Press release
Medium Voltage Switchgear Market Set to Reach US$ 61.51 Billion by 2029, Indicates New Industry Analysis
Medium Voltage Switchgear Market
The report comprehensively delves into the growth drivers of the medium voltage switchgear market, covering multiple market segments such as Voltage, Insulation, End-Users, and Region. It provides valuable insights through data from market players, regions, and specific criteria. The report employs statistics, infographics, and presentations to deliver key data analysis, discussing market drivers, restraints, opportunities, and challenges. This study assists in understanding growth drivers and strategizing their effective utilization. Moreover, it addresses issues pertinent to the global market landscape.
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What are Medium Voltage Switchgear Market Dynamics?
The aging global power infrastructure stands out as a major driver of the medium voltage switchgear market. With factors like outdated infrastructure, insufficient investment, and the absence of modernization policies contributing to power outages, market opportunities are arising for the power sector's complete value chain. Switchgear, aided by monitoring technologies, forewarns maintenance personnel about aging equipment, enabling them to make informed decisions through real-time data.
However, the medium voltage switchgear market faces challenges like adverse environmental conditions. Environmental factors such as temperature, humidity, and water seepage from the ground can impair the effectiveness of switchgear electrical networks, particularly those located outdoors.
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Medium Voltage Switchgear Market Segmentation?
Insulation: Air Insulated Switchgear (AIS) held the largest market share in 2022 and is projected to grow at a CAGR of 7.1% during the forecast period. This dominance can be attributed to AIS's widespread usage and cost-effectiveness. With its mix of electrical disconnector switches, circuit breakers, and earth switches, AIS regulates, isolates, and safeguards air-insulated electrical equipment, particularly favored by industries like transmission, manufacturing, automation, transportation, and petrochemicals.
by Insulation
Air Insulated Switchgear
Gas Insulated Switchgear
End-Users: While the Power Plant segment led the market in 2022, the Utility segment is expected to exhibit rapid growth at a CAGR of 6.8% during the forecast period. The transmission and distribution utility sub-segment, responsible for electricity generation, transmission, and distribution, is a primary energy provider in many countries. This segment capitalizes on both renewable and non-renewable energy sources to meet power demands.
by End-Users
Power Plant
Gas and Petrochemical
Commercial Sector
Oil
Utility Sector
Paper and Pulp Industry
Who are Medium Voltage Switchgear Market Key Players?
1. Schneider Electric SE
2. ABB
3. Siemens AG
4. General Electric
5. ABB, Ltd.
6. EATON CORPORATION plc
7. Larsen & Toubro, Ltd.
8. Alstom SA
9. Hitachi, Ltd.
10. CG Power and Industrial Solutions Limited
11. Hawker Siddeley Switchgear Ltd.
12. Efacec Power Solutions - S.G.P.S. S.A.
13. ELEKTROBUDOWA SA GROUP
14. Hyosung Corporation
15. Mitsubishi Electric Corporation
16. Toshiba Corporation
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Regional Insights:
North America is projected to account for the largest proportion of global revenue by the end of the forecast period (2023-29). The rise of renewable energy capacities in countries like the United States and Canada, coupled with policies promoting decentralized power distribution, is driving grid development and presenting business growth opportunities in the switchgear market.
Initiatives aimed at enhancing electricity infrastructure in rural areas are gaining momentum in various nations, contributing to the medium voltage switchgear market's expansion. Rapid industrialization, particularly in densely populated countries like India and China, adds further momentum to growth. The digitalization wave further amplifies market expansion.
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