Industrial Medium Voltage Switchgear Market Forecasts to 2030 - Global Analysis By Component (Circuit breakers, Switches & disconnector and Other Components), Insulation (Air, Oil and Other Insulations), Voltage Range, End User and By Geography

Description

List of Tables

According to Stratistics MRC, the Global Industrial Medium Voltage Switchgear Market is accounted for $9.8 billion in 2023 and is expected to reach $17.30 billion by 2030 growing at a CAGR of 8.5% during the forecast period. The Industrial Medium Voltage Switchgear market encompasses the segment of electrical distribution equipment designed to manage power distribution systems in medium voltage ranges, typically between 1 kV and 36 kV. This equipment plays a critical role in ensuring efficient and reliable power distribution across industrial facilities, including manufacturing plants, utility substations, and infrastructure projects. With the increasing emphasis on energy efficiency and grid modernization, the demand for advanced switchgear solutions with features like remote monitoring, smart functionality, and compact designs is on the rise.

Market Dynamics:

Driver:

Urbanization and infrastructure development

Urbanization and infrastructure development are key drivers due to the increasing demand for reliable and efficient electricity distribution networks in urban areas. As cities grow, there is a greater need for robust electrical infrastructure to power commercial and industrial establishments. Medium voltage switchgear plays a crucial role in ensuring the safe and efficient distribution of electricity within urban environments, supporting industries such as manufacturing, construction, and transportation. Additionally, the modernization of infrastructure in developing countries further fuels market growth as governments focus on improving energy efficiency and reliability to support economic growth and urbanization initiatives.

Restraint:

Complexity of installation and maintenance

The complexity of installation and maintenance presents a significant restraint. These systems often require specialized expertise for installation, involving intricate wiring and connections. Maintenance demands are also high, with regular inspections, testing, and potential repairs needed to ensure optimal performance and safety. Moreover, the scale and complexity of industrial setups amplify these challenges, requiring substantial resources in terms of time, manpower, and costs. As a result, businesses may face hurdles in adopting or expanding their switchgear infrastructure, impacting overall market growth and adoption rates.

Opportunity:

Electrification of transportation

The electrification of transportation presents a significant opportunity for the industrial medium-voltage switchgear market. As electric vehicles (EVs) become increasingly popular, the demand for charging infrastructure grows, requiring robust and reliable medium-voltage switchgear to manage the power distribution efficiently. Industrial switchgear solutions can facilitate the safe and efficient transfer of electricity from the grid to charging stations, ensuring the seamless operation of EV charging networks. Additionally, the integration of renewable energy sources into charging infrastructure further boosts the need for advanced switchgear technology to manage fluctuating power inputs.

Threat:

Substitute products

The threat of substitute products is significant. This threat arises from alternative technologies or solutions that can fulfill similar functions to traditional medium-voltage switchgear. These substitutes could include emerging technologies like solid-state switchgear or decentralized energy solutions such as microgrids. Additionally, advancements in renewable energy sources may provide alternatives to traditional grid-based power distribution, reducing the need for medium-voltage switchgear altogether. As these substitutes become more reliable and cost-effective, they pose a competitive challenge to traditional switchgear manufacturers.

Covid-19 Impact:

The COVID-19 pandemic has significantly impacted the industrial medium voltage switchgear market. Supply chain disruptions, labor shortages, and project delays have hindered production and installation timelines. Reduced industrial activities during lockdowns led to decreased demand for new installations and maintenance services. However, as industries gradually resume operations, there's a growing focus on upgrading aging infrastructure to enhance efficiency and reliability, driving a steady recovery in the market. Additionally, the shift towards renewable energy sources and digitalization trends are influencing product innovations and market dynamics in the medium-voltage switchgear sector amidst the pandemic's aftermath.

The switches & disconnector segment is expected to be the largest during the forecast period

The growth of the switches and disconnectors segment has been notable due to increasing industrialization across regions, which has necessitated the expansion and modernization of electrical infrastructure, driving demand for reliable and efficient switchgear solutions. Moreover, the rise of renewable energy integration into industrial operations has spurred investments in medium-voltage switchgear, particularly in the switches and disconnectors segment, to facilitate efficient power distribution and grid management. Furthermore, ongoing technological advancements, such as the integration of smart features and digital monitoring capabilities, have enhanced the appeal of switches and disconnectors in industrial applications, further driving market growth.

The industrial manufacturing segment is expected to have the highest CAGR during the forecast period

The industrial manufacturing segment has witnessed notable growth due to increasing demand for automation and efficiency in industrial processes. Additionally, advancements in technology have enabled the development of more sophisticated and customized switchgear systems tailored to the specific needs of industrial manufacturing facilities. Moreover, stringent safety regulations and standards have compelled industrial manufacturers to invest in high-quality switchgear to ensure uninterrupted operations and mitigate risks. Furthermore, the expansion of industrial sectors in emerging economies has created substantial opportunities for market growth as infrastructure development and modernization projects drive the adoption of medium-voltage switchgear.

