The Medium Voltage Switchgear Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medium Voltage Switchgear Global Market Report 2024, The medium voltage switchgear market size has grown strongly in recent years. It will grow from $43.91 billion in 2023 to $47.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to infrastructure development projects, urbanization and industrialization, renewable energy integration, stringent electrical safety standards, increasing electricity consumption.
The medium voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $59.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to focus on energy efficiency, grid modernization initiatives, expansion of renewable energy capacity, increasing industrial automation, rising demand in emerging markets. Major trends in the forecast period include remote monitoring and diagnostics, cybersecurity measures, advanced communication protocols, transition to gas-insulated switchgear (gis), global electrification initiatives.
The demand for electricity generation is projected to drive the medium voltage switchgear market. Development of industrialization and urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth. For instance, in August 2022, according to the Indian Brand Equity Foundation (IBEF), India-based, an India-based government agency for providing economic information, the government of India started the Pradhan Mantri Sahaj Bijli Har Ghar Yojana, or “”Saubhagya,”” intending to achieve universal household electrification through which 2.82 crore houses had been electrified as of March 2021. Additionally, the government provided Rs. 19,500 crores ($2.57 billion) in the Union Budget 2022–23 for a PLI scheme to promote the production of high-efficiency solar modules for electricity generation.
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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
The development of eco-efficient switchgear has become an emerging trend in the medium-voltage switchgear market. Eco-efficient switchgear is an alternative to greenhouse gas sulfur hexafluoride (SF6) for improved eco-efficiency and less environmental impact. Switchgear of SF6 gas is used as the electrical insulation and current interruption medium and is extremely restricted to greenhouse gas. For instance, in November 2022, Hitachi Energy, a Switzerland-based company operating in an energy solution, introduced sulfur hexafluoride (SF6) free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology to achieve carbon neutrality in the power grid. Therefore, a rise in the usage of eco-efficient switchgear is gaining popularity in the medium-voltage switchgear market.
The medium voltage switchgear market report table of contents includes:
1. Executive Summary
2. Medium Voltage Switchgear Market Characteristics
3. Medium Voltage Switchgear Market Trends And Strategies
4. Medium Voltage Switchgear Market – Macro Economic Scenario
5. Global Medium Voltage Switchgear Market Size and Growth
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31. Medium Voltage Switchgear Market Other Major And Innovative Companies
32. Global Medium Voltage Switchgear Market Competitive Benchmarking
33. Global Medium Voltage Switchgear Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medium Voltage Switchgear Market
35. Medium Voltage Switchgear Market Future Outlook and Potential Analysis
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