Medium Voltage Switchgear Market Size - By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By Insulation (Air, Gas, Oil, Vacuum), By End Use (Power Stations, Transformer Substations, Local Electricity Supply), Voltage, Applicatio

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

Medium Voltage Switchgear Market is set to exhibit over 7.1% CAGR from 2023 to 2032 propelled by the ongoing modernization efforts aimed at enhancing the reliability, safety, and efficiency of electrical distribution networks.

With aging electrical infrastructure becoming increasingly outdated and inefficient, there is pressing need for upgrading and replacing existing medium-voltage switchgear systems. To that end, technological advancements and innovations have transformed medium voltage switchgear systems, making them more adaptable to the evolving needs of industries and utilities.

In May 2022, Schneider Electric, the global leader in energy management and automation digital transformation unveiled its new SureSeT MV switchgear for the North American market. This new and upgraded system replaced the Schneider Electric Masterclad solution for primary switchgear applications with smaller and smarter solution for controlling digital day-to-day operations. Such advancements are likely to augment the industry outlook.

The medium voltage switchgear market is classified into component, insulation, end-use, voltage, application, and region.

With respect to component, the market size from the circuit breakers segment is projected to witness over 7% CAGR through 2032. The ongoing expansion of industries, utilities, and infrastructure projects has resulted in the escalating demand for robust and efficient medium-voltage switchgear equipped with advanced circuit breakers. Additionally, technological advancements have led to the development of intelligent and digitally integrated circuit breakers to match the growing trend of digitalization and automation in the electrical sector.

Medium voltage switchgear market from the industrial application segment is poised to expand at more than 6.5% CAGR from 2023-2032. The ongoing expansion and modernization of industries and their operations have prompted the need for medium-voltage switchgear systems to accommodate increased power demands and ensure grid stability. Moreover, the increasing focus on energy efficiency and sustainability is contributing to the rising acceptance of MV switchgear systems integrated with renewable energy sources, such as solar and wind, into industrial operations.

Regionally, Europe medium voltage switchgear market is set to witness over 7% growth rate through 2032 owing to the increasing emphasis on modernizing the existing electrical infrastructure coupled with stringent safety regulations and environmental standards.

The burgeoning industrial sector, particularly in Germany, France, and the U.K. have surged the need for MV switchgear for safe and efficient electrical power distribution in manufacturing facilities. The rising efforts by industry players on taking effective measures and efforts to cater to the evolving consumer requirements is likely to boost the regional market growth. To cite an instance, in March 2023, Siemens announced a 30-million-euro investment to expand its switchgear factory in Frankfurt-Fechenheim to produce environmentally efficient medium-voltage switchgear.