PUBLISHER: Allied Market Research | PRODUCT CODE: 1140377
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140377
The global medium voltage switchgear market was valued at $14.5 billion in 2021, and is projected to reach $31.7 billion by 2031, registering a CAGR of 8.2% from 2022 to 2031.
The medium voltage switchgear market consists of sales of medium voltage switchgear and related services that manufacture medium voltage switchgear which are electrical switchgear rated between 2KV and 36KV. The medium voltage switchgear is the combination of electrical switches, fuses or circuit breakers used to operate, secure and separate electrical equipment. The market for medium voltage switchgear is anticipated to be driven by the demand for power generation. Continuous electricity supply is necessary for the growth of industrialization and urbanisation, and the performance of the switchgear has a significant impact on the reliability of the electrical supply. The production of energy is growing sustainably along with demand in both rural and urban areas with continued improvements to the integration of supply-side protection, which will propel industrial growth. In 2019, for instance, the Indian government is working on two of the most important electrification programmes, the Pradhan Mantri Sahaj Bijli Har Ghar Yojana and the Deen Dayal Upadhyaya Gram Jyoti Yojana, to deliver energy, with a budget allocation of $6.98 billion (INR 50,000 crores).
The medium voltage switchgear market is segmented on the basis of voltage, current type, insulation type, application, and region. On the basis of voltage, the market is divided into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. On the basis of current type, the market is bifurcated into AC and DC. On the basis of insulation type, the medium voltage switchgear market is divided into air insulated switchgear, gas insulated switchgear and others (oil and solids). On the basis of end-use industry, the market is divided into transmission and distribution utilities, commercial & residential and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating in the medium voltage switchgear market are ABB Ltd, General Electrics, Schneider Electrics, Siemens AG, Toshiba Corporation, Mitsubishi Electrics, Eaton Corporation, Bharat Heavy Electrical Ltd., Chint group, Efacec, Fuji Electric Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., Jyoti group, Ormazabel, Power Well Inc. and LUCY group Ltd. The report includes the study of the medium voltage switchgear market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter's five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Impact of COVID-19 on Medium Voltage Switchgear Market
Due to COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production of raw materials and disrupted supply chains. Thus, affected the global economic growth by a substantial proportion and severely impacted the market growth.
The COVID-19 outbreak has moderately affected the medium voltage switchgear market due to lockdown measures, the closure of various manufacturing and industrial facilities, and the delay of several infrastructure projects. It had a negative impact on different industries like automobile, aerospace, transportation and construction. The commercial, residential and industrial projects were put on hold due to the strict regulations imposed by the government.
The transportation sector has halted due to the pandemic which caused the stoppage of raw materials required for the manufacturing of the switchgears. Also the reduced manpower has delayed the production process due to the limited number of labor allowed to work.
However, the industry will experience a significant rise due to the ongoing expansion of grid infrastructures along with shifting focus on the adoption of renewable energy. Moreover, increasing investments in infrastructural development combined with the growing necessity for continuous & reliable electrical supply will boost the business outlook.
Key Benefits For Stakeholders
Key Market Segments
By Voltage
By Current Type
By Insulation Type
By Application
By Region