Medium Voltage Switchgear Market By Voltage (3kV - 5kV, 6kV - 15kV, 16kV - 27kV, 28kV - 40kV), By Current Type (AC, DC), By Insulation Type (Air Insulated Switchgear, Gas Insulated Switchgear, Others (Oil and Solids)), By Application (Transmission and Distribution Utilities, Commercial and Residential, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global medium voltage switchgear market was valued at $14.5 billion in 2021, and is projected to reach $31.7 billion by 2031, registering a CAGR of 8.2% from 2022 to 2031.
The medium voltage switchgear market consists of sales of medium voltage switchgear and related services that manufacture medium voltage switchgear which are electrical switchgear rated between 2KV and 36KV. The medium voltage switchgear is the combination of electrical switches, fuses or circuit breakers used to operate, secure and separate electrical equipment. The market for medium voltage switchgear is anticipated to be driven by the demand for power generation. Continuous electricity supply is necessary for the growth of industrialization and urbanisation, and the performance of the switchgear has a significant impact on the reliability of the electrical supply. The production of energy is growing sustainably along with demand in both rural and urban areas with continued improvements to the integration of supply-side protection, which will propel industrial growth. In 2019, for instance, the Indian government is working on two of the most important electrification programmes, the Pradhan Mantri Sahaj Bijli Har Ghar Yojana and the Deen Dayal Upadhyaya Gram Jyoti Yojana, to deliver energy, with a budget allocation of $6.98 billion (INR 50,000 crores).
The medium voltage switchgear market is segmented on the basis of voltage, current type, insulation type, application, and region. On the basis of voltage, the market is divided into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. On the basis of current type, the market is bifurcated into AC and DC. On the basis of insulation type, the medium voltage switchgear market is divided into air insulated switchgear, gas insulated switchgear and others (oil and solids). On the basis of end-use industry, the market is divided into transmission and distribution utilities, commercial & residential and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating in the medium voltage switchgear market are ABB Ltd, General Electrics, Schneider Electrics, Siemens AG, Toshiba Corporation, Mitsubishi Electrics, Eaton Corporation, Bharat Heavy Electrical Ltd., Chint group, Efacec, Fuji Electric Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., Jyoti group, Ormazabel, Power Well Inc. and LUCY group Ltd. The report includes the study of the medium voltage switchgear market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Impact of Covid-19 on Medium Voltage Switchgear Market
Due to COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production of raw materials and disrupted supply chains. Thus, affected the global economic growth by a substantial proportion and severely impacted the market growth.
The COVID-19 outbreak has moderately affected the medium voltage switchgear market due to lockdown measures, the closure of various manufacturing and industrial facilities, and the delay of several infrastructure projects. It had a negative impact on different industries like automobile, aerospace, transportation and construction. The commercial, residential and industrial projects were put on hold due to the strict regulations imposed by the government.
The transportation sector has halted due to the pandemic which caused the stoppage of raw materials required for the manufacturing of the switchgears. Also the reduced manpower has delayed the production process due to the limited number of labor allowed to work.
However, the industry will experience a significant rise due to the ongoing expansion of grid infrastructures along with shifting focus on the adoption of renewable energy. Moreover, increasing investments in infrastructural development combined with the growing necessity for continuous & reliable electrical supply will boost the business outlook.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medium voltage switchgear market analysis from 2021 to 2031 to identify the prevailing medium voltage switchgear market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the medium voltage switchgear market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global medium voltage switchgear market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Voltage
3kV - 5kV
6kV - 15kV
16kV - 27kV
28kV - 40kV
By Current Type
AC
DC
By Insulation Type
Air Insulated Switchgear
Gas Insulated Switchgear
Others (Oil and Solids)
By Application
Transmission and Distribution Utilities
Commercial and Residential
Others
By Region
North America
Canada
Mexico
U.S.
Europe
Germany
UK
France
Italy
Spain
Rest Of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest Of LAMEA
Key Market Players
ABB Ltd
Siemens AG
General Electric
Mitsubishi Electric Corporation
Schneider Electric
Ormazabal
Bharat Heavy Industries
Hyundai Electric & Energy Systems Co., Ltd.
Powell Industries
TOSHIBA Corporation
Eaton Corporation
Chint Group
Hyosung Heavy Industries
Lucky Group Ltd.
Jyothi Ltd.,
Fuji Electric Co., Ltd
SENTEG
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