Selbyville, Delaware, March 23, 2023 (GLOBE NEWSWIRE) --
The North America medium voltage switchgear market is expected to record a valuation of USD 15 billion by 2032. Rising emphasis on the refurbishment of existing grid infrastructure will boost the adoption of medium-voltage switchgear components in the region. For example, in November 2022, the U.S. government announced financing opportunities worth USD 13 billion through the U.S. Department of Energy for electric grid modernization and expansion. Several government agencies have also been collaborating with public and private partners to improve, strengthen, and transform energy infrastructure. With rapid digitalization, energy demand from the commercial and residential sectors will further rise, further amplifying MV switchgear installation.
The ≥ 21 kV to < 27 kV MV switchgear market in North America is predicted to observe more than 6% gains through 2032, given its applicability across residential and commercial sectors. This switchgear can also be equipped with circuit breakers, switch disconnectors, and conventional instrument transformers, enabling efficient protection of electrical circuits. With the rapid suburban migration, the construction of large and multi-story residential apartments and complexes has increased, thereby bolstering MV switchgear acceptance.
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The oil insulation segment is slated to hold a considerable share of the North America MV switchgear market by 2032. The advancement in specifications for energy-efficient transmission and distribution systems and the introduction of effective distribution technologies are among the key growth drivers. Large-scale power networks have also been expanding at a rapid pace. Furthermore, the replacement cost of large-scale electrical networks and the escalating adoption of advanced technological systems in the electric power industry will contribute to the installation of oil-insulated MV switchgear across the region.
Based on the application, the transformer substations segment is estimated to record significant gains through 2032, owing to the strong demand for electricity and reliable transmission and distribution systems. Based on the EIA, power consumption is projected to climb to 4,010 billion kWh in 2022 and 4,019 billion kWh in 2023. This increase in electricity use, along with the surging need for energy efficiency, will strengthen MV switchgear adoption across transformer substations.
Industrial application segment held over 20% share of the North America MV switchgear market in 2022, as a result of the rise in peak load demand. This trend has compelled utilities to upscale and upgrade their power supply components to ensure grid security and reliability, contributing to product usage across industry verticals. The report further claims that the shift toward the integration of electric-powered transportation units and industries will create lucrative opportunities for medium-voltage switchgear manufacturers.
Mexico medium voltage switchgear market is projected to expand at more than 9% CAGR through 2032, due to the requirement for continuous electricity supply and the subsequent expansion of energy grid networks. Regional developers have shifted their focus toward sustainable energy infrastructure development. Additionally, favorable measures to address elevating power demand, alongside the burgeoning investment in commercial power infrastructure development, will accelerate regional industry development.
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Leading players operating in the MV switchgear market in North America are Hyosung Heavy Industries, ABB, Avail Infrastructure Limited, Siemens, Schneider Electric, Ormazabal, Toshiba Corporation, General Electric, CHINT Group, Eaton, WEG, and Powell Industries Limited. These companies are focusing on advanced product launch strategies to reinforce their presence in the global industry. For instance, in October 2021, Schneider Electric unveiled the RM AirSeT, a next-generation digital and green MV switchgear combining pure air technology and the latest GIS. This product was designed to enhance the reliability and operational performance of electric utilities.
Partial Table of Contents (ToC) of the report:
Chapter 2 North America MV Switchgear Market Insights
2.1 Industry ecosystem analysis
2.2 Regulatory Landscape
2.3 COVID- 19 impact on the industry outlook
2.4 Price trend analysis
2.5 Industry impact forces
2.5.1 Growth drivers
2.5.1.1 Expansion of smart grid networks
2.5.1.2 Refurbishment & retrofit of the existing grid infrastructure
2.5.1.3 Grid stability & security of supply concerns
2.5.2 Industry pitfalls and challenges
2.5.2.1 High dependency on imports
2.6 Growth potential analysis
2.7 Porter's Analysis
2.7.1 Bargaining power of suppliers
2.7.2 Bargaining power of buyers
2.7.3 Threat of new entrants
2.7.4 Threat of substitutes
2.8 PESTEL Analysis
