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Medium Voltage Switchgear Market Future | Asia-Pacific 8.8% Growing by South Korea, Singapore, Japan

11-29-2023 07:40 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Analytics LLP

Medium Voltage Switchgear Market Future | Asia-Pacific 8.8%

According to a new report published by Allied Market Research, 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 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.

Browse Complete Report @ https://www.alliedmarketresearch.com/medium-voltage-switchgear-market-A31300

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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