Press release
Medium Voltage Switchgear Market Size, Share, Demand 2025 -2034
Medium Voltage Switchgear
Medium voltage switchgear market growth is expected to be driven by the expected surge in electricity production demand. The progression of industrial and urban development relies on a nonstop electrical supply, and the effectiveness of this supply is significantly linked to switchgear performance. The continuous growth of energy production meets the needs of both rural and urban areas with continuous advancements in supply protection integration, which is a major propellant for industry expansion. For example, in January 2024, the International Energy Agency (IEA), an independent intergovernmental organization based in France, announced a 2.6% global electricity generation growth in 2023, reverting to the growth rates before the pandemic after slower growth in the preceding years. Hence, the increasing demand for electricity generation is accelerating the expansion of the medium voltage switchgear market.
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What Is the projected market size and growth rate for the medium voltage switchgear market?
The market size for medium voltage switchgear has seen robust growth in the past few years. It's projected to expand from $44.92 billion in 2024 to $48.28 billion in 2025, advancing at a compound annual growth rate (CAGR) of 7.5%. The surge in the past can be linked to the progress made in infrastructure projects, the urbanization and industrialization process, the integration of renewable energy sources, stringent electricity safety norms, and escalating electricity usage.
Anticipated to experience significant growth in the coming years, the medium voltage switchgear market is projected to reach $60.11 billion in 2029, with a compound annual growth rate (CAGR) of 5.6%. The expected growth during this forecast period is attributed to factors such as a focus on energy efficiency, initiatives for grid modernization, expansion in the renewable energy capacity, an increase in industrial automation, and surging demand in the emerging markets. Notable trends during this period include adoption of remote monitoring and diagnostics, implementation of cybersecurity measures, advancement in communication protocols, switch to gas-insulated switchgear (GIS), and worldwide electrification initiatives.
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What new trends are reshaping the medium voltage switchgear market and its opportunities?
The trend towards creating eco-efficient switchgear is rapidly gaining momentum in the medium-voltage switchgear sector. This type of switchgear, which offers an improved ecological footprint and reduced environmental impact, serves as a substitute for the greenhouse gas sulfur hexafluoride (SF6) traditionally utilized for electrical insulation and current interruption. However, its utility is significantly limited due to its greenhouse gas nature. A demonstration of this shift can be seen with Hitachi Energy, a Swiss energy solutions firm. In November 2022, they launched a sulfur hexafluoride (SF6)-free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology, aiming for carbon neutrality in the power grid. This surge in the adoption of eco-efficient switchgear is reshaping the medium-voltage switchgear industry.
What major market segments define the scope and growth of the medium voltage switchgear market?
The medium voltage switchgear market covered in this report is segmented -
1) By Insulation: Air, Gas, Oil, Vacuum
2) By Installation: Outdoor, Indoor
3) By Application: Residential, Commercial, Industrial, Utility
Subsegments:
1) By Air: Air-Insulated Switchgear (AIS), Outdoor Air-Insulated Switchgear
2) By Gas: Gas-Insulated Switchgear (GIS), Hybrid Gas-Insulated Switchgear
3) By Oil: Oil-Insulated Switchgear, Liquid-Filled Switchgear
4) By Vacuum: Vacuum Circuit Breakers, Vacuum Interrupters
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Which region dominates the medium voltage switchgear market?
Asia-Pacific was the largest region in the medium voltage switchgear market in 2024. Western Europe is the second-largest region in the global medium power transformers market share. The regions covered in the medium voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the medium voltage switchgear industry growth?
Major companies operating in the medium voltage switchgear market include 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, 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.
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What Is Covered In The Medium Voltage Switchgear Global Market Report?
•Market Size Forecast: Examine the medium voltage switchgear market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the medium voltage switchgear market for a structured understanding.
•Key Players Overview: Analyze major players in the medium voltage switchgear market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the medium voltage switchgear market.
•Segment Contributions: Evaluate how different segments drive overall growth in the medium voltage switchgear market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the medium voltage switchgear market.
•Industry Challenges: Identify potential risks and obstacles affecting the medium voltage switchgear market.
•Competitive Landscape: Review strategic developments in the medium voltage switchgear market, including expansions, agreements, and new product launches.
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