Wilmington, Delaware, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global medium-voltage switchgear market is projected to flourish at a CAGR of 5.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 44 billion is anticipated for the market in 2031. As of 2023, the market for medium-voltage switchgear is expected to close at US$ 28.7 billion.
Increasing demand for electrification along with the adoption of smart grid technology in emerging countries is one of the primary factors expected to boost the demand from the medium voltage switchgear market during the forecast period.
The growing demand for electricity generation and increased demand for effective transmission and distribution systems are expected to boost the growth of the medium voltage switchgear market.
Switchgear performs the function of regulating, protecting, and controlling diverse types of distribution, power generation, and transmission equipment. They help in de-energizing equipment and help in carrying out the maintenance work.
A rise in demand for medium-voltage switchgear for commercial construction projects that needs effective electricity transmission has emerged as the main driving factor for the medium-voltage switchgear market.
The construction industry in various developing countries such as India, Indonesia, and Brazil is witnessing substantial growth because of massive expenditure for infrastructural and residential development. These facilities will require medium-voltage switchgear products in varying quantities, which could fuel the growth of the medium-voltage switchgear market.
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Market Snapshot:
| Report Coverage | Details | |
| Estimated Value | USD 44 Bn | |
| Growth Rate - CAGR | 5.5% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 227 Pages | |
| Market Segmentation | By Voltage, Insulation, End User, Region | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | 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 | |
Key Takeaways from the Market Study
- As of 2022, the medium voltage switchgear market was valued at US$ 27.2 billion
- By type, the indoor segment is to enjoy high demand, accumulating a high revenue share during the forecast period as indoor medium-voltage switchgear is more safe and reliable than the outdoor medium-voltage switchgear
- Based on insulation, the gas-insulated switchgear segment is anticipated to dominate the industry during the forecast period
- Based on end-users, the utility segment is expected to generate high revenue during the forecast period.
Medium-voltage Switchgear Market: Key Trends and Opportunistic Frontiers
- The booming population and rapid urbanization are the prominent reasons for maximum electricity generation and are likely to drive the growth of the medium-voltage switchgear market
- The extensive use of medium-voltage switchgear in various end-use industries is expected to fuel the growth of the medium-voltage switchgear market in the future.
- With the increase in electrification and adaptation of smart grid technology, demand for middle-grade switchgear is set to increase in emerging countries during the forecast period.
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Medium-voltage Switchgear Market – Regional Analysis
- North America is expected to provide a lucrative opportunity for the medium voltage switchgear market during the forecast period. the increased infrastructure modernization, grid upgrades, and the adoption of smart grid technologies. The country's focus on renewable energy integration, along with stringent safety and environmental regulations, contributes to market growth.
- Asia Pacific to account for a significant share of the medium voltage switchgear market during the forecast period. the increasing urbanization, rapid economic growth, and population growth are driving up demand for medium-voltage switchgear in the region.
Competitive Landscape
The global medium voltage switchgear market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global medium voltage switchgear market report:
- Siemens AG
- General Electric
- Schneider Electric SE
- Eaton Corporation PLC
- Bharat Heavy Electricals Limited
- Mitsubishi Electric Corporation
- ABB Ltd
- Powell Industries
- Elatech Power Distribution GmbH
- Chint Group
Key Developments in the Medium Voltage Switchgear Market
- ABB has focused on enhancing its medium-voltage switchgear offerings with features like smart grid compatibility and eco-efficient solutions, aligning with sustainability goals.
- Schneider Electric has invested in eco-design and manufacturing processes to reduce the environmental impact of its medium-voltage switchgear products. They also emphasize digitalization and connectivity.
- GE has worked on digital substation solutions, including medium-voltage switchgear, that leverage digital twin technology for monitoring and predictive maintenance.
- Mitsubishi Electric has focused on the development of medium-voltage air-insulated switchgear and gas-insulated switchgear for various applications, including renewable energy integration.
Partial Table of Content (ToC):
1. Global Medium-voltage Switchgear Market - Executive Summary
1.1. Global Medium-voltage Switchgear Market Country Analysis
1.2. Competition Blueprint
1.3. Technology Time Line Mapping
1.4. TMR Analysis and Recommendations
2. Market Overview
2.1. Market Introduction
2.2. Market Definition
2.3. Market Taxonomy
3. Market Dynamics
3.1. Macroeconomic Factors
3.2. Drivers
3.2.1. Economic Drivers
3.2.2. Supply Side Drivers
3.2.3. Demand Side Drivers
3.3. Market Restraints
3.4. Market Trends
3.5. Trend Analysis- Impact on Time Line (2021-2031)
4. Associated Industry and Key Indicator Assessment
4.1. Value Chain Analysis
4.2. Technology Roadmap Analysis
4.3. Porter Five Forces Analysis
5. Global Medium-voltage Switchgear Market Analysis and Forecast
5.1. Market Size Analysis (2017-2019) and Forecast (2021-2031)
5.1.1. Market Value (US$ Mn) and Volume (Million Units) and Y-o-Y Growth
5.2. Global Medium-voltage Switchgear Market Scenario Forecast (Optimistic, Likely, and Conservative Market Conditions)
5.2.1. Forecast Factors and Relevance of Impact
5.2.2. Regional Medium-voltage Switchgear Market Business Performance Summary
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Medium-voltage Switchgear Market – Key Segments
Voltage
- 3kV - 5kV
- 6kV - 15kV
- 16kV - 27kV
- 28kV - 40kV
Insulation
- Air Insulated Switchgear
- Gas Insulated Switchgear
- Others (Oil and Solids)
End-Use
- Power Plant
- Commercial Sector
- Oil, Gas & Petrochemical
- Utility Sector
- Paper & Pulp Industry
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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