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Utility Gas Insulated Medium Voltage Switchgear Market Size

Report ID: GMI8074
Published Date: Feb 2024
Report Format: PDF

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Utility Gas Insulated Medium Voltage Switchgear Market Size

Utility Gas Insulated Medium Voltage Switchgear Market was valued at USD 3.3 billion in 2023 and is set to grow at a CAGR of 8.4% between 2024 and 2032. Increasing urbanization and industrialization coupled with the rising demand for reliable & efficient power distribution systems will cater to the industry expansion. In addition, the growing need for modernization and upgrading of aging infrastructure, primarily across the emerging economies will add to the business growth.

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Increasing global electricity consumption is set to drive the demand for dependable protection devices, including medium voltage (MV) switchgears. Additionally, the expanding commercial and industrial sectors will contribute to the demand for efficient electricity supply, thereby fostering the need for utility MV switchgears across the globe.

Utility Gas Insulated Medium Voltage Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Utility Gas Insulated Medium Voltage Switchgear Market Size in 2023:	USD 3.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.4%
2032 Value Projection:	USD 7 Billion
Historical Data for:	2019 to 2023
No. of Pages:	510
Tables, Charts & Figures:	751
Segments covered:	Voltage, Component, End Use, Region
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 utility gas insulated medium voltage switchgear was valued at USD 3.3 billion in 2023 and is set to grow at a CAGR of over 8.4% through 2032, driven by increasing urbanization and industrialization, coupled with the rising demand for reliable & efficient power distribution systems.

The circuit breakers segment of utility gas insulated MV switchgear industry held a revenue share of about 52.5% in 2023 and is poised to grow rapidly through 2032, driven by the heightened demand for improved grid stability, minimized downtime, and efficient fault-clearing mechanisms.

Asia Pacific market for utility gas insulated medium voltage switchgear will account for over USD 2.4 billion by 2032, driven by increasing demand for reliable and efficient electricity distribution infrastructure.

ABB, Bulox Corporation, CAHORS, CG Power & Industrial Solutions Ltd, Eaton, HD Hyundai Electric Co., Ltd., HYOSUNG HEAVY INDUSTRIES, Lucy Group Ltd., NISSIN ELECTRIC Co.,Ltd., Ormazabal are some of the major industry contenders.