Global Medium Voltage Switchgears Market growing at a CAGR of 7.0 % from 2023 to 2030
Category : Energy and Power | Published Date : May 2023 | Type : Press Release
Key Market Overview
Consegic Business Intelligence analyses that the medium voltage switchgear market is poised for strong expansion and is expected to witness significant growth at a remarkable CAGR of 7.0% during the forecast period of 2023-2030. The market was valued at USD 51.40 Billion in 2022 and is predicted to reach USD 86.34 Billion by 2030.
The report highlights the increasing adoption of medium voltage switchgear in many industrial settings to monitor the voltage in an electrical system to prevent short circuits or power outrage. Consegic Business Intelligence provides an inclusive research report on the medium voltage switchgear market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Medium Voltage Switchgears Market By Overview
The report analyses significant segments such as component, insulation, installation, voltage, end-user, and region, to identify emerging trends and potential opportunities. The fuses segment is expected to grow during the forecast period owing to the increasing applications of fuses to provide overcurrent protection in industrial settings. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
Get Free SampleMarket Dynamics
Driver:
- 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 the 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 Sulfur Hexafluoride (SF6) gas restrain the growth of the market.
Market Segmentation:
| Report Attributes | Report Details |
| By Component | Circuit Breakers, Switches & Disconnector, Contactors, Fuses, and Others |
| By Insulation | Full Flight Simulator (FFS), Flight Training Device (FTD), Aviation Training Device (ATD)), Installation (Indoor and Outdoor |
| By Installation | Indoor and Outdoor |
| By Voltage | 1kV-6kV, 6kV-12kV, 12kV-18kV, 18kV-24kV, 24kV-30kV, and More than 30kV |
| By End-User | Residential, Commercial, and Industrial |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
As per the study, the market is dominated by certain major companies such as Schneider Electric SE, NOJA Power Switchgear Pty Ltd, ABB, and Siemens AG that have a strong market position in current market circumstances. Further, the medium voltage switchgear market is expected to witness significant growth in coming years owing to the advancements in technology and increasing adoption of air insulated switchgear that enables 24/7 condition monitoring of the system to detect any voltage load on the system. The market players compete for a firm market position through mergers and acquisitions, Insulation innovations, and business strategies. Thus, evolving research and developments in the medium voltage switchgears market are expected to help market players adopt innovative ways of Insulation creation to cater to the growing needs of various end-use industries.
- 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.
