Industrial Medium Voltage Switchgear Market Size - By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By Insulation (Air, Gas, Oil, Vacuum), Growth Prospects, Regional Outlook & Forecast, 2024 - 2032

Industrial Medium Voltage Switchgear Market size is slated to depict 6.5% CAGR during 2024-2032 propelled by increasing investments in Transmission and Distribution (T&D) infrastructure.

Ongoing expansion of T&D networks to enhance grid reliability and accommodate renewable energy integration is driving the demand for advanced switchgear solutions. Lately, several industries are upgrading their electrical systems to meet the evolving energy needs. Additionally, continuous new product launches with improved features, such as enhanced safety, efficiency, and digital monitoring capabilities are helping cater to the evolving requirements, further augmenting the industry outlook. For instance, in February 2024, Schneider Electric unveiled its new SureSeT MV switchgear in the Canadian market, to meet the demands of primary switchgear operations with a smaller, more robust, and smarter solution for handling digital day-to-day operations.

The industrial medium voltage switchgear industry is segmented into component, insulation, and region.

Based on component, the market size from the circuit breakers segment is anticipated to amass considerable revenue by 2032 as they help ensure the safety and reliability of electrical systems in industrial settings. With increasing industrialization and infrastructural developments, the demand for efficient and durable circuit breakers within medium voltage switchgear is rising. These components also offer essential protection against overloads, short circuits, and faults for safeguarding equipment, and personnel. Additionally, growing advancements, such as smart and digital circuit breakers for enhancing efficiency and enabling remote monitoring will further boost the segment growth.

In terms of insulation, the industrial medium voltage switchgear industry from the gas insulation segment is projected to record substantial growth between 2024 and 2032. Gas-insulated switchgear (GIS) offers numerous advantages like compact design, enhanced safety, and superior reliability in medium voltage applications. Industries are increasingly adopting GIS for its efficient space utilization and minimal maintenance requirements. With rising energy demand and the need for reliable power distribution solutions, especially in urban and industrial settings, GIS systems are set to witness high demand through 2032.

Given the regional landscape, the Asia Pacific industrial medium voltage switchgear industry will exhibit robust growth from 2024-2032 fueled by rapid industrialization, infrastructural development, and increasing investments in power generation. For instance, in December 2024, ABB provided a cutting-edge distribution system to assure Southeast Asia's largest floating solar power plant, which can supply dependable, clean electricity to 50,000 Indonesian households via its new 250-hectare floating solar energy facility in the Cirata Reservoir in the country. China, India, and Southeast Asian nations are expanding their electrical infrastructure, further necessitating advanced switchgear technologies. Moreover, government initiatives for promoting smart grid implementations and improving energy efficiency will propel the adoption of industrial medium voltage switchgears across the region.