Utility Based Medium Voltage Switchgear Market Size - By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By Insulation (Air, Gas, Oil, Vacuum), & Forecast, 2023 – 2032

Utility Based Medium Voltage Switchgear Market Size

Utility Based Medium Voltage Switchgear Market was valued at USD 20 billion in 2022 and is expected to witness more than 6% CAGR from 2023 to 2032, propelled by the infrastructure development across various sectors, coupled with the integration of renewable energy sources like solar and wind power, necessitates advanced switchgear for efficient grid management. Rapid urbanization, industrial expansion, and the need for reliable electricity distribution worldwide drive substantial investments in medium voltage switchgear.
 

Technological advancements, including smart grid solutions and IoT integration, enhance efficiency and safety, further fueling market growth. Additionally, stringent government regulations focusing on energy efficiency and environmental concerns push for the adoption of more eco-friendly switchgear solutions. Rising electricity demand, resilience requirements for uninterrupted power supply, electrification in transportation, and a heightened focus on energy efficiency collectively shape the landscape, fostering innovation and driving the evolution of the medium voltage switchgear market.
 

COVID-19 Impact

The COVID-19 pandemic initially slowed down the utility based medium voltage switchgear market due to supply chain disruptions, project delays, and reduced investments in infrastructure. However, as recovery efforts gained momentum, the market gradually rebounded with increased digitization, demand for reliable power supply, and investments in grid modernization initiatives. The pandemic highlighted the importance of resilient electrical infrastructure, driving future growth prospects for medium voltage switchgear, especially with a focus on efficiency, remote monitoring, and smart grid solutions.
 

Utility Based Medium Voltage Switchgear Market Trends

The utility-based medium voltage switchgear industry has witnessed a dynamic shift. The growing emphasis on renewable energy integration into power grids has amplified the demand for efficient and adaptable switchgear solutions capable of managing diverse energy sources. Advancements in smart grid technology have pushed for switchgear systems that offer enhanced monitoring, control, and automation, fostering the transition towards more resilient and reliable grid infrastructures. Moreover, the increasing need for grid modernization and refurbishment in developed economies, along with expanding electrification initiatives in emerging markets, continues to stimulate the market for utility-based medium voltage switchgear, promoting greater efficiency, safety, and reliability in power distribution networks.
 

Utility Based Medium Voltage Switchgear Market Analysis

The contactors segment valuation crossed USD 4 billion in 2022 and is anticipated to reach USD 8.8 billion by 2032, attributed to the increasing demand for contactors as a crucial component. Contactors, known for their efficiency in controlling and interrupting electrical currents in medium voltage applications, have become pivotal in enhancing the overall performance and safety of switchgear systems. Their reliability in managing power distribution, coupled with advancements in technology facilitating enhanced durability and operational flexibility, has fueled their adoption across utility-based sectors. As industries prioritize efficiency and reliability in their power management systems, the demand for contactors within medium voltage switchgear continues to soar, driving substantial growth in this segment.
 

The vacuum-insulated switchgears are projected to exhibit 5% CAGR through 2032, owing to its distinct advantages over established insulation technologies and its strong consumer reliability. This insulation method has seen a surge in demand due to its cost-effectiveness, dependable and secure operations, as well as its leak-free technology. The widespread applications of vacuum-insulated distribution components, coupled with ongoing technological advancements, are set to propel the demand for this technology. Vacuum insulation has gained considerable momentum due to its regional accessibility, simplified manufacturing, and ease of installation. Despite higher initial cost compared to other insulation methods, consumers and utility companies prefer vacuum-insulated components due to their extended lifespan and reduced maintenance expenses.
 

Asia Pacific utility based medium voltage switchgear market valuation is projected to surprass USD 12 billion in 2032, due to the rapid industrialization across emerging economies in the region, coupled with increasing urbanization and infrastructural development, which in turn has led to heightened demand for reliable and efficient electrical distribution systems. Moreover, the escalating focus on renewable energy integration into the grid, alongside government initiatives promoting smart grid technologies and the modernization of existing power infrastructure, has significantly bolstered the adoption of medium voltage switchgear in utility applications.
 

Utility Based Medium Voltage Switchgear Market Share

Siemens stands out as a dominant player in the utility-based medium voltage switchgear industry, boasting a significant market share and a strong global presence. Renowned for its innovative technologies and comprehensive solutions, Siemens offers a diverse range of medium voltage switchgear systems tailored for utility applications. Its commitment to research and development, coupled with a reputation for high-quality products and reliable performance, has solidified Siemens' position as a preferred choice among utilities worldwide. With a focus on efficiency, sustainability, and cutting-edge digital solutions, Siemens continues to spearhead advancements in the medium voltage switchgear market, consistently setting industry benchmarks.
 

Some of the key market players operating across the utility based medium voltage switchgear industry are:

• 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
• Toshiba Infrastructure Systems & Solutions Corporation
• Switchgear Company
• ZPUE S.A.
• RESA Power, LLC.
• alfanar Group
• DOHO Electric
   

Utility Based Medium Voltage Switchgear Market News

• In January 2022, ABB delivered AirPlus, a 36 kV gas-insulated switchgear with a medium-voltage double busbar to UK Power Networks. This innovative solution, known for its minimal global warming impact, aims to diminish the risk of unplanned downtime while enhancing the flexibility of power load sharing. The GIS functions as an insulator between electrical contacts, significantly minimizing its global warming effects.
   
• In April 2021, Siemens introduced the 8DJH 24 switchgear and RMU designed for applications up to 24 kV, completely eliminating the use of fluorinated gases. This medium-voltage switchgear employs clean air technology, utilizing a climate-neutral insulation medium made solely from natural elements found in the surrounding air. This technological leap removes the reliance on Sulfur Hexafluoride (SF6) or any gas blend containing fluorine gases as insulation mediums.
   

This utility based medium voltage switchgear market research report includes an in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units & USD Million from 2019 to 2032, for the following segments:

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Market, By Component

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

Market, By Insulation

• Air
• Gas
• Oil
• Vacuum
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Peru
  • Argentina