PUBLISHER: The Business Research Company | PRODUCT CODE: 1675988
PUBLISHER: The Business Research Company | PRODUCT CODE: 1675988
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 $44.92 billion in 2024 to $48.28 billion in 2025 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to infrastructure development projects, urbanization and industrialization, renewable energy integration, stringent electrical safety standards, increasing electricity consumption.
The medium voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $60.11 billion in 2029 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to focus on energy efficiency, grid modernization initiatives, expansion of renewable energy capacity, increasing industrial automation, rising demand in emerging markets. Major trends in the forecast period include remote monitoring and diagnostics, cybersecurity measures, advanced communication protocols, transition to gas-insulated switchgear (GIS), and global electrification initiatives.
The demand for electricity generation is expected to propel the growth of the medium voltage switchgear market. The ongoing industrialization and urbanization necessitate a continuous supply of electricity, and the reliability of this electrical supply significantly relies on the performance of switchgear. Sustainable energy production is crucial for meeting the increasing demand in both rural and urban areas, and ongoing advancements in supply protection integration will further drive industry growth. For instance, in January 2024, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported a 2.6% increase in global electricity generation in 2023, indicating a return to pre-pandemic growth rates after a period of slower expansion in previous years. Therefore, the rising demand for electricity generation is fueling the growth of the medium voltage switchgear market.
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.
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.
Leading companies in the medium voltage switchgear market are concentrating on developing innovative products that feature specific voltage and current ratings, capable of withstanding short-circuit currents of 26.3 kA for 3 seconds. The voltage rating signifies the maximum voltage a device or component can safely handle, while the current rating represents the highest current it can carry without sustaining damage or overheating. For example, in April 2024, Schneider Electric, a France-based company specializing in digital automation and energy management, introduced a new air-insulated indoor switchgear. This product offers a compact, modular design for medium voltage distribution and incorporates vacuum circuit breaker technology with ratings of up to 12 kV and 2,000 A. It is engineered to endure short-circuit currents of 26.3 kA and emphasizes ease of operation, monitoring, and maintenance. Additionally, its sustainable design enhances reliability, minimizes downtime, and improves the overall user experience.
In September 2024, Siemens, a Germany-based automation firm, acquired Trayer Engineering Corporation for an undisclosed sum. This acquisition is intended to enhance Siemens' portfolio in resilient power systems, boost efficiency, and solidify its presence in the energy distribution market. Trayer Engineering Corporation is a US-based company that specializes in the manufacturing of appliances, electrical equipment, and electronics.
Major companies operating in the medium voltage switchgear market include 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, 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 2024. 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 2025 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.
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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.