Medium Voltage Switchgear Market revenue to reach USD 60 Billion by 2035, says Research Nester

Leading medium voltage switchgear market players include Siemens AG, Schneider Electric SE, General Electric Company, Bharat Heavy Electricals Limited, Eaton Corporation Plc, Mitsubishi Electric Corporation, Powell Industries, Inc., ABB, Elatec Power Distribution GmbH, and Chint Group Corporation.

New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global medium voltage switchgear market size is projected to expand at ~7% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 60 billion by the end of 2035, up from a revenue of ~USD 37 billion in the year 2022.The growth of the market is attributed to the increasing demand for electric machines. These devices generally operate at voltages between 1kV and 73kV and therefore require reliable switching devices to ensure safe and effective operation. Trade in electrical machinery accounts for about 0.32% of world trade. Other electrical machinery ranked 60th in world trade in 2020 with the world trade volume of USD 53 billion.

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Among the factors believed to be driving the growth of the medium voltage switchgear market is the increasing demand for electricity. As the economy develops and the population grows, so does the demand for electricity to power businesses, homes and industries. Many industries require large amounts of electricity to run their daily operations. In addition, many electrical systems around the world are aging. Therefore, the need to replace old networks with new ones is also likely to drive the growth of the market.

In addition, the government is also implementing regulations to replace the old infrastructure for the efficient sale and transmission of energy.

Medium Voltage Switchgear Market: Key Takeaways

  • Market in Asia Pacific to propel highest growth
  • The power stations segment to garner the highest growth
  • Market in North America to grow at a highest rate

Increasing Demand for Electricity across the Globe to Boost Market Growth

Medium-voltage switchgear is used not only for power transmission over long distances, but also for regional distribution to load centers. Global electricity demand is expected to increase in 2021. According to the International Energy Agency's January 2022 semi-annual electricity market report, the growth was the largest ever at about 1,500 terawatt hours. Medium-voltage switchgear is mainly used to distribute electrical energy to various power grids. Therefore, rural electrification is likely to drive the market growth. In India, rural electrification projects began in the 1960s and have seen some success in recent years. By the end of FY2020, more than 598,000 villages in India had been electrified, the same number as in the previous year.

Due to the increasing expansion of new grids, the demand for medium-voltage switchgear is increasing significantly. The main driver of investment is infrastructure aging as one third of the distribution networks in the EU are over 40 years old. By 2030, half of the grids could have exceeded this level. Medium voltage switchgear contributes to the peak performance of smart grid networks in many ways, including feed-in automation with integrated communications and local intelligence. According to the International Energy Agency, investment in smart grids is expected to double worldwide by 2030.

Medium Voltage Switchgear Market: Regional Overview

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Expanding Government Initiatives and Regulations to Drive the Market Growth in Asia Pacific Region

The medium voltage switchgear market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Governments in the Asia Pacific region are implementing regulations and initiatives to promote energy efficiency, grid reliability, and renewable energy integration. These policies encourage the adoption of advanced switchgear technologies, including medium voltage switchgear, to achieve the desired goals.

The Asia Pacific region has been actively investing in renewable energy sources such as solar and wind power. These sources often require robust electrical infrastructure, including medium voltage switchgear, to efficiently transmit and distribute the generated power. For instance, India has set ambitious renewable energy targets, aiming to achieve 175 GW of renewable capacity by 2022. Many countries in the Asia Pacific region are focusing on modernizing their aging power infrastructure to enhance reliability, efficiency, and safety. Upgrading outdated systems often involves replacing old switchgear with more advanced and efficient medium voltage switchgear solutions.

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Growing Electrical Safety Regulations to Propel the Growth in the North America Region

The North America medium voltage switchgear market is estimated to garner the highest CAGR by the end of 2035. North America has been actively investing in renewable energy sources, such as wind and solar power. The integration of renewable energy into the electrical grid requires robust medium voltage switchgear to ensure efficient transmission and distribution. According to the U.S. Energy Information Administration (EIA), renewable energy accounted for more than 20% of total electricity generation in the United States in 2020.

The aging power grid infrastructure in North America requires upgrading to meet the growing electricity demand and to improve grid reliability. Upgrading old systems involves the replacement of outdated switchgear with more advanced and intelligent medium voltage switchgear solutions. North America has implemented stringent electrical safety regulations to protect workers and ensure the reliability of power distribution networks. Compliance with these regulations often requires the installation of modern and reliable medium voltage switchgear that can withstand fault currents and provide effective protection. These regulations have driven the demand for upgraded switchgear solutions in the region.

Medium Voltage Switchgear, Segmentation by End Use

  • Power Stations
  • Local Electric Supply
  • Transformer Substations

Amongst these segments, the power stations segment in medium voltage switchgear market is anticipated to hold the largest share over the forecast period. The segment's growth is due to the increased number of power plants. There are more than 35,000 power plants in 167 countries, with most of them making up thermal power plants such as coal, gas, oil, nuclear, biomass, waste, geothermal, and renewable energies such as hydro, wind, and solar.

In addition, increased power generation from power plants is also expected to drive the growth of the segment. The Three Gorges Dam in China is the largest power station in the world. Generated about 100,000 trillion kWh in 2021. Next is the Itaipu Dam in Brazil. Conventional thermal power plants, such as coal-fired and gas-fired power plants, continue to play a crucial role in the power generation mix. These power plants utilize medium voltage switchgear for various applications, including power distribution, protection, and control. Although the focus has shifted toward cleaner energy sources, thermal power plants still contribute significantly to the power generation capacity.

Medium Voltage Switchgear, Segmentation by Application

  • Residential
  • Commercial
  • Industrial
  • Utility

Amongst these segments, the residential segment in medium voltage switchgear market is anticipated to hold a significant share over the forecast period. Rapid urbanization and population growth in many regions of the world have led to the construction of residential buildings and complexes. As cities expand, there is a rising demand for reliable and efficient electrical distribution systems, including medium voltage switchgear, to meet the electricity needs of residential areas. According to the United Nations, the urban population is projected to reach 68% by 2050. The increasing energy consumption in residential buildings, driven by rising living standards and the adoption of modern appliances and devices, has heightened the need for effective power distribution and protection systems. Medium voltage switchgear is employed to manage and distribute electricity within residential areas efficiently. The integration of renewable energy sources, such as solar panels, in residential buildings is gaining popularity globally.

Medium voltage switchgear plays a crucial role in integrating renewable energy into the residential power grid by managing the flow of electricity between the grid and residential systems. The increasing deployment of solar panels in residential buildings drives the demand for medium voltage switchgear in this segment. Energy efficiency measures and smart home technologies are becoming increasingly prevalent in residential buildings. Medium voltage switchgear, equipped with intelligent features and communication capabilities, enables efficient energy management and supports the implementation of smart home systems.

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Medium Voltage Switchgear, Segmentation by Insulation

  • Air
  • Gas
  • Oil
  • Vacuum

Medium Voltage Switchgear, Segmentation by Component

  • Circuit Breakers
  • Contractors
  • Switches & Disconnectors
  • Fuses

A few of the well-known market leaders in the medium voltage switchgear market that are profiled by Research Nester are Siemens AG, Schneider Electric SE, General Electric Company, Bharat Heavy Electricals Limited, Eaton Corporation Plc, Mitsubishi Electric Corporation, Powell Industries, Inc., ABB, Elatec Power Distribution GmbH, Chint Group Corporation, and other key market players.

Recent Development in the Medium Voltage Switchgear Market

  • The General Electric Company announced that it has been awarded the three-year master contract by SP Energy Network to supply the G3 circuit breaker. During the UK RIIO-T2 regulatory period, the High Voltage Main Plant (HV) agreement covers most of SP Energy Networks' 145kV SF6-free live tank circuit breakers requirements.
  • Eaton Corporation Plc announced the acquisition of a controlling interest of 82.275 percent in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S. known., a leading switchgear manufacturer based in Ankara, Turkey, mainly focusing on medium voltage solutions for utility and industrial customers.

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