Press release
Medium Voltage Switchgear Market Set to Reach USD 73.66 Billion by 2032
Medium Voltage Switchgear Market
The global Medium Voltage Switchgear Market was valued at USD 45.52 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 6.2%, reaching approximately USD 73.66 billion by 2032. This growth is driven by the increasing demand for reliable and efficient power distribution systems across various industries.
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► Competitive Landscape
Key players in the Medium Voltage Switchgear Market include ABB Ltd., Siemens AG, Schneider Electric SE, Eaton Corporation, and General Electric Company. These companies are focusing on technological advancements, smart grid integration, and expanding their product portfolios to meet the evolving needs of the power distribution sector.
► Regional Insights
United States: Growth and Updation
In the United States, the Medium Voltage Switchgear Market is experiencing significant growth due to the modernization of aging power infrastructure and the increasing demand for electricity. Companies like Hitachi Energy and Mitsubishi Electric Power Products are investing heavily in expanding their manufacturing capabilities to meet this demand. For instance, Hitachi Energy announced a $70 million expansion of its Mount Pleasant factory in Pennsylvania to double production of high-voltage equipment and establish a new facility, including a workforce training center. Similarly, Mitsubishi Electric Power Products is building a new $86 million switchgear factory and testing lab in Beaver County, Pennsylvania, anticipated to be completed by summer 2026, creating 200 jobs and sustaining over 800 existing positions.
Asia Pacific: Opportunity and Growth
The Asia Pacific region, particularly countries like China, India, and Southeast Asia, is witnessing rapid industrialization, leading to increased demand for medium voltage switchgear. The expansion of sectors such as manufacturing, mining, oil & gas, and data centers requires robust electrical infrastructure to support high power loads. For instance, mining production in China increased by 3.10% in December 2024 over the same month in the previous year, propelling the demand for medium voltage switchgears.
Europe: Trends and Consolidation
In Europe, the focus is on upgrading existing power infrastructure to accommodate renewable energy sources and improve grid reliability. Companies are consolidating their positions through strategic mergers and acquisitions. For example, ABB Ltd. announced an agreement to acquire the power electronics unit of Gamesa Electric in Spain from Siemens Gamesa to strengthen its position in renewable power conversion technology. The transaction is expected to be completed in the second half of 2025, with financial terms undisclosed.
Middle East and Africa: Updation and Opportunity
The Middle East and Africa region is investing in modernizing its power infrastructure to meet the growing energy demands. Countries are focusing on integrating renewable energy sources into their grids and enhancing the reliability of power distribution systems. Companies are exploring opportunities to provide advanced medium voltage switchgear solutions to support these initiatives.
► Recent Developments
In February 2025, TE Connectivity plc, a global leader in connectors and sensors, announced a definitive agreement to acquire Richards Manufacturing Co., a manufacturer of medium voltage switchgear components, from funds managed by Oaktree Capital Management, L.P., and members of the Bier family.
In December 2024, Siemens Gamesa announced the sale of its power electronics unit to ABB Ltd., aiming to strengthen ABB's position in renewable power conversion technology.
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► Medium Voltage Switchgear Market Segment Analysis:
by Type
Compact switchgear
Metal clad switchgear
Metal-enclosed switchgear
Pad-mounted switchgear
Vault or subsurface switchgear
Arc resistant switchgear
Others
by Insulation
Air Insulated Switchgear
Gas Insulated Switchgear
In 2024, the market for medium voltage switchgear was dominated by air-insulated switchgear by insulation. During the previously given forecast period, this segment is anticipated to increase at a CAGR of 7.1%. This is explained by the fact that AIS switchgear is the most widely used.
by End-Users
Power Plant
Gas and Petrochemical
Commercial Sector
Oil
Utility Sector
Paper and Pulp Industry
In 2024, the power plant category led the market by end users. Nonetheless, during the previously indicated projected period, the utility segment is anticipated to have rapid expansion. During the same projected period, it is anticipated to increase at a CAGR of 6.8%.
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► Medium Voltage Switchgear Market Key Players:
North America
1. ABB (Electronic Equipment and Instruments)
2. GE Aerospace
3. Eaton
4. RESA Power
5. LS Power Group
Europe
6. Siemens Energy
7. Efacec
8. Schneider Electric SE
9. Joulz
10. Lucy Group
11. Velatia
12. Arteche Lantegi Elekartea
13. Easun Reyrolle
APAC
14. Larsen & Toubro
15. Hitachi High-Tech
16. CG Power And Industrial Solutions
17. Mitsubishi Electric
18. Toshiba (Tokyo)
19. hyosung heavy industries
ME
20. Volts
21. Gulf Dynamic Switchgear
South America
22. Integração Transmissora de Energia
23. tavrida electric
24. WEG
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