Medium Voltage Switchgear Market size is set to surpass USD 80 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is credited to the rising urban population along with the growing prominence of heavy-duty industry machinery favored by large-scale motor control operations. Additionally, the expansion of electric transportation networks, process units & SEZs across developing economies has stimulated the demand for medium-voltage switchgears. In addition, the increasing demand for reliable & uninterrupted electricity supply will positively influence the industry outlook.
Ongoing development & expansion of building infrastructures
The vacuum insulation segment in the medium voltage switchgear market is estimated to attain a 6% growth rate till 2030. This growth is attributed to the high consumer reliability along with lower competitive influence from other established insulated technologies. Moreover, economical pricing, reliable & safe operations, and leakage-free technologies will augment the product installations. Versatile product applications in combination with advanced technological portfolios will positively sway the demand for vacuum-insulated distribution components.
Increasing deployments of renewable energy resources in line with the rising electricity demand will drive the business trends
Diverse applications across indoor & outdoor establishments owing to versatile product configurations and the ability to endure extreme weather conditions will escalate the metal-enclosed switchgear industry growth. The rising demand for compact protection devices to provide easy integration across residential peripherals will further complement the medium voltage switchgear market landscape. Furthermore, wide applicability across indoor installations to prevent damage from corrosion and dust-laden outdoor environments will fuel the business scenario.
Browse key industry insights spread across 750 pages with 1180 market data tables & 28 figures & charts from the report, “Medium Voltage Switchgear Market Size 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), By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By Insulation (Air, Gas, Oil, Vacuum), By End-Use (Power Stations, Transformer Substations, Local Electricity Supply), By Application (Residential, Commercial, Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Government initiatives to adopt reliable power supply solutions along with the deployment of smart grid technologies will propel the market demand in European region
Europe medium voltage switchgear market is predicted to observe a 7% CAGR through 2030 due to the government mandates to curb GHG emissions along with the adoption of cleaner power technologies. For instance, in September 2020, the EU released a detailed report outlining alternatives to SF6 for use in switchgears and related equipment in a public consultation period until the end of December 2020 and subsequent adoption in the fourth quarter of 2021. Tighter regulations around SF6 in the energy industry are one of the expected outcomes. With a Global Warming Potential (GWP) of 23,500, SF6 is considered the most potent greenhouse gas.
Rising concerns regarding uninterrupted electricity supply coupled with the replacement of aging traditional infrastructures will foster the market expansion
The COVID-19 outbreak slightly impacted the medium voltage switchgear market growth owing to lockdown impositions and government prohibitions across various construction sites. However, relaxations on government guidelines in line with ongoing vaccination drives will boost the business dynamics. Moreover, smart city government initiatives along with regulatory targets for electrifying rural & remote locations will spur the industry demand.
Ongoing partnerships, joint ventures, and agreements among key players will accelerate the business spectrum
Major participants operating across the medium voltage switchgear market include Siemens, ABB, GE, Bharat Heavy Electricals Limited, Schneider Electric, Mitsubishi Electric Corporation, Ormazabal, CG Power and Industrial Solutions Limited, Eaton, Chint Group, Lucy Group Ltd., Hyosung Heavy Industries, Powell Industries, Hyundai Electric & Energy Systems, and Toshiba Corporation. Strategic implications by eminent players including agreements, partnerships, mergers, and product launches will enhance the industry scenario.