to the degree of specification and customization required by industrial customers.

The demand for medium-voltage switchgear is increasing due to rising electrification and advent of smart grid technology in emerging countries. Leading manufacturers are focusing on the development of medium-voltage switchgear with technologically advanced functions and features in order to respond to changing market needs. Additionally, some manufacturers are integrating technologies to ensure low maintenance and low-cost medium-voltage switchgear. Key players in the medium-voltage switchgear market are already engaged in the development and introduction of advanced medium-voltage switchgear.

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Medium-voltage Switchgear Market: Prominent Regions

The medium-voltage switchgear market in Asia Pacific is expected to expand during the forecast period. The increasing demand for safety and protection equipment in electric transmission and distribution systems is predicted to drive the need of switchgear in the region. The medium-voltage switchgear market in Asia Pacific is projected to expand further due to the installation of smart grids, owing to government initiatives coupled with huge investments for upgrading power transmission and distribution systems. In electric power systems, switchgear are a combination of circuit breakers or fuses and disconnect switches used to isolate, control, and protect electrical equipment. Rapid electrification and the advent of the smart grid technology in developing countries such as China, India, Indonesia, Brazil, and others have also triggered the demand for switchgear; hence, the market in the region is projected to reach US$ 20,550.8 Mn by 2031.

The medium-voltage switchgear market in North America is likely to expand at a notable CAGR of 5.2% during the forecast period. The market in the region is primarily driven by increasing demand for switchgear products and components across various industry verticals such as power plants and public utilities.

 

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Medium-voltage Switchgear Market: Key Players

Key players operating in the global medium-voltage switchgear market are Siemens AG, General Electric, Schneider Electric SE, Eaton Corporation Plc., Bharat Heavy Electricals Limited, Mitsubishi Electric Corporation, ABB Ltd., Powell Industries, Elatec Power Distribution GmbH, and Chint Group.

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