Medium Voltage Switchgear Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, UK, Germany, France, Italy, China, India, Japan, Indonesia, South Korea, South Africa, Brazil) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2543
Medium voltage switchgear market size is anticipated to experience a growth rate on account of rapid commercialization and industrialization. Flexible product applications coupled with expanding transmission and distribution networks across primary & secondary distribution channels is projected to augment the business landscape.
The U.S. medium voltage switchgear market size is projected to grow subject to positive consumer outlook towards the integration of smart grid technologies. In addition, government initiatives toward upgradation and replacement of conventional electrical network along with rising demand for smart technology will further stimulate the business outlook.
Rising electricity consumption coupled with increase in upgradation of conventional electric networks for a secure power transmission is predicted to foster medium voltage switchgear market share. In the FY2016, EverSource Energy announced to invest around USD 900 million to refurbish transmission networks across the U.S. In Addition, in 2017, Blackstone Group LP announced to investment USD 100 billion for refurbishment of traditional infrastructure across the U.S. The investment is supported under the Strategic and Policy Forum by the Saudi Arabia Public Investment Fund.
Government norms pertaining to electric grid expansion along with ongoing investments to develop grid infrastructure in rural places will complement the medium voltage switchgear market size. Growing funding towards the grid integration of large capacity sustainable energy sources coupled with micro-grid network expansion will boost the business outlook. In the FY2017, Engie & Electric Vine Industries partnered in Indonesia to propose an investment of USD 240 million toward solar PV smart microgrids.
Increasing focus toward integration of varied frequency transmission links coupled with government aided residential renewable deployments is set to boost the industrial medium voltage switchgear market growth. Rising community-based electrification programs along with increasing private investments from World Bank, International Finance Corporation and Asian Development Bank toward electrification will stimulate the demand for utility switchgear market. World Bank, in 2017, announced an investment of USD 23.3 million towards development of African electric infrastructure.
Indoor medium voltage switchgear market share is predicted to grow owing to flourishing commercial sector across the developing nations. Increasing infrastructural investments from private funding institutions along with growing space constraints is further set to boost the demand for compact switchgear units. Furthermore, continuous expansion of micro-grid networks along with enhancements pertaining to distributed generation technologies is set to positively influence the industry growth.
UK medium voltage switchgear market size is projected to experience a robust growth on account of favorable government initiatives toward renewable integration coupled with adaption of decentralized energy systems. In 2016, National Grid declared to fund USD 5.81 billion towards deployment of the electrical grid & pipe network in UK.
Key medium voltage switchgear market vendors include Toshiba, ABB, Schneider Electric, Siemens AG, General Electric, Hyosung, Larsen and Toubro, CG, Mitsubishi Electric, Hyundai, Ormazabal, Hitachi, Fuji Electric, Nissin electric, Xi'an XD, Meidensha Corporation and Chint Group.
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