Press release
Medium Voltage Switchgear Market Poised to Hit $57.62 Billion by 2029 with Accelerating Growth Trends
Medium Voltage Switchgear
Medium Voltage Switchgear Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the medium voltage switchgear market has seen robust growth. Its value, which is projected to be $44.02 billion in 2024, is expected to climb to $46.46 billion in 2025, at a compound annual growth rate (CAGR) of 5.5%. The significant expansion during this historical timeframe is mainly due to factors like infrastructure development initiatives, the process of urbanization and industrialization, integration of renewable energy, the enforcement of strict electrical safety regulations, and a surge in electricity consumption.
How Will the Medium Voltage Switchgear Market Size Evolve and Grow by 2029?
Anticipating robust expansion in the upcoming years, the medium voltage switchgear market is projected to inflate to $57.62 billion by 2029, yielding a compound annual growth rate (CAGR) of 5.5%. The expected growth during this forecast period can be credited to prioritizing energy efficiency, initiatives for modernizing the grid, expansion of capacity for renewable energy, heightened industrial automation, and burgeoning demand in budding markets. The forecast period will also see the progression of key trends including remote monitoring and diagnostics, the implementation of cybersecurity measures, the embrace of advanced communication protocols, the shift towards gas-insulated switchgear (GIS), and worldwide electrification initiatives.
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What Drivers Are Propelling the Growth of Medium Voltage Switchgear Market Forward?
The medium voltage switchgear market is expected to be fueled by the rising demand for electricity production. The expansion of industrial and urban sectors necessitates a constant flow of electricity, with the reliability of this supply being heavily determined by the efficacy of the switchgear. The sustainability of energy production matches the growing demand in both rural and urban areas, with continued enhancements to the integration of supply protection propelling industry growth. For example, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, observed a 2.6% increase in worldwide electricity production in January 2024, marking a return to pre-pandemic growth rates following slower years. Consequently, the growing electricity production demand is propelling the medium voltage switchgear market forward.
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Which Emerging Trends Are Transforming the Medium Voltage Switchgear Market in 2025?
The rise of eco-efficient switchgear is a noteworthy trend in the medium-voltage switchgear industry. This type of switchgear serves as an eco-friendly alternative to sulfur hexafluoride (SF6), a greenhouse gas traditionally used for electrical insulation and current interruption, but has strong links to environmental harm. For instance, in November 2022, Switzerland's Hitachi Energy, which specializes in energy solutions, unveiled an SF6-free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology. This technology is aimed at achieving carbon neutrality in the power grid. Thus, the demand for eco-efficient switchgear is picking up momentum in the medium-voltage switchgear sector.
What Are the Key Segments in 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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Who Are the Key Players Shaping the Medium Voltage Switchgear Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in 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.
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