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
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medium voltage switchgear market analysis from 2021 to 2031 to identify the prevailing medium voltage switchgear market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medium voltage switchgear market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medium voltage switchgear market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Voltage
- 3kV - 5kV
- 6kV - 15kV
- 16kV - 27kV
- 28kV - 40kV
By Current Type
- AC
- DC
By Insulation Type
- Air Insulated Switchgear
- Gas Insulated Switchgear
- Others (Oil and Solids)
By Application
- Transmission and Distribution Utilities
- Commercial and Residential
- Others
By Region
- North America
- Canada
- Mexico
- U.S.
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest Of LAMEA
Key Market Players
- ABB Ltd
- Siemens AG
- General Electric
- Mitsubishi Electric Corporation
- Schneider Electric
- Ormazabal
- Bharat Heavy Industries
- Hyundai Electric & Energy Systems Co., Ltd.
- Powell Industries
- TOSHIBA Corporation
- Eaton Corporation
- Chint Group
- Hyosung Heavy Industries
- Lucky Group Ltd.
- Jyothi Ltd.
- Fuji Electric Co., Ltd
- SENTEG
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Table of Contents
Executive Summary
According to the report, titled, “Medium Voltage Switchgear Market," the medium voltage switchgear market size was valued at $14.5 billion in 2021, and medium voltage switchgear industry is estimated to reach $31.7 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.A medium voltage switchgear is a device designed to open an electrical circuit by mechanical action. It interrupts the flow of current without permanently damaging the device operating in the voltage range of 3kV-40kV. Switchgear includes, for example, switches, fuses, circuit breakers, disconnectors, relays, current and potential converters, indicators, lightning arresters and control cabinets. Switchgear devices and their assemblies are used in connection with the generation, transmission, distribution and conversion of electrical energy. The switchgear is mainly classified into two types, the outdoor type and the indoor type. The combination of these unique features has allowed the product to penetrate many end-user industries such as the automobile, aviation, building and construction, electrical and electronic industries, and others.
Domestic and industrial power demand is increasing significantly due to urbanization, public infrastructure, and the construction of industrial plants around the world which has led to the increased demand for the medium voltage switchgear market opportunities. In addition, the government rules and regulations for the development of electrification in rural and remote areas have boosted the growth of the medium voltage switchgear market. In addition, power utilities install switchgear to meet current business requirements such as ensuring a safe and reliable power supply and ensuring business continuity which has triggered the growth of the medium voltage switchgear market trends. The air insulated switchgear is widely used in various sectors such as data centers, oil & gas, mining, marine and nuclear power. The safety while handling the electric equipment is a concern owing to the growing demand for medium voltage switchgear in the market. The main restraining factor for the medium voltage switchgear market is the maintenance of the switchgears. Regular maintenance is required for the proper functioning of the switchgears but it increases the overall cost and makes the process expensive. The construction industry in various developing countries such as India, Indonesia, and Brazil is witnessing substantial growth because of massive expenditures for infrