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Europe Medium Voltage Switchgear Market Size

  • Report ID: GMI7335
  • Published Date: Nov 2023
  • Report Format: PDF

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Europe Medium Voltage Switchgear Market Size

Europe Medium Voltage Switchgear Market was valued at USD 12 billion in 2022 and is predicted to observe about 7.4% CAGR between 2023 to 2032. Increasing urbanization and infrastructure development, coupled with a growing focus on renewable energy integration, have stimulated the demand for medium voltage switchgear. According to Eurostat data, renewable energy made up approximately 21% of the European Union's overall energy consumption in 2021. The increasing adoption of renewable energy sources in Europe is expected to bolster the market growth, as these systems play a critical role in efficiently managing and distributing power from diverse renewable sources.
 

 

Europe Medium Voltage Switchgear Market

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Furthermore, the need to upgrade and modernize aging electrical grids and the ongoing expansion of industrial and commercial sectors have further propelled market growth. The adoption of smart grid technologies and advancements in environmentally friendly and energy-efficient switchgear solutions have also played a pivotal role in driving the market forward. Government initiatives promoting grid reliability and energy efficiency are expected to continue supporting this growth trajectory, making the European medium voltage switchgear market a vibrant and dynamic industry.

 

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of medium voltage switchgear in Europe was worth over USD 12 billion in 2022 and is anticipated to surpass USD 24 billion in 2032.

Vacuum insulation segment is expected to witness more than 3.5% CAGR from 2023 to 2032, due to its distinct advantages over traditional insulation technologies and its well-established reputation for reliability.

Germany medium voltage switchgear market was valued over USD 1.6 billion in 2022 and is anticipated to reach over USD 2.8 billion by 2032, owing to the rapid urbanization and industrial development which are increasing the demand for reliable electrical distribution systems.

ABB, Siemens, General Electric, Mitsubishi Electric Corporation, Schneider Electric, Ormazabal, Bharat Heavy Electricals Limited, CG Power & Industrial Solutions Ltd., CHINT Group, Eaton, HYOSUNG HEAVY INDUSTRIES, Lucy Group Ltd., HD Hyundai Electric Co., Ltd., Powell Industries, and Toshiba Infrastructure Systems & Solutions Corporation.

Europe Medium Voltage Switchgear Market Scope

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  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 438
  • Countries covered: 6
  • Pages: 330
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