How big is the medium voltage switchgear market today, and what are its future growth expectations?
The medium voltage switchgear market size has grown strongly in recent years. It will grow from $44.92 billion in 2024 to $48.28 billion in 2025 at a compound annual growth rate (CAGR) of 7.5%. 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 $60.11 billion in 2029 at a compound annual growth rate (CAGR) of 5.6%. 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), and global electrification initiatives.
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How has the medium voltage switchgear market evolved, and what factors have shaped its growth?
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 January 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global electricity generation increased by 2.6% in 2023, returning to pre-pandemic growth rates after a slower pace in previous years. Thus, the demand for electricity generation is driving the growth of the medium voltage switchgear market.
What are the major segments 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 companies dominate the medium voltage switchgear market?
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.
How will evolving trends contribute to the growth of the medium voltage switchgear market?
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.
What are the key regional dynamics of the medium voltage switchgear market, and which region leads in market share?
The countries covered in the medium voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
What Does The Medium Voltage Switchgear Market Report 2025 Offer?
The medium voltage switchgear market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Medium voltage switchgear refers to electrical switchgear rated between 2 KV and 36 KV. It provides central control and safety for medium-voltage power circuits and equipment.
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