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Medium Voltage Switchgear Market Analysis, Trends, Overview By 2033
Medium Voltage Switchgear Market Analysis
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According to The Business Research Company's, The medium voltage switchgear market size has grown strongly in recent years. It will grow from $43.91 billion in 2023 to $47.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to infrastructure development projects, urbanization and industrialization, renewable energy integration, stringent electrical safety standards, increasing electricity consumption.
The medium voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $59.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to focus on energy efficiency, grid modernization initiatives, expansion of renewable energy capacity, increasing industrial automation, rising demand in emerging markets. Major trends in the forecast period include remote monitoring and diagnostics, cybersecurity measures, advanced communication protocols, transition to gas-insulated switchgear (gis), global electrification initiatives.
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Market Drivers and Trends:
The demand for electricity generation is projected to drive the medium voltage switchgear market. Development of industrialization and urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth. For instance, in August 2022, according to the Indian Brand Equity Foundation (IBEF), India-based, an India-based government agency for providing economic information, the government of India started the Pradhan Mantri Sahaj Bijli Har Ghar Yojana, or Saubhagya, intending to achieve universal household electrification through which 2.82 crore houses had been electrified as of March 2021. Additionally, the government provided Rs. 19,500 crores ($2.57 billion) in the Union Budget 2022-23 for a PLI scheme to promote the production of high-efficiency solar modules for electricity generation.
The development of eco-efficient switchgear has become an emerging trend in the medium-voltage switchgear market. Eco-efficient switchgear is an alternative to greenhouse gas sulfur hexafluoride (SF6) for improved eco-efficiency and less environmental impact. Switchgear of SF6 gas is used as the electrical insulation and current interruption medium and is extremely restricted to greenhouse gas. For instance, in November 2022, Hitachi Energy, a Switzerland-based company operating in an energy solution, introduced sulfur hexafluoride (SF6) free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology to achieve carbon neutrality in the power grid. Therefore, a rise in the usage of eco-efficient switchgear is gaining popularity in the medium-voltage switchgear market.
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Major Key Players of the Market:
Hitachi Ltd., Siemens AG, Fuji Electric Co. Ltd., Schneider Electric SE, Bharat Heavy Electricals Limited, HD Hyundai Heavy Industries Co. Ltd., ABB Ltd., Larsen & Toubro Saudi Arabia LLC, Eaton Corporation Plc, Toshiba Corporation, Mitsubishi Motors Corporation, General Electric Company, Chint Group, NARI Group Corporation, Hyosung Heavy Industries, Rittal GmbH & Co. KG, Ormazabal, Crompton Greaves Consumer Electricals Limited, E+I Engineering, S&C Electric Company, Lucy Electric UK Ltd., Powell Electronics Inc., EFACEC Power Solutions SGPS S.A., Jyoti Ltd., Kirloskar Electric Company Limited, Skema SpA, Elatec Power Distribution GmbH, Hawker Siddeley Switchgear Ltd., START Electrical Switchgear Assembly LLC, SENTEG Schaltanlagen für Energietechnik GmbH, Xiamen Huadian Switchgear Co. Ltd.
Medium Voltage Switchgear Market 2024 Key Insights:
• The medium voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $59.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Electricity Generation Demand Drives Growth In The Medium Voltage Switchgear Market
• Eco-Efficient Switchgear Transforming The Medium Voltage Switchgear Marke
• Asia-Pacific was the largest region in the medium voltage switchgear market in 2023
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