To know the impact of COVID-19 On Medium Voltage Switchgear Market Size, Share, Manufacturers & Trends Analysis Report By Product Type (Indoor, Outdoor), By Application (Residential, Industrial, Commercial, Utility Installations), By Insulation (Air Insulated Switchgear, Gas Insulated Switchgear, Oil Insulated Switchgear, Others)Based on Region, And Segment Forecasts, 2022 - 2028 Market
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Global Medium Voltage Switchgear Market is valued at USD 35.76 Billion in 2020 and is expected to reach USD 53.06 Billion by 2027 with a CAGR of 5.8% over the forecast period.
Global Medium Voltage Switchgear Market: Global Size, Trends, Competitive, Historical & Forecast Analysis to 2021-2027, Increasing demand for electricity generation, growing incidences related to hazardous fire, shortage of safe electrical infrastructure, and an increasing number of product offerings all around the world are anticipated to drive the growth of Global Medium Voltage Switchgear Market.
Scope of Global Medium Voltage Switchgear Market Report:
Switchgear is a fundamental part of an electric power system i.e., electrical switchgear is attached to electric supply systems. It is used in both low and high-voltage power transformers. The primary purpose of switchgear is to de-energize the system for maintenance and repair to accurate the defective issues. All medium voltage switchgear has some of the distinctive primary devices that are particularly constructed to stabilize any unsteady or uneven flow of power. These devices offer protection to the interconnected devices by controlling, metering, and regulating the flow of electricity in the distribution management system. The circuit protection devices usually are protected in metal structures. A sequence of one or more of these structures together is generally coined as a switchgear line-up or assembly. This MV switchgear can run between 3kv to 36 kV.
There are several types of MV switchgear like metal-enclosed outdoor type, metal-enclosed indoor type, etc. This type of switchgear uses oil, Sulfur hexafluoride, and vacuum for blocking current in case of errors. This switchgear is a cable of standard ON/OFF switching function, short circuit current interruption, switching of capacitive currents, switching of inductive currents, some unique applications. Switchgear panels are rated according to several specifications such as nominal voltage, rated voltage, power frequency withstand voltage and impulse voltage. MV switchgear types are categorized corresponding to the function and process of insulation.
Covid-19 has destructively impacted the medium voltage switchgear market across the world. Due to the Covid-19 crises, most of the commercial, residential, and industrial projects are presently on hold and this will persist till the markets are not stabilized. One of the major concerns of many manufacturing companies of medium voltage switchgear across the world is raw material and transportation. A number of small and major key players are facing the lack of raw material, adequate labor force, and manpower due to this pandemic.
The closing of various borders owing to government regulations and the recent outflux of labor has put immense stress on the production sector specifically the medium voltage switchgear. If the transportation is not operating properly there will be a disturbance in the supply chain network and which leads to impact the market. Since this is adversely impacting on production and demand for medium voltage switchgear and further affected the market growth pessimistically.
Medium Voltage Switchgear Manufacturers -
Some major key players of global medium voltage switchgear market report cover prominent players like General Electric, Bharat Heavy Electricals Limited, Eaton Corporation Plc, Siemens AG, Elatec Power Distribution GmbH, Chint Group Corp Schneider Electric SE, Mitsubishi Electric Corporation, Powell Industries, ABB Ltd, and Others.
Global Medium Voltage Switchgear Market Segmentation:
The global medium voltage switchgear market is segmented into product types, applications, insulation and region & country level. On the basis of product type, the market is segmented into indoor and outdoor. On the basis of applications, global medium voltage switchgear market is segmented into residential, industrial, commercial and utility installations. Based on insulation, the market is segmented air-insulated switchgear, gas-insulated switchgear, oil-insulated switchgear and others.
By Product Type:
- Utility Installations
- Air Insulated Switchgear
- Gas Insulated Switchgear
- Oil Insulated Switchgear
The regions covered in this global medium voltage switchgear market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of medium voltage switchgear is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
News: Eaton Launched Medium Voltage Switchgear Trio of Products
November 17th, 2020; Eaton strengthened its medium voltage (to 24kV) product offering for use in distribution networks, infrastructure and industrial applications. These include the FMX single-busbar switchgear, W-VACi vacuum circuit breakers (pictured) and Unitole UX withdrawable switchgear. The new products complement the organization’s existing MV switchgear portfolio, including the recently introduced Xiria 24kV ring main units, which are available in the UK under the Holec brand name.
Increasing Demand for Electricity Generation, Growing Incidences Related to Hazardous Fire, Shortage of Safe Electrical Infrastructure, and Increasing Number of Product Offerings are Driving the Market Growth
Increasing demand for electricity generation is one of the major factors driving the growth of the medium voltage switchgears market across the world. Electricity is considered at the heart of modern economies, and it is delivering a growing share of energy services. As a result of expanding household incomes, with the electrification of transport and heat, and increasing demand for digital associated devices and air conditioning, the demand for electricity is extremely increasing. For instance; according to the India Ratings and Research, the demand for electricity in India reached its highest since July 2019 to register124.8 billion units in July 2021.
