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Global LV and MV Switchgear Market to Reach USD 82.8 Bn by 2031, Growing at a 5.3% CAGR - TMR Analysis
LV and MV Switchgear Market
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Key Market Drivers
1. Modernization of Power Infrastructure: Growing concerns over outdated transmission and distribution systems are prompting investments in advanced switchgear solutions.
2. Rising Electrification in Developing Regions: Governments across Asia Pacific and Africa are intensifying efforts to achieve 100% rural electrification, boosting switchgear adoption.
3. Smart Grid Implementation: The integration of smart grid technology enhances real-time monitoring and control, fueling demand for LV and MV switchgear.
4. Adoption of Environmentally Friendly Technologies: Companies are increasingly developing SF6-free switchgear solutions to reduce environmental impact.
5. Growth in Renewable Energy Projects: Expanding renewable energy capacities, particularly wind and solar, are driving the need for efficient switchgear solutions.
Key Market Players The LV and MV switchgear market is consolidated, with key players focusing on R&D, technological advancements, and strategic collaborations to strengthen their market position. Prominent companies operating in this market include:
• ABB Ltd.
• CG Power & Industrial Solutions Ltd.
• Eaton Corporation plc.
• Efacec
• Fuji Electric Co., Ltd.
• General Electric
• Hyosung Heavy Industries
• Powell Industries Inc.
• Siemens AG
• Schneider Electric SE
• Mitsubishi Electric Corporation
• BHEL
• Regal Rexnord Corporation
Future Trends and Innovations
• Rise of Digital Switchgear: Companies like ABB and Schneider Electric are introducing digital switchgear solutions equipped with IoT capabilities for enhanced monitoring and automation.
• Development of SF6-Free Switchgear: Environmental concerns are driving the transition to SF6-free switchgear, such as Mitsubishi Electric's METTA switchgear and Efacec's neoGEN range.
• Expansion of Modular Switchgear: The demand for flexible, modular switchgear solutions is growing, allowing easier installation and scalability.
• Advancements in Air-Insulated Switchgear: With a major market share in 2021, air-insulated switchgear remains a preferred solution due to its easy installation, reliability, and remote monitoring capabilities.
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Market Segmentation:
Voltage Range
• Less than 1kV
• 1kV - 5kV
• 6kV - 15kV
• 17kV - 27kV
• 28kV - 40kV
Components
• Circuit Breaker
• Relays
• Bus Bars and Switches
• Others (Enclosure, Isolators, Fuses)
Insulation
• Air Insulated Switchgear
• Gas Insulated Switchgear
• Others (Oil and Solid)
Installation
• Indoor
• Outdoor
Top Market Trends
• Indoor Installation Dominance: Indoor switchgear accounted for 65.20% of the market share in 2021 and is expected to continue its growth, especially for voltages below 40kV.
• Asia Pacific Leading Market Growth: Holding a 39.12% market share in 2021, Asia Pacific remains a key region, driven by China's grid expansion and renewable energy investments.
• North America's Strong Presence: With a 26.36% share, North America's market growth is supported by leading manufacturers and advanced electrification infrastructure.
• Increase in Hybrid Switchgear Solutions: Companies like Hitachi ABB Power Grids are launching hybrid switchgear solutions, such as the 72.5 kV high-voltage hybrid switchgear for offshore wind applications.
Key Developments in the Market
• May 2022: Schneider Electric SE introduced a new digital-enabled SureSeT MV switchgear for the North American market.
• February 2021: Mitsubishi Electric launched METTA switchgear, featuring a 100% weld-free design for greater flexibility.
• October 2020: ABB Ltd. unveiled an ANSI medium-voltage digital switchgear with enhanced digital protection and control systems.
• June 2019: Efacec Power Solutions launched neoGEN switchgear, an SF6-free solution with a modular design.
• November 2018: Eaton Corporation introduced a new range of 24 kV medium voltage switchgear products for industrial and infrastructure applications.
With a strong emphasis on digitalization, sustainability, and enhanced operational efficiency, the LV and MV switchgear market is poised to shape the future of power distribution and electrification worldwide.
Future Outlook The global LV and MV switchgear market is set for steady growth, propelled by ongoing infrastructure modernization, renewable energy expansion, and the adoption of smart power distribution systems. Governments and industry leaders are investing in sustainable, high-efficiency solutions to meet increasing power demands while reducing environmental impact. As technological advancements continue to shape the market, players focusing on innovation and strategic partnerships will gain a competitive edge in this evolving landscape.
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