USD 91.79 billion
Global Medium Voltage Switchgear Market Size, Share, Growth Analysis, By Voltage(3kV-5kV, 6kV-15kV), By Insulation(Air Insulated Switchgear, Gas Insulated Switchgear) - Industry Forecast 2024-2031
Report ID:
SQMIG10E2014 |
Region:
Global |
Published Date: March, 2024
Pages:
178
|
Tables:
65 |
Figures:
80
Global Medium Voltage Switchgear Market Insights
Global Medium Voltage Switchgear Market size was valued at USD 91.79 billion in 2022 and is poised to grow from USD 97.11 billion in 2023 to USD 152.46 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
The global medium voltage switchgear market is a vital segment within the broader electrical equipment industry, primarily serving the power distribution and transmission sectors. Medium voltage switchgear plays a crucial role in controlling, protecting, and isolating electrical equipment and circuits within the voltage range of 1 kV to 36 kV. The market's growth is driven by factors such as the ongoing modernization of power infrastructure, increasing electricity demand, and the integration of renewable energy sources into the grid. As countries strive to enhance energy efficiency, reliability, and grid stability, the demand for advanced medium voltage switchgear solutions is on the rise. Technological advancements have led to the development of smart switchgear with features like remote monitoring, predictive maintenance, and self-diagnosis capabilities. This trend aligns with the broader shift towards digitalization and Industry 4.0 principles, further propelling market expansion.
US Medium Voltage Switchgear Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Air Insulated Switchgear
Fastest Growth
Air Insulated Switchgear
Growth Rate
5.8% CAGR
Global Medium Voltage Switchgear Market ($ Bn)
Country Share for North America Region (%)
Global Medium Voltage Switchgear Market By Insulation ($ Bn)
Global Medium Voltage Switchgear Market By Insulation (%)
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Global Medium Voltage Switchgear Market Segmental Analysis
The global medium voltage switchgear Market is segmented on the basis of Voltage, Insulation, Installation, End-User, and region. By Voltage, the market is segmented into 3kV-5kV, 6kV-15kV, 17kV-27kV, 28kV- 40kV. By Insulation, the market is segmented into Air Insulated Switchgear, Gas Insulated Switchgear, Oil Insulated Switchgear, and Others. By Installation, the market is segmented into Indoor and Outdoor. By End user, the market is segmented into Power Stations, Transformer Substations, Local Electricity Supply, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medium Voltage Switchgear Market Analysis By Voltage
In the global medium voltage switchgear market, the dominant segment is the 6kV-15kV voltage range. This segment holds a significant market share due to its widespread use in various applications, including industrial facilities, commercial buildings, and power distribution networks. The 6kV-15kV range strikes a balance between power capacity and distribution efficiency, making it a preferred choice for medium voltage electrical systems.
On the other hand, the fastest-growing segment is the 17kV-27kV voltage range. This segment is experiencing rapid expansion driven by the increasing demand for reliable power distribution in utilities, renewable energy projects, and industrial sectors. The 17kV-27kV range is particularly suitable for medium-sized power distribution networks, and its growth is fueled by factors like urbanization, infrastructure development, and the integration of renewable energy sources into the grid. As these industries continue to evolve, the demand for switchgear solutions in the 17kV-27kV voltage range is expected to surge, making it the fastest-growing segment in the medium voltage switchgear market.
Medium Voltage Switchgear Market Analysis By Insulation
In the global Medium Voltage Switchgear Market, Air Insulated Switchgear (AIS) holds the dominant position, supported by its widespread use in various applications, ease of installation, and cost-effectiveness. AIS systems are prevalent in industries, distribution networks, and infrastructure projects due to their reliable performance and relatively lower maintenance requirements.
On the other hand, Gas Insulated Switchgear (GIS) is emerging as the fastest-growing segment within the global medium voltage switchgear market. GIS offers advantages such as compact design, reduced space requirements, enhanced safety features, and superior insulation properties, making it well-suited for densely populated urban areas and installations where space is limited. The growing need for advanced infrastructure, modernization of electrical grids, and increasing demand for efficient power distribution systems are driving the adoption of GIS technology.
Global Medium Voltage Switchgear Market By Insulation, 2023 (%)
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Global Medium Voltage Switchgear Market Regional Insights
The global medium voltage switchgear market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America dominates the global medium voltage switchgear market due to robust industrialization, urbanization, and a well-established power infrastructure. The region's focus on upgrading aging grid systems, coupled with stringent regulations regarding energy efficiency and grid reliability, drives the demand for advanced medium voltage switchgear solutions.
On the other hand, Asia-Pacific stands out as the fastest-growing region in the medium voltage switchgear market. Rapid industrialization, urban expansion, and increasing electrification efforts in countries like China and India are fueling the demand for medium voltage switchgear to accommodate growing energy needs. The ongoing investments in renewable energy projects and smart grid initiatives also contribute to the region's rapid market growth. As these economies continue to evolve and develop, the adoption of modern medium voltage switchgear solutions is expected to witness substantial acceleration.
Global Medium Voltage Switchgear Market By Geography, 2024-2031
- Largest
- Fastest
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Global Medium Voltage Switchgear Market Dynamics
Medium Voltage Switchgear Market Drivers
Rising Demand for Electricity and Infrastructure Development:
- The increasing global demand for electricity, driven by population growth, urbanization, and industrialization, is a major driver for the medium voltage switchgear market. Infrastructure development projects, such as construction of commercial buildings, industrial facilities, and renewable energy installations, require reliable and efficient medium voltage switchgear solutions to ensure a stable power supply.
Renewable Energy Integration:
- The transition towards cleaner and sustainable energy sources, such as wind, solar, and hydropower, is boosting the demand for medium voltage switchgear. These sources often generate electricity at medium voltage levels, necessitating advanced switchgear technologies to efficiently manage the integration of renewable energy into the grid. Medium voltage switchgear enables seamless control, protection, and distribution of power from renewable sources to the electrical network.
Medium Voltage Switchgear Market Restraints
High Initial Investment Costs:
- Medium voltage switchgear systems involve significant upfront costs for procurement, installation, and maintenance. These costs can be a deterrent, especially for small and medium-sized enterprises or in regions with limited financial resources. The need for skilled personnel for installation, operation, and maintenance further adds to the overall expenses.
Stringent Environmental Regulations:
- The manufacturing and use of switchgear components often involve materials with environmental and health concerns, such as sulfur hexafluoride (SF6) gas. Stringent regulations aimed at reducing greenhouse gas emissions and promoting eco-friendly alternatives can pose challenges for switchgear manufacturers to comply with these standards and transition to more sustainable solutions. The need for innovation and adoption of environmentally friendly insulation materials presents a potential barrier to market growth.
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Global Medium Voltage Switchgear Market Competitive Landscape
The global medium voltage switchgear market features intense competition among prominent players striving to enhance their market foothold. Leading companies, such as ABB Ltd., Schneider Electric SE, Siemens AG, and Eaton Corporation, dominate with their extensive product portfolios and robust distribution networks. These industry giants focus on research and development initiatives to introduce technologically advanced and eco-friendly solutions. Strategic collaborations, mergers, and acquisitions are prevalent strategies for expanding regional presence and gaining a competitive edge. Additionally, emerging players like Crompton Greaves and Lucy Electric are gaining prominence by offering innovative products and cost-effective solutions. The market's competitive landscape is defined by continuous innovation, customer-centric approaches, and efforts to address evolving energy efficiency and sustainability demands.
Medium Voltage Switchgear Market Top Player’s Company Profile
- ABB Ltd (Switzerland)
- Siemens AG (Germany)
- Schneider Electric SE (France)
- General Electric Company (USA)
- Eaton Corporation plc (Ireland)
- Mitsubishi Electric Corporation (Japan)
- Fuji Electric Co., Ltd. (Japan)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Hyundai Electric & Energy Systems Co., Ltd. (South Korea)
- LS Electric Co., Ltd. (South Korea)
- Powell Industries, Inc. (USA)
- CG Power and Industrial Solutions Limited (India)
- Ormazabal (Spain)
- Lucy Electric Ltd. (United Kingdom)
- AEG Power Solutions (Netherlands)
- Schneider Electric India Pvt. Ltd. (India)
- Arteche Group (Spain)
- Larsen & Toubro Limited (India)
- Hyosung Heavy Industries Corporation (South Korea)
- Hitachi, Ltd. (Japan)
- EFACEC Group (Portugal)
- NOJA Power (Australia)
- G&W Electric Company (USA)
- Entec Electric & Electronic Co., Ltd. (South Korea)
- C&S Electric Limited (India)
Medium Voltage Switchgear Market Recent Developments
-
ABB announced in October 2023 that it will buy a 75.1% share in Zhejiang Yunyang Power Technology Co., Ltd., a Chinese maker of switchgear. By making this change, ABB increases the range of medium voltage switchgear it offers and solidifies its position in the developing Chinese market.
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Siemens stated in September 2023 that it would invest USD218.98 million in its Nuremberg, Germany, vacuum circuit breaker production facility. The goal of this investment is to satisfy the rising need for economical and environmentally friendly switchgear solutions.
-
Schneider Electric and C&S Electric Ltd., an Indian maker of switchgear, established a strategic cooperation in August 2023. The goal of this partnership is to create and produce cutting-edge medium voltage switchgear for the Indian market.
Global Medium Voltage Switchgear Key Market Trends
- Growing Demand for Renewable Energy Integration: As the world shifts towards cleaner and more sustainable energy sources, there is an increasing demand for medium voltage switchgear to facilitate the integration of renewable energy systems such as solar and wind power into the grid. These switchgear systems enable efficient distribution and management of power generated from renewable sources, ensuring grid stability and reliable energy supply.
- Smart Grid and Digitalization: The adoption of smart grid technologies and digitalization is influencing the medium voltage switchgear market. Smart switchgear solutions equipped with sensors, communication capabilities, and advanced monitoring systems are gaining traction. These innovations enable real-time data collection, remote control, and predictive maintenance, enhancing the efficiency, reliability, and overall performance of medium voltage distribution networks.
Global Medium Voltage Switchgear Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global medium voltage switchgear market analysis, the market is witnessing substantial growth due to increasing electricity demand, urbanization, and industrialization. Medium voltage switchgear plays a crucial role in power distribution and control, catering to utilities, industries, and infrastructure projects. Rising investments in renewable energy sources and the need to upgrade aging electrical infrastructure are driving market expansion. Key players are focusing on technological advancements, such as smart switchgear with digital monitoring and automation capabilities. However, the market faces challenges including strict regulations and the complexity of integrating new technologies into existing systems. The market's future growth will rely on sustainable energy trends, grid modernization initiatives, and the ongoing transition to cleaner and more efficient power systems.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 91.79 billion |
| Market size value in 2031 | USD 152.46 billion |
| Growth Rate | 5.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Medium Voltage Switchgear Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Medium Voltage Switchgear Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Medium Voltage Switchgear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medium Voltage Switchgear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medium Voltage Switchgear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medium Voltage Switchgear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medium Voltage Switchgear Market Report Snapshots
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