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High Voltage Switchgear Market worth over $4.5 Bn by 2032

  • Published Date: November 24, 2022

High Voltage Switchgear Market size is set to surpass USD 4.5 billion by 2032, according to a new research report by Global Market Insights Inc.

The rapid adoption of smart transmission and distribution technologies is prompting ongoing measures to replace the traditional grid infrastructure, which is boosting investments and streamlining operational performance in the high-voltage switchgear business. The incorporation of sustainable energy infrastructure is slated to increase product demand. The industry dynamics are also likely to be influenced by the lack of effective grid networks across Africa and growing investments from public and private organizations to improve the domestic power sector.

Rising demand for sustainable electrical networks to facilitate 36 kV segment growth

The 36 kV high voltage switchgear market is poised to record more than 7% growth rate between 2023 and 2032. According to the report, the revenue share of 36 kV rated units is estimated to be stimulated by the rising energy demand as well as supportive governmental initiatives geared toward establishing sustainable electricity networks.

Increasing renewables share to fuel outdoor HV switchgear demand

Based on installations, the high voltage switchgear market share from outdoor segment is anticipated to witness 7% gains through 2032. The need for outside installations is rising as a result of the mounting presence of renewables in the overall electricity mix. This has prompted the installation of smart grids and the repair of outdated infrastructure in order to achieve greater efficiency and remote monitoring, which is slated to bolster segment development.

Wide-ranging applications to increase the 25 kA segment revenue share

The 25 kA breaking capacity segment is predicted to observe nearly 7.5% CAGR till 2032. The report cites that the demand for 25 kA capacity systems is set to be positively impacted by versatile product applications and expanding technical portfolios.

Offshore electricity network investments to drive 600 A segment growth

High voltage switchgear market from the 600 A current segment is projected to register around 8.5% gains through 2032. The industry dynamics are primed to be stimulated by continuous investments in offshore electricity networks and ongoing advancements in 600 A systems, which are impelling their usage across small, medium, and large power applications.

Browse key industry insights spread across 600 pages with 1135 market data tables & 28 figures & charts from the report, “High Voltage Switchgear Market Size By Voltage (36 kV, 72.5 kV, 123 kV, 145 kV), By Installation (Indoor, Outdoor), By Breaking Capacity (25 kA, 31.5 kA, 40 kA, 50 kA, 63 kA), By Current (600 A, 1200 A, 2000 A, 3150 A, 4000 A), By Product (Dead Tank, Live Tank, GIS), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Integration of decentralized microgrid infrastructure to increase sales of dead tank products

In terms of product, the dead tank segment in the high voltage switchgear market is expected to depict more than 8% growth rate through 2032 owing to the integration of decentralized micro-grid infrastructure and grid-connected renewable networks, which have surged the need for technologically advanced circuitry components to support varied frequency network integrations. In addition, the rising need for decarbonization to address climate change through the implementation of contemporary switchgear with enhanced dead tank technology by enterprises is foreseen to supplement product utilization in the future.

Supportive electrification policies to enhance industry outlook across APAC

Asia Pacific high voltage switchgear market revenue is anticipated to reach USD 2 billion by 2032. A significant rise in energy consumption induced by the increasing population index across cities, as well as favorable electrification policies in grid-isolated areas, is speculated to complement regional industry growth. Furthermore, the adoption and promotion of green technologies across the Asia Pacific nations in attempts to minimize dependency on non-renewable energy sources and cut emissions, in keeping with various policies targeted at long-term economic development is speculated to amplify regional business expansion.

Expansion strategies to define the competitive landscape of the industry

Key participants operating in the high voltage switchgear market are Toshiba CORPORATION, Siemens Energy, GE, Mitsubishi Electric Corporation, Hitachi Energy Ltd., Hyundai Electric & Energy Systems Co, Bharat Heavy Electricals Ltd., Group, Powell Industries, Ltd., Hyosung Heavy Industries, BRUSH, CHEM, Schneider Electric, and others. These firms are employing varied expansion tactics to enhance their market standing. In November 2021, energy technology company Siemens Energy invested over USD 60 million in its new production facility in Berlin. The company intended to manufacture vacuum interrupters at the 6,200-square-foot new switchgear factory.

Authors: Ankit Gupta, Riya Gupta