North America Medium Voltage Switchgear Market Size

North America Medium Voltage Switchgear Market Size

North America MV Switchgear Market was valued at USD 8.6 billion in 2023 and is projected to expand at more than 6.7% CAGR from 2024 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.
 

North America Medium Voltage Switchgear Market Analysis