Region with largest share:

North America has witnessed steady growth owing to the increasing industrialization, particularly in sectors such as manufacturing, oil and gas, and utilities, has driven the demand for reliable medium-voltage switchgear solutions. Stringent regulations regarding safety and energy efficiency have compelled industries to upgrade their electrical infrastructure, further boosting market growth. Furthermore, investments in renewable energy projects, including wind and solar, have created opportunities for medium-voltage switchgear deployment to facilitate power distribution from these sources.

Region with highest CAGR:

The Asia-Pacific region has seen significant growth due to urbanization in countries like China, India, and Southeast Asian nations, which have led to increased demand for electricity infrastructure, driving the need for reliable medium-voltage switchgear. Government initiatives aimed at modernizing power distribution networks and increasing energy efficiency has further fueled market growth. Technological advancements in switchgear solutions, such as the integration of smart grid technologies and digitalization, have also played a crucial role in expanding the market.

Key players in the market

Some of the key players in Industrial Medium Voltage Switchgear market include ABB , alfanar Group, Bharat Heavy Electricals Limited, CG Power & Industry Solutions Ltd., CHINT Group, DOHO Electric, Eaton, General Electric, HD Hyundai Electric Co., Ltd., Lucy Group Ltd., Mitsubishi Electric Corporation, Powell Industries, RESA Power, LLC., Schneider Electric, Siemens, Toshiba Infrastructure Systems & Solutions Corporation and ZPUE S.A.

Key Developments:

In March 2024, Technology giant Siemens is to create a new £100m digital engineering facility in Wiltshire. The company says it is going to replace its existing rail infrastructure factory in Chippenham with a research and development centre (R&D). The new facility, which will be located at SouthPoint Business Park, is expected to open by 2026.

In February 2024, South Korea's HD Hyundai Electric Co. announced that it will invest 117.3 billion won ($87.72 million) in building a new medium and low-voltage circuit breaker factory in Cheongju, North Chungcheong Province. The company signed an investment agreement with North Chungcheong Province and Cheongju City. The company aims to double its production capacity and capitalize on the booming demand for power distribution equipment, particularly in the US market.

Components Covered:

Circuit Breakers
Switches & Disconnector
Contactors
Fuses
Other Components

Insulations Covered:

Air
Oil
Gas
Vacuum
Other Insulations

Voltage Ranges Covered:

Low Voltage (1 kV - 3 kV)
Medium Voltage (3 kV - 36 kV)
High Voltage (Above 36 kV)
Other Applications

End Users Covered:

Commercial
Industrial Manufacturing
Power Generation
Oil & Gas
Infrastructure
Utilities
Other End Users

Regions Covered:

North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
South America
- Argentina
- Brazil
- Chile
- Rest of South America
Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa

What our report offers:

Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Product Code: SMRC25667

1 Executive Summary

2 Preface

2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions

3 Market Trend Analysis

3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact Of Covid-19

4 Porters Five Force Analysis

4.1 Bargaining Power Of Suppliers
4.2 Bargaining Power Of Buyers
4.3 Threat Of Substitutes
4.4 Threat Of New Entrants
4.5 Competitive Rivalry

5 Global Industrial Medium Voltage Switchgear Market, By Component

5.1 Introduction
5.2 Circuit Breakers
5.3 Switches & Disconnector
5.4 Contactors
5.5 Fuses
5.6 Other Components

6 Global Industrial Medium Voltage Switchgear Market, By Insulation

6.1 Introduction
6.2 Air
6.3 Oil
6.4 Gas
6.5 Vacuum
6.6 Other Insulations

7 Global Industrial Medium Voltage Switchgear Market, By Voltage Range

7.1 Introduction
7.2 Low Voltage (1 Kv - 3 Kv)
7.3 Medium Voltage (3 Kv - 36 Kv)
7.4 High Voltage (Above 36 Kv)

8 Global Industrial Medium Voltage Switchgear Market, By End User

8.1 Introduction
8.2 Commercial
8.3 Industrial Manufacturing
8.4 Power Generation
8.5 Oil & Gas
8.6 Infrastructure
8.7 Utilities
8.8 Other End Users

9 Global Industrial Medium Voltage Switchgear Market, By Geography

9.1 Introduction
9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest Of Europe
9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest Of Asia Pacific
9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest Of South America
9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest Of Middle East & Africa

10 Key Developments

10.1 Agreements, Partnerships, Collaborations And Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling

11.1 ABB
11.2 Alfanar Group
11.3 Bharat Heavy Electricals Limited
11.4 CG Power & Industry Solutions Ltd.
11.5 CHINT Group
11.6 DOHO Electric
11.7 Eaton
11.8 General Electric
11.9 HD Hyundai Electric Co., Ltd.
11.10 Lucy Group Ltd.
11.11 Mitsubishi Electric Corporation
11.12 Powell Industries
11.13 RESA Power, LLC.
11.14 Schneider Electric
11.15 Siemens
11.16 Toshiba Infrastructure Systems & Solutions Corporation
11.17 ZPUE S.A.