North America Medium Voltage Switchgear Market Size By Voltage, By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By Insulation (Air, Gas, Oil, Vacuum), End-Use, Application & Global Forecast, 2023 - 2032

Industry Statistics

North America MV Switchgear Market size valued at USD 8 billion in 2022 and is projected to expand at more than 6.5% CAGR from 2023 to 2032. Rising strong focus on grid modernization will boost the industry growth. The global market for switchgear will amass USD 242 billion during the forecast period.
 

To meet peak electricity demand, public and private expenditures on grid modernization projects are increasing across North America. Additionally, favorable government policies have been introduced to develop smart grid networks. For example, the U.S. government introduced the Smart Grid Investment Grant program to accelerate the modernization of power transmission systems. Such initiatives are likely to augment the use of medium-voltage switchgear components since they play a crucial role in power-generating stations, load centers, and other modern electrical networks.
 

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Despite the growth trajectory, the high preference for conventional technologies and concerns associated with raw material costs may create a hindrance to MV switchgear production. Furthermore, the lack of raw materials has compelled component suppliers to rely on imports, thereby limiting industry dynamics to some extent. However, the rising emphasis of industry players on the construction of cost-effective and reliable electric power systems through collaborations and other strategies may create growth opportunities for medium-voltage switchgear manufacturers in the region.
 

Microgrid network expansions to spur ≥ 9 kV to < 15 kV switchgear installation

The ≥ 9 kV to < 15 kV medium voltage switchgear market in North America is slated to exhibit over 6% CAGR through 2032, considering the strong product demand from residential and commercial sectors. To strengthen grid resilience, microgrid networks have also expanded considerably, resulting in the integration of advanced primary and secondary distribution networks. In addition, product specifications including aesthetic proximity and flexibility will contribute to the installation of ≥ 9 kV to < 15 kV MV switchgears in the regions.
 

Long-distance power network development to fuel usage of MV switchgear circuit breakers

In terms of component, the North America medium voltage switchgear market from circuit breakers segment surpassed USD 1.5 billion in 2022. This growth is attributed to the product’s ability to reduce maintenance, improve operational performance, and meet aesthetic requirements. Circuit-breaker modules are also incorporated with automated self-assessment features to enable users to efficiently address minor operational disturbances. The rapid development of power distribution and long-distance electrical infrastructure will positively influence the product adoption.
 

Favorable grid infrastructure advancement schemes propel gas-insulated MV switchgear demand

Gas insulation segment is expected to record nearly 11% share of the North America medium voltage switchgear market by 2032, owing to the strong applicability of gas-insulated switchgear units in hydropower plants, industrial facilities, and power generation. These metal-encapsulated units consist of circuit breakers and disconnectors to isolate, control, and safeguard electrical equipment. The introduction of favorable government schemes to advance grid infrastructure and drive the adoption of smart electrical systems will enhance the production of gas-insulated switchgear units.
 

Incorporation of high-frequency transmission networks to foster product use in power stations

In terms of end-use, the power stations segment is anticipated to register over 6% growth rate through 2032. The growing emphasis on the incorporation of high-frequency power transmission networks and energy efficiency maintenance are among the drivers for MV switchgear demand. Over the years, strict regulations have been introduced to limit carbon emissions from the power sector. These factors, along with the escalating requirement for a safe and reliable electricity supply, will further promote switchgear installation across power stations.
 

Rising construction of multi-story residential buildings to boost MV switchgear development

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North America medium voltage switchgear market from the residential application segment is poised to observe more than 7% gains through 2032. This growth is credited to the rising preference for multi-story building construction. Key initiatives have also been taken for the electrification of grid-isolated regions. Moreover, the rapid rise in government funding to bolster the electric grid will result in high energy consumption and consequently proliferate the use of MV switchgear for residential applications.
 

Smart grid projects & digitalization to stimulate MV switchgear production in the U.S.

The U.S. is set to account for over 58% of the revenue share by 2032. Government initiatives targeted toward the deployment of reliable and efficient power networks are some of the major reasons driving the regional industry expansion. There has also been a strong focus on smart grid projects in the country. The shifting interest toward digitalization will also increase reliance on MV switchgear components to control and safeguard electrical equipment, further bolstering the industry outlook.
 

Product range expansion strategies to outline competitive industry landscape

The strategic landscape of the North America medium voltage switchgear market is inclusive of CG Power and Industrial Solutions Ltd., Hyosung Heavy Industries, ABB, Avail Infrastructure Limited, Siemens, Schneider Electric, General Electric, CHINT Group, Eaton, Hyundai Electric & Energy Systems Co., Ltd., Mitsubishi Electric Corporation, WEG, and Powell Industries Limited, among other companies. These firms are focusing on product range expansions and other initiatives to gain a competitive advantage over rivals in the market.
 

For instance, in November 2022, Eaton unveiled medium-voltage switchgear including FMX single-busbar and Unitole UX withdrawable switchgear, designed for infrastructure and distribution network applications. This initiative will enable the company to strengthen its presence in the North American market.
 

Impact of COVID-19 pandemic on industry trends

Material shortages, delays, and other disruptions became highly prevalent across several industry verticals in region, including electric power, during the COVID-19 pandemic. Due to the implementation of lockdowns and other protocols, the delivery and manufacturing of power transmission towers and conductor materials became a major challenge. These factors may have asserted a negative impact on the businesses of MV switchgear developers in the region in the initial phase of the crisis.
 

However, with the gradual ease in restrictions, the construction of power transmission lines has steadily increased across North American regions including New York. This restart of electricity projects will contribute to the recovery of the regional MV switchgear industry during the estimated timeline.
 

The North America medium voltage switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” and “USD Million” from 2018 to 2030, for the following segments:

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Market Insights, By Voltage

• ≥ 3 kV to < 9 kV
• ≥ 9 kV to < 15 kV
• ≥ 15 kV to < 21 kV
• ≥ 21 kV to < 27 kV
• ≥ 27 kV to < 33 kV
• ≥ 33 kV

Market Insights, By Component

• Circuit Breakers
• Contactors
• Switches & Disconnector
• Fuses
• Others

Market Insights, By Insulation

• Air
• Gas
• Oil
• Vacuum
• Others

Market Insights, By End-Use

• Power Stations
• Transformer Substations
• Local Electricity Supply
• Others

Market Insights, By Application

• Residential
• Commercial
• Industrial
• Utility

The above information has been provided for the following countries:

North America

• U.S.
• Canada
• Mexico