Medium Voltage Switchgear Global Market Report 2024

Medium voltage switchgear is electrical switchgear rated between 2 KV and 36 KV, offering centralized control and safety for medium-voltage power circuits and equipment.

Common insulation types for medium voltage switchgear are air, gas, oil, and vacuum. Air, known for its molecular configuration, acts as an effective insulator by resisting heat transfer to a certain extent. These installations are categorized as outdoor and indoor and are utilized across residential, commercial, industrial, and utility applications.

The medium voltage switchgear market research report is one of a series of new reports from The Business Research Company that provides medium voltage switchgear market statistics, including medium voltage switchgear industry global market size, regional shares, competitors with a medium voltage switchgear market share, detailed medium voltage switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the medium voltage switchgear industry. This medium voltage switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medium voltage switchgear market size has grown strongly in recent years. It will grow from $43.91 billion in 2023 to $47.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth witnessed in the historical period is linked to infrastructure development projects, urbanization, industrialization, the integration of renewable energy, adherence to stringent electrical safety standards, and the rising consumption of electricity.

The medium voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $59.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The projected growth is driven by energy efficiency, grid modernization, renewable energy expansion, industrial automation, and emerging market demand. Key trends include remote monitoring, cybersecurity, advanced communication protocols, GIS transition, and global electrification initiatives.

The medium voltage switchgear market is anticipated to experience growth driven by the rising demand for electricity generation. The ongoing processes of industrialization and urbanization necessitate a continuous and reliable electricity supply, with the performance of switchgear playing a crucial role in ensuring the reliability of electrical systems. The sustainable growth in energy production, particularly in both rural and urban areas, aligns with the integration of improved supply protection measures, contributing to the overall expansion of the industry. An illustrative example is the "Saubhagya" initiative launched by the Indian government in August 2022, aiming for universal household electrification. As of March 2021, this initiative successfully electrified 2.82 crore houses, demonstrating the impact of government efforts to enhance electricity accessibility. Additionally, the allocation of Rs. 19,500 crores ($2.57 billion) in the Union Budget 2022-23 for a Production-Linked Incentive (PLI) scheme further emphasizes the commitment to promoting the production of high-efficiency solar modules for electricity generation.

The medium voltage switchgear market is poised for growth due to increasing infrastructure development, contributing to the escalating demand for electricity. Infrastructure encompasses a wide array of structures and networks crucial for the functioning of a nation, city, or region. This includes physical constructions for both public and private use, such as roads, bridges, electrical grids, and telecommunication networks. Rapid infrastructure development significantly amplifies the need for electricity to ensure efficient power distribution and the establishment of a sustainable and reliable power supply. In 2022, the U.S. federal authorities spent $36.6 billion on infrastructure directly and allocated $94.5 billion to provinces, underscoring the pivotal role of electricity in infrastructure projects and further propelling the medium voltage switchgear market.

The market faces challenges stemming from stringent environmental and safety regulations governing the manufacturing of medium voltage switchgear. Compliance with standards such as IEC 62271-200 is mandated, requiring companies to adapt to rapidly changing safety norms. Some businesses encounter difficulties in allocating the necessary funds to comply with the latest standards, hindering their ability to meet regulatory requirements. In accordance with IEC 62271-200 regulations, enquirers placing orders for metal-enclosed switchgear are obligated to provide specific electrical characteristics of the system and service conditions, adding complexity to the manufacturing process. Consequently, these stringent environmental and safety regulations pose limitations to the growth of the medium voltage switchgear market.

An emerging trend in the medium-voltage switchgear market is the development of eco-efficient switchgear, representing a shift away from greenhouse gas sulfur hexafluoride (SF6) towards more environmentally friendly alternatives. SF6 gas, commonly used in switchgear for electrical insulation and current interruption, is known for its significant greenhouse gas properties. In response to environmental concerns, companies are exploring eco-efficient switchgear solutions to enhance sustainability and reduce environmental impact. For instance, Hitachi Energy, a Switzerland-based energy solutions company, introduced SF6-free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology in November 2022, aiming to achieve carbon neutrality in power grids. This shift towards eco-efficient switchgear reflects a growing preference for environmentally friendly alternatives within the medium-voltage switchgear market.

Major players in the medium voltage switchgear market are strategically focusing on innovative products, particularly green and digital switchgear, to cater to the evolving needs of their customer base. Green and digital switchgear represents a new paradigm in medium-voltage switchgear, combining sustainability and advanced technology. Tailored for secondary power distribution markets, this type of switchgear incorporates digital connectivity to enhance grid reliability and efficiency. Schneider Electric SE, a France-based company specializing in voltage switchgear, electronic automation, and energy management, unveiled innovative green and digital medium voltage switchgear products in April 2021. The SM AirSeT, a notable addition to Schneider Electric's product line, utilizes clean air and suction interruption instead of SF6 gas, emphasizing environmental sustainability. The incorporation of digital capabilities allows users to harness the value of data for improved operational efficiency. The launch of SM AirSeT aligns with Schneider Electric's commitment to building a comprehensive portfolio of green alternatives, contributing to a future free from SF6-based equipment. This strategic approach aims to address environmental concerns and cater to diverse industrial applications, particularly in electro-intensive sectors.

In March 2021, Siemens Limited, a Germany-based company specializing in electrical power generation, successfully completed the acquisition of C&S Electric Limited for a total consideration of $269 million (EUR 267 million). This strategic move by Siemens Limited is aimed at tackling challenges associated with low-voltage power distribution in the Indian market, thereby enhancing its position in the region. C&S Electric Limited, an India-based company, specializes in the production of switchgear and power equipment, making this acquisition a significant step in Siemens Limited's efforts to strengthen its market presence and address the evolving needs of the Indian electrical power sector.

Major companies operating in the medium voltage switchgear market report are 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, Mitsubishi Motors 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 fur Energietechnik GmbH, Xiamen Huadian Switchgear Co. Ltd.

Asia-Pacific was the largest region in the medium voltage switchgear market in 2023. 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.

The countries covered in the medium voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The medium voltage switchgear market consists of sales of electrical switches, fuses, circuit breakers, disconnectors, and other medium voltage switchgear. They are used to operate, secure, and separate electrical equipment. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Medium Voltage Switchgear Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on medium voltage switchgear market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for medium voltage switchgear ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medium voltage switchgear market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Insulation: Air; Gas; Oil; Vacuum
• 2) By Installation: Outdoor; Indoor
• 3) By Application: Residential; Commercial; Industrial; Utility
• Companies Mentioned: Hitachi Ltd.; Siemens AG; Fuji Electric Co. Ltd.; Schneider Electric SE; Bharat Heavy Electricals Limited
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.