Also, according to International Energy Agency 2021, approximately 4,009 billion kilowatt-hours (kWh) (nearly 4.01 trillion kWh) of electricity were produced at utility-scale electricity generation services in the U.S. Similarly, to keep up with the mounting demand, worldwide electricity generation reached a high of 26,730 terawatt-hours in 2018. The electricity demand is knowingly improving due to industrial activity and advances in both developing and developed countries. Owing to industrialization and urbanization, the continuous supply of electricity has become an essential thing while the reliability of the electrical supply generally depends on the functioning of the switchgear. As a result, rising electricity generation is one of the key reasons why the demand for medium voltage switchgear has reached the highest point.
In addition, growing incidences related to hazardous fire and shortage of safe electrical infrastructure are also supplementing the growth of the medium voltage switchgear market. Recently, incidences of electrical fires are highly increasing owing to the usage of ungrounded plugs, overloading light fixtures, old wiring, and many other reasons. For instance; as per the National Fire Protection Association 2019, home fires including electrical failure or malfunction caused a projected average of 440 civilian deaths and 1,250 civilian injuries every year. In addition, according to the U.S. Fire Administration, electrical fires stated for 6.3% of all residential fires, with roughly 24,000 fires being registered per year. Owing to the several threatening and unsafe accidents at home as well as industrial level, many people are desiring to adopt switchgear.
As medium voltage switchgear plays a vital role in controlling, protecting, and isolating electrical equipment which avoids the cases of hazardous fires and death of the people. This is dramatically enhancing the demand for it and further impelling the medium voltage switchgear market growth worldwide.
However, strict security and environmental regulations regarding medium voltage switchgear production may impede market growth. Despite this, the advancements in technologies and untapped potential in developing markets may propose profitable growth opportunities for the market.
The Asia Pacific is Expected to Witness the Fastest Growth in the Global Medium Voltage Switchgears Market
The Asia Pacific is expected to show the fastest growth in the global medium voltage switchgear market within the forecast period due to the growing urbanization, increasing growth of industrial and construction sectors, and availability of effective infrastructure in developing economies such as China, India, and Japan in this region. According to Invest India's recent report, 2,734 projects had been completed of the total 5,956 projects under the Smart Cities Mission 2021. As per The World Bank Data, about 35% of the total population lived in an urban area in India in 2020. Also, the rise in demand for medium voltage switchgear for production of power capacity and the presence of medium voltage switchgear manufacturing players operating across the region are also boosting the market growth in this region.
According to the International Energy Agency (IEA) report, predicted China will account for 40 % of global renewable capacity by 2024. For example, in 2019, Mitsubishi Electric Corporation had launched gas-insulated switchgear technologies for electric power applications such as arc-cooling technology for interrupters, which improves current-interruption performance by 25% that improves insulation performance by 30 % in high-voltage conductors with high-density dielectric coating technology. These new two technologies will further contribute to the miniaturization of switchgear and help to reduce the use of SF6 gas. Therefore, these factors are expected to contribute to the regional growth in the forecast period.
Global Medium Voltage Switchgears Market Analysis and Forecast, By Regional Analysis
North America is expected to show significant growth in the global highest medium voltage switchgear market over the forecast period due to the supportive government initiatives towards infrastructure development and the presence of leading vendors in this region. For instance; Federal agency clients in the Washington, DC area can count on GSA to provide switchgear services to government-owned buildings for further development. And in 2018, Schneider Electric launched CBGS-0, innovative medium voltage switchgear in the U.S. This industry-leading gas-insulated switchgear with a solid dielectric busbar is used for applications up to 38 kilovolts, 2,000 A, and 31.5kA. It became the most recent addition to a portfolio of Schneider of innovative medium voltage switchgear solutions. Moreover, a large number of industries, as well as commercial buildings in the U.S., are also creating significant demand for the medium voltage switchgear industry in the region. Consequently, these factors are projected to contribute to the regional growth in the forecast period.
Key Benefits of Global Medium Voltage Switchgear Report :
- Global medium voltage switchgear report covers in-depth historical and forecast analysis.
- Global medium voltage switchgear research report provides detailed information about market introduction, market summary, global market revenue (revenue USD), market drivers, market restraints, Medium Voltage Switchgear Manufacturers, market opportunities, competitive analysis, regional and country level.
- Global medium voltage switchgear report helps to identify opportunities in the marketplace.
- Global medium voltage switchgear market report covers extensive analysis of emerging trends and competitive landscape.
On Special Requirement medium voltage switchgear Market Report is also available for below Regions and Country:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Medium Voltage Switchgear Market Size, Share, Trends, Growth & Industry Analysis