Press release
Medium Voltage Switchgear Market Future | Asia-Pacific 8.8% Growing by South Korea, Singapore, Japan
Medium voltage switchgear plays a crucial role in electrical power systems, providing a means to control and protect the network. The choice of switchgear depends on factors such as application requirements, voltage levels, safety considerations, and environmental impact. Advances in technology continue to improve the performance and reliability of medium voltage switchgear systems.
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The Asia-Pacific segment is projected to grow at the highest CAGR of approximately 8.8%, in terms of revenue, during the forecast period.
Top Companies
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.
For gas-insulated switchgear, there is attention to the environmental impact of SF6 gas, a potent greenhouse gas. Efforts are made to minimize emissions and explore alternative insulation gases.
Devices that interrupt the flow of current in a circuit under normal or fault conditions. Vacuum, air, and gas-insulated circuit breakers are common types used in medium voltage switchgear.
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.
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The AC segment is expected to dominate the market during the forecast period.
The air insulated switchgear segment is expected to dominate the market during the forecast period.
The transmission and distribution utilities segment is expected to dominate the medium voltage switchgear market share 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.
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.
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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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A medium voltage switchgear is a device designed to open an electrical circuit by mechanical action. It interrupts the flow of current without permanently damaging the device operating in the voltage range of 3kV-40kV. Switchgear includes, for example, switches, fuses, circuit breakers, disconnectors, relays, current and potential converters, indicators, lightning arresters and control cabinets.
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