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Medium Voltage Switchgear Market Size

Q: What is the vacuum-insulated medium voltage switchgear market worth?

Demand for vacuum-insulated medium voltage switchgears will witness over 6% CAGR during 2023 to 2032, owing to the rising need for economical pricing, reliable and safe operations, and leakage-free technologies. Read More

Q: What factors are driving medium voltage switchgear industry expansion in APAC?

Asia Pacific market size will record over USD 28.5 billion in 2032, primarily driven by the increasing demand for effective Transmission & Distribution (T&D) systems. Read More

Report ID: GMI2543
Published Date: Jul 2023
Report Format: PDF

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Medium Voltage Switchgear Market Size

Medium Voltage Switchgear Market size was valued at USD 49 billion in 2023 and is estimated to grow at over 7.1% CAGR from 2024 to 2032, due to the increasing need for effective control systems in transmission and distribution (T&D) networks. This surge in demand is fueled by factors such as the refurbishment of existing electrical infrastructure and substantial investments in grid infrastructure development. Developing countries with inadequate and unreliable electric networks, as well as developed nations focusing on upgrading their existing infrastructure, contribute to a favorable business environment for medium voltage switchgear manufacturers.

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For instance, the Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) launched by the Indian Government, which aims to extend electricity services to rural areas and provides funding for related projects. The industry landscape is expected to be positively influenced by factors such as cost-effectiveness, safe operations, and compact product designs. These essential parameters drive the adoption of medium voltage switchgears and contribute to the overall growth and development of the industry.

Medium Voltage Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Medium Voltage Switchgear Market Size in 2023:	USD 49 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.1%
2032 Value Projection:	USD 91.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	850
Tables, Charts & Figures:	1,205
Segments covered:	Voltage, Component, Insulation, End Use, Application
Growth Drivers:	North America & Europe Expansion of smart grid networks Refurbishment & retrofit of the existing grid infrastructure Asia Pacific Rising peak load demand Expansion of micro-grid networks Grid stability & security of supply concerns Middle East & Africa and Latin America Increasing electricity demand Integration of a sustainable energy infrastructure
Pitfalls & Challenges:	Slow paced technological evolution across developing regions High dependency on imports

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of medium voltage switchgear was reached USD 49 billion in 2023 and is set to cross more than USD 91.2 billion by 2032, due to the rising need for effective control systems in transmission and distribution (T&D) networks.

Medium voltage switchgear industry share from the ? 21 kV to < 27 kV voltage rating segment is anticipated to record over 7.5% CAGR from 2023 to 2032, driven by higher need for safe and reliable distribution networks in residential, commercial, industrial, and utility sectors.

Demand for vacuum-insulated medium voltage switchgears will witness over 6% CAGR during 2023 to 2032, owing to the rising need for economical pricing, reliable and safe operations, and leakage-free technologies.

Asia Pacific market size will record over USD 28.5 billion in 2032, primarily driven by the increasing demand for effective Transmission & Distribution (T&D) systems.