Global Medium Voltage (MV) Switchgear Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Medium Voltage (MV) Switchgear Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

From 3 KV to 36 KV switchgear system is categorized as medium voltage switchgear or MV switchgear. These switchgears are of many types. They may metal enclosed indoor type, metal enclosed outdoor type, outdoor type without metal enclosure, etc. The interruption medium of this switchgear may be oil, SF and vacuum. The main requirement of MV power network is to interrupt current during faulty condition irrespective of what type of CB is used in the MV switchgear system.

Market Overview:

The latest research study on the global Medium Voltage (MV) Switchgear market finds that the global Medium Voltage (MV) Switchgear market reached a value of USD 19319.87 million in 2022. It’s expected that the market will achieve USD 24651.56 million by 2028, exhibiting a CAGR of 4.15% during the forecast period.

Influence of COVID-19 Outbreak on Medium Voltage (MV) Switchgear Industry

Development

Impacts from the short-term
In the short term, the medium-voltage switchgear product's sharp year-on-year decline was due to the impact of the epidemic. Downstream projects such as power plants, commercial departments, natural gas and petrochemical companies resumed slower than the same period. However, considering that the construction period of the related projects downstream of the medium-voltage switchgear is long, and the demand has a certain rigidity. Small and medium-sized medium-voltage switchgear companies suffered from the epidemic and faced tight funds and increased credit risk, which in turn caused a certain negative impact on the cash flow of operating activities of mediumvoltage switchgear companies.
Impacts from the long-term
In the long term, the impact of the epidemic is more of a delay in the demand for medium-voltage switchgear than it is to eliminate it. In many countries, after the epidemic, investment in infrastructure investment fields such as power grids is a highly probable event, which will benefit the sales of the medium voltage switchgear market. Since the demand for equipment renewal that drives this round of mediumvoltage switchgear sales growth has been gradually released, it is expected that the growth rate of medium-voltage switchgear sales of major enterprises will increase.

Strength

The increasing demand for electrification in emerging countries and the adoption of smart grid technology are one of the main factors that are expected to drive the market demand for medium voltage switchgear in the next few years. Emerging countries have always had electrification problems, which has hindered the growth of industry and construction. In addition, the lack of proper electrification in the industry has hindered the use of switchgear and other advanced equipment that requires electricity.

Weakness

Due to the high operating costs of switchgear, market growth may be hindered. More and more environmental concerns in various countries, such as the recycling and management of electronic waste. The increasing prevalence of local manufacturing dominance and the increase in foreign companies have led to increased competition. Overcapacity of medium-voltage switches, many countries generally implement low-price tender policy, regardless of technical level and quality, often the lowest price or close to the lowest bid. The quality control system is not perfect, and many small and medium-sized enterprises continue to buy prototypes to do formal tests.
Opportunities
Large-scale suburban immigration and favorable regulatory measures to ensure the healthy lives of family residents have led to urbanization and commercial expansion worldwide. The apparent increase in peak load demand has forced utilities and installers to upgrade and upgrade to universal power components to ensure the reliability and safety of the power grid. In the future, the increase in demand for effective power distribution networks will promote the growth of energy demand, which will benefit the market share of mediumvoltage switchgear.
Threat
The high-end medium-voltage products that are popular in the medium-voltage switch market, such as vacuum circuit breakers, all originate from a small number of manufacturers. There are really few independent and innovative products developed by small and medium enterprises. Because the financial resources and talents of SMEs are insufficient, development means are limited. Advanced technological equipment and techniques are important conditions for organizing mass production of modern electromechanical products. At present, in the medium-pressure field, vacuum pole column epoxy casting process equipment, switchgear cabinet body water assembly production line, etc., even if the enterprise has already produced a certain scale enterprise, it is still not perfect enough, and has not reached the advanced process level.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

ABB, Schneider Electric, Siemens AG, Mitsubishi Electric and Toshiba International Corporation are the five key players in the global Medium Voltage (MV) Switchgear market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Medium Voltage (MV) Switchgear market in the past 5 years.

Sweden General Electric Brown-Bowery is a Swiss-Swedish multinational company headquartered in Zurich, Switzerland, with a business scope mainly in the fields of robots, motors, energy, automation and so on. In 2018, the company ranked 314th in the Fortune Global 500 and has been on the list for 23 consecutive years. ABB is one of the largest engineering companies in the world and one of the largest enterprise groups in the world.

Schneider Electric SE is a French multinational company established in 1836. It is one of the world’s largest energy management companies and one of the optimized solution providers. Its main products include circuit breakers, sensors, controllers, etc. And network, building, to provide overall solutions. Among them, in the energy, infrastructure, industrial process control, building automation, data center and network markets, all are in the world's leading position.

Segmentation Overview:

Among different product types, 6kV – 15kV segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Power Plant segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Medium Voltage (MV) Switchgear market covered in Chapter 3:

Lucy Electric
Toshiba International Corporation
Efacec Power Solutions
ABB
WEG
Siemens AG
BHEL
Eaton
Schneider Electric
Powell
Hyundai Electric & Energy
Mitsubishi Electric
Fuji Electric
Chint Group
Hyosung Heavy Industies

In Chapter 4 and Chapter 14.2, on the basis of types, the Medium Voltage (MV) Switchgear market from 2018 to 2029 is primarily split into:

28kV – 40kV
17kV – 27kV
6kV – 15kV
3kV – 5kV

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Medium Voltage (MV) Switchgear market from 2018 to 2029 covers:

Utility Sector
Power Plant
Paper and Pulp Industry
Oil, Gas and Petrochemical
Commercial Sector
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)