New York, May 19, 2023 (GLOBE NEWSWIRE) — As per the research report Global Medium Voltage Switchgears Market published by Consegic Business Intelligence, the market was worth USD 51.40 Billion in 2022 and is anticipated to reach over USD 86.34 Billion by the year 2030, growing at a CAGR of 7.0%.
A medium voltage switchgear is defined as a set of electrical equipment that is surrounded by a metal structure. The set includes several components namely transformers, switches, circuit breakers, and fuses. In addition, medium voltage switchgear is majorly employed to provide better control, protection, and separation of electrical equipment from each other. Furthermore, switchgears are widely employed in the industrial sector to reduce voltage flow, particularly in power transmission and distribution systems in situations of short circuits.
The major driver responsible for the growth of the market is the ability of switchgear to offer improved safety, protection, and reliability. The capacity of switchgear to provide protection against electrocution or shock increases the adoption of medium voltage switchgear in residential and institutional settings. In addition, switchgears are less prone to suffer from fluctuations and power surges in electrical current thus improving the system reliability over the long term. Consequently, the aforementioned factors including enhanced protection, safety, and reliability contribute significantly to driving the growth of the global medium voltage switchgears market. For instance, in February 2020, Eaton and Abunayyan Holding formed a joint venture to produce medium voltage switchgears in the Middle East. The aim of the collaboration is to provide reliable and efficient switchgear to the oil & gas and power market in the Gulf countries including Saudi Arabia.
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The surge in initiatives to shift from hydrocarbons to renewable energy sources is expected to create opportunities for the growth of the market. Increasing adoption of the medium voltage switchgears to enable safe switching of direct current is considered to be one of the key factors expected to positively impact the adoption of the switchgears in renewable energy sector. However, stringent government regulations in countries including the United States and Europe on the release of Sulfur Hexafluoride (SF6) gas that contribute to global warming is impeding the growth of the market.
Global Medium Voltage Switchgears Market Segmentation Details:
Based on Component, the circuit breakers segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of circuit breakers to protect the device from damage caused by excessive current flow. In addition, the increasing adoption of circuit breakers for the protection of electrical machines, capacitors, transformers, and generators is also contributing significantly in propelling the market growth.
Based on Insulation, the air insulated switchgears segment offered substantial shares to the global medium voltage switchgears market in the year 2022. The increasing demand for air insulated switchgear from various sectors including mining, data centers, marine, oil and gas, and nuclear power is responsible for driving the growth of the market. In addition, the emergence of advanced technologies that quickly identify issues including condensation and poor environmental conditions is also contributing considerably to boosting the market growth.
Based on Installation, the outdoor switchgear segment holds the maximum share to the market growth in the year 2022. The growth is attributed to the ability of outdoor switchgear to offer improved durability as the switchgears are directly subjected to dust, rain, and other environmental effects. Additionally, outdoor switchgears are tamper-resistant and are ideal for feeder sectionalizing, utility distribution, and circuit protection applications. Furthermore, the development of advanced alternatives to improve efficiency and reduce carbon footprints is also promoting the installation of medium voltage switchgear in the outside environment.
Based on Voltage, the 12kV to 18 kV segment contributed the largest shares to the market growth in 2022. The voltage range is considered as a standard range for the functioning of medium voltage switchgears. Additionally, the capability of 12kV-18kV switchgears to provide a high safety level including arc protection is contributing significantly in driving the market growth. Moreover, the 12kV-18kV range is considered ideal to work with metering systems and smart grid networks further, driving the growth of the global medium voltage switchgears market.
Based on end-user, the industrial segment offered substantial shares to the global medium voltage switchgears market in the year 2022. The increasing adoption of medium voltage switchgear in various industries namely gas and petrochemical, power plants, and utility sectors is promoting the growth of the market. Furthermore, the development of advanced switchgear to offer convenience by automatically monitoring the voltage of current in an electrical system is increasing the demand for medium voltage switchgear in industries which in turn, promotes the growth of the market.
Based on region, North America has been a major contributor to the growth of the medium voltage switchgears market. The growth is attributed to the advancements in technology including IoT and advanced sensors that is primarily responsible for driving the market growth in the region. Moreover, the ability of switchgear to identify potential issues in real-time, reducing operational costs and downtime is also accelerating the market growth in North America. In addition, the region has a strong supply chain network in both national and international markets that further drives the growth of the medium voltage switchgears market.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 86.34 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 7.0% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Schneider Electric SE, NOJA Power Switchgear Pty Ltd, ABB, Siemens AG, Hitachi Group, Bharat Heavy Electricals Limited, Eaton Corporation Plc, General Electric, Mitsubishi Electric Corporation, Fuji Electric Co. |
| By Component |
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| By Insulation |
|
| By Installation |
|
| By Voltage |
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| By End-User |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
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Key Market Highlights
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in medium voltage switchgears.
- Globally, Medium Voltage Switchgears are divided based on the component into circuit breakers, switches & disconnector, contactors, fuses, and others.
- In the context of insulation, the market is separated into air insulated switchgears, gas insulated switchgears, oil insulated switchgears, and vacuum insulated switchgears.
- The installation segment of medium voltage switchgear is bifurcated into indoor and outdoor.
- On the basis of voltage, the market is categorized into 1kV-6kV, 6kV-12kV, 12kV-18kV, 18kV-24kV, 24kV-30kV, and More than 30kV.
- The end-user segment is trifurcated into residential, commercial, and industrial.
Medium Voltage Switchgears Market Growth Drivers:
- The increasing demand for renewable and sustainable medium-voltage (MV) switchgear to deliver better performance and efficiency is driving the growth of the market.
- The increasing investments by key manufacturers in research and development to produce advanced sensors, used in medium voltage switchgear is promoting market growth.
- The growing adoption of switchgear in various industrial settings namely oil & gas plants and power and utility industries to monitor the voltage of electric current is contributing significantly in driving the market growth.
Restraints
- Stringent government regulations regarding the emission of SF6 gas restrain the growth of the market.
Opportunities
- Surge in initiatives to shift from hydrocarbons to renewable energy sources is expected to create potential opportunities for the growth of the market.
Recent Developments
- In March 2021, Siemens completed the acquisition of C&S Electric to cater to the increasing demand for electrification. The scope of the acquisition involves medium voltage switchgear components including fuses and circuit breakers to expand Siemens’s portfolio in the medium voltage switchgear market.
- In February 2020, Tricolite Electrical Industries collaborated with Schneider Electric for the development of a new medium voltage switchgear, Premset. The partnership is considered as a strategic decision by Schneider Electric to expand the company’s footprint in the Indian switchgear market.
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List of Major Global Medium Voltage Switchgears Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Schneider Electric SE
- NOJA Power Switchgear Pty Ltd
- ABB
- Siemens AG
- Hitachi Group
- Bharat Heavy Electricals Limited
- Eaton Corporation Plc
- General Electric
- Mitsubishi Electric Corporation
- Fuji Electric Co.
Global Medium Voltage Switchgears Market Segmentation:
- By Component
- Circuit Breakers
- Switches & Disconnector
- Contactors
- Fuses
- Others
- By Insulation
- Air Insulated Switchgears
- Gas Insulated Switchgears
- Oil Insulated Switchgears
- Vacuum Insulated Switchgears
- By Installation
- Indoor
- Outdoor
- By Voltage
- 1kV-6kV
- 6kV-12kV
- 12kV-18kV
- 18kV-24kV
- 24kV-30kV
- More than 30kV
- By End-User
- Residential
- Commercial
- Industrial
Key Questions Covered in the Medium Voltage Switchgears Market Report
- What will be the potential market valuation for the medium voltage switchgears industry by 2030?
– The market valuation for the medium voltage switchgear industry is expected to be approximately USD 86.34 Billion by 2030 driven by the increasing adoption of switchgear to lower the voltage of electrical systems in various industries.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the medium voltage switchgear market’s growth in the coming years?
– Asia Pacific is anticipated to have the largest impact on the medium voltage switchgears market during the forecast period owing to the increasing electricity demand and upgradation of the aging electrical grid infrastructure. In addition, the growing demand for energy efficiency in power grid systems is also raising the demand for energy-efficient switchgear in Asia Pacific countries.
- What specific segmentation details are covered in the medium voltage switchgears market report, and how is the dominating segment impacting the market growth?
– The report consists of segments including component, insulation, installation, voltage, and end-user. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the component segment has witnessed circuit breakers as the dominating segment in the year 2022. The growth is attributed to the ability of circuit breakers to sense the anomaly and interrupt the power flow in several situations including an electrical fault.
- What specific segmentation details are covered in the medium voltage switchgear market report, and how is the fastest segment anticipated to impact the market growth?
– The report consists of segments including component, insulation, installation, voltage, and end-user. Each segment is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. For instance, in the insulation segment, air insulated switchgear is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the ability of gas insulated switchgear to offer better protection and efficiency in comparison to other switchgear.
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