Air Insulated Medium Voltage Switchgear Market Size - By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By End Use (Power Stations, Transformer Substations, Local Electricity Supply), Voltage, Application & Forecast, 2023 - 2032

Air Insulated Medium Voltage Switchgear Market Size - By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By End Use (Power Stations, Transformer Substations, Local Electricity Supply), Voltage, Application & Forecast, 2023 - 2032

Air insulated medium voltage switchgear market size is projected to expand at over 7.5% CAGR from 2023 to 2032 due to the heightened focus on reliable and secure power supply across numerous industries and the residential sector. The increasing demand for electricity worldwide is driving the expansion of power infrastructure and the higher integration of renewable energy sources, further fueling the demand for air insulated medium voltage switchgears.

The surging rate of urbanization and industrialization has also spurred the need for efficient power distribution. The rising technological advancements, including smart grid solutions and digitalization to enhance the functionality of air insulated switchgears will also favor the market growth. For instance, in September 2023, ABB launched UniGear ZS1, its latest air-insulated medium-voltage switchgear technology, with a 500 mm panel version with the aim to decarbonize and minimize emissions in existing industries.

The industry is segregated into voltage, component, insulation, end-use, application, and region.

Based on voltage, the air insulated medium voltage switchgear market from the >33 kV voltage segment is projected to witness substantial CAGR through 2032, driven by the increasing demand for reliable power distribution and expanding power infrastructure. The higher adoption of medium voltage switchgear in utility and industrial applications will add to the segment growth.

The fuse component segment is projected to accumulate sizeable revenue share through 2032, attributed to the rising emphasis on safety in power distribution, and the increasing awareness of overcurrent protection. The higher usage of fuse components to render enhanced reliability in medium voltage switchgear applications will also boost the segment growth.

In terms of end-use, the air insulated medium voltage switchgear industry value from power stations is projected to increase at significant CAGR through 2032. The growth can be attributed to the growing need for reliable and efficient power distribution in power generation facilities. The growing emphasis on upgrading and modernizing existing power station infrastructures will further aid the segment expansion.

Regionally, the Europe air insulated medium voltage switchgear industry is slated to witness appreciable CAGR through 2032, fueled by the increasing urbanization and expanding industrial activities. The growing focus on sustainable and efficient power distribution infrastructure along with the increase in government initiatives for supporting smart grid deployment will augment the regional market expansion.