Medium Voltage Switchgear Market: A Comprehensive Overview - ABB, General Electrics, Schneider Electrics, Siemens, Toshiba, Mitsubishi Electrics, Eaton, Fuji Electric

The medium voltage switchgear market size was valued at $14.5 billion in 2021, and medium voltage switchgear industry is estimated to reach $31.7 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

Medium voltage switchgear is a critical component of electrical distribution systems that controls, protects, and isolates electrical equipment and circuits operating at medium voltage levels. Medium voltage typically refers to voltage levels ranging from 1 kV (kilovolt) to around 52 kV, although the exact range can vary based on regional standards and specific applications. Medium voltage switchgear plays a crucial role in ensuring the safe and reliable distribution of electrical power in industrial, commercial, and utility settings.

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Medium voltage switchgear is used in a wide range of applications, including:

Utilities: Switchgear is used in utility substations to distribute power to residential, commercial, and industrial customers.

Industrial Facilities: Manufacturing plants, refineries, and other industrial sites use medium voltage switchgear to control and distribute power to various equipment.

Commercial Buildings: Medium voltage switchgear can be found in large commercial complexes, office buildings, and shopping centers.

Renewable Energy: Switchgear is used in renewable energy installations, such as wind farms and solar power plants, to connect power generated from renewable sources to the grid.

Data Centers: Data centers rely on medium voltage switchgear for efficient and reliable power distribution to support their critical operations.

The key players operating in the medium voltage switchgear market are ABB Ltd, General Electrics, Schneider Electrics, Siemens AG, Toshiba Corporation, Mitsubishi Electrics, Eaton Corporation, Bharat Heavy Electrical Ltd., Chint group, Efacec, Fuji Electric Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., Jyoti group, Ormazabel, Power Well Inc. and LUCY group Ltd.

As per medium voltage switchgear market analysis, on the basis of voltage, the 3kV - 5kV medium voltage switchgear segment is projected to grow at the highest CAGR of approximately 9.1%, in terms of revenue, during the forecast period.

On the current type, the AC segment is expected to dominate the market during the forecast period.

On the basis of insulation type, the air insulated switchgear segment is expected to dominate the market during the forecast period.

On the basis of application, the transmission and distribution utilities segment is expected to dominate the medium voltage switchgear market share during the forecast period.

On the basis of region, the Asia-Pacific segment is projected to grow at the highest CAGR of approximately 8.8%, in terms of revenue, during the forecast period.

On the basis of voltage, the market is classified into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. Similarly on the basis of installation type, the medium voltage switchgear market is divided into two major categories which include indoor switchgear and outdoor switchgear.

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The medium voltage switchgear market is classified by insulation type into three categories which include air insulated switchgear, gas insulated switchgear and others (oil and solids).

Depending on the end use industry, the market is broadly divided into three types which are transmission and digital utilities, commercial & residential and others.

Domestic and industrial power demand is increasing significantly due to urbanization, public infrastructure, and the construction of industrial plants around the world which has led to the increased demand for the medium voltage switchgear market opportunities.

Impact of Covid-19 on Medium Voltage Switchgear Market

The COVID-19 outbreak has moderately affected the medium voltage switchgear market due to lockdown measures, the closure of various manufacturing and industrial facilities, and the delay of several infrastructure projects. It had a negative impact on different industries like automobile, aerospace, transportation and construction. The commercial, residential and industrial projects were put on hold due to the strict regulations imposed by the government.

The transportation sector has halted due to the pandemic which caused the stoppage of raw materials required for the manufacturing of the switchgears. Also the reduced manpower has delayed the production process due to the limited number of labor allowed to work.

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Switchgear includes, for example, switches, fuses, circuit breakers, disconnectors, relays, current and potential converters, indicators, lightning arresters and control cabinets.

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