Medium voltage switchgear market comprises of sales of medium voltage switchgear & related services that manufacture the medium voltage switchgear which are electrical switchgear rated between 2KV and 36KV. Medium voltage switchgear is a combination of electrical switches, fuses/circuit breakers used to function, secure and separate electrical equipment. It is used for providing protection to different electric motor control systems that installed in different end user segments.
According to study, “Medium Voltage Switchgear Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global medium switchgear market are General Electric, Eaton Corporation plc, Schneider Electric SE, ABB, Siemens AG, Larsen & Toubro, Ltd., CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation, Alstom SA, Hitachi, Ltd., Hawker Siddeley Switchgear Ltd., Elektrobudowa SA GROUP, Hyosung Corporation, Efacec Power Solutions S.G.P.S. S.A., and Toshiba Corporation. Technological collaborations, application focused Research & Development (R&D), and product assortments have been the key strategic inferences as followed by the leading industry players.
Based on component type, medium switchgear market is segmented as circuit breakers, switches & disconnector, contactors, fuses and others. Based on insulation, market is segmented as gas insulated switchgear, air insulated switchgear, oil insulated switchgear, vacuum insulated switchgear and others. Based on installation, market is segmented as outdoor and indoor. Based on enclosure, market is segmented as metal and non metal. Based on voltage, market is segmented as 3 kV to 9 kV, > 9 kV to 15 kV, > 15 kV to 21 kV, > 21 kV to 27 kV, > 27 kV to 33 kV, > 33 kV. The demand for 3kV to 5 kV switchgears is likely to increase at an exponential rate owing to rise in usage in electrification in residential, commercial, and other real estate projects during the forecast period. Based on end-use, market is segmented as power stations, local electricity supply, transformer substations and others. In addition, based on application, market is segmented as residential, commercial (hospitality, offices, healthcare, retail and education) industrial (power, railways, arc furnace, oil & gas and manufacturing & processing industries), utility and others.
The medium switchgear market is driven by rise in peak load demand, followed by increase in electricity demand, expansion of micro-grid networks, integration of a sustainable energy infrastructure and increase in grid stability & security of supply concerns. However, high dependency on imports and slow paced technological evolution across developing regions may impact the market.
Based on geography, the Asian-Pacific region dominates the global medium switchgear market owing to increase in initiation of smart grid initiatives by several governments in the region. The European and North-American regions are estimated to witness higher growth rate due to rise in demand for electrification over the forecast period. It is anticipated that future of the global market will be bright as a result of huge investment for upgrading power transmission and distribution systems during the forecast period. The global medium voltage switchgear market was valued at US $20.58 billion in 2019 and it is predictable to grow at a compound annual growth rate (CAGR) of 10.89% and reach US $31.12 billion by 2023.
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Ankur Gupta, Head Marketing & Communications