New York, March 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medium Voltage Switchgear Global Market Report 2022" - https://www.reportlinker.com/p06247535/?utm_source=GNW
The global medium voltage switchgear market is expected to grow from $36.87 billion in 2021 to $42.10 billion in 2022 at a compound annual growth rate (CAGR) of 14.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $65.06 billion in 2026 at a CAGR of 11.5%.
The medium voltage switchgear market consists of sales of medium voltage switchgear and related services that manufacture medium voltage switchgear which are electrical switchgear rated between 2KV and 36KV. The medium voltage switchgear is the combination of electrical switches, fuses or circuit breakers used to operate, secure and separate electrical equipment.
The main types of insulations in medium voltage switchgear are air, gas, oil, and vacuum. Air is a good insulator, its spread-out molecular configuration helps to resist heat transfer to some extent. the different types of installations include outdoor, indoor and is used in various applications such as residential, commercial, industrial, utility.
Asia Pacific is the largest region in the medium voltage switchgear market in 2021.Western Europe is the second-largest region in the medium power transformers market.
The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The demand for electricity generation is projected to drive the medium voltage switchgear market.Development of industrialization, urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear.
Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth. For instance, in 2019, as per a research study, the Indian government is working on two of the most vital electrification projects that are the ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’ and the ‘Deen Dayal Upadhyaya Gram Jyoti Yojana’ to provide electricity with a budget allocation of $6.98 billion (INR 50,000 crores) for the project.
Stringent environment and safety regulations in the manufacturing of medium voltage switchgear is hindering the market’s growth.The regulations governing medium voltage switchgear is IEC 62271-200 and it specifies that all electrical characteristics must comply with standard regulations.
Many companies struggle to stay with fast-changing safety standards.Sometimes they can’t bear funds to perform tasks required by the latest standards.
According to IEC 62271-200 regulations, enquirers placing any order for metal-enclosed switchgear, should provide the main electrical characteristics of the system and also the service conditions if it is different from standard. Therefore, stringent environment and safety regulations are limiting the medium voltage switchgear market’s growth.
Development of eco-efficient switchgear has become an emerging trend in the medium voltage switchgear market.Eco-efficient switchgear is an alternative to greenhouse gas sulfur hexafluoride (SF6) for improved eco-efficiency and less environmental impact.
Switchgear of SF6 gas is used as the electrical insulation and current interruption medium and is extremely restricted to greenhouse gas.For instance, in 2019, ABB has launched UniSec with AirPlus technology, which is completely SF6-free medium-voltage switchgear for networks up to 24kV.
Therefore, a rise in the usage of eco-efficient switchgear is gaining popularity in the medium voltage switchgear market.
In April 2019, Eaton Corporation, an Irish based power management company acquired 82.27% majority stake in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S. Acquisition of Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S was aimed to strengthen Eaton Corporation in manufacturing of electrical equipment. Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S, a Turkey-based company, is in the manufacturing of medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks, and medium-voltage cable connection systems.
The countries covered in the medium voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06247535/?utm_source=GNW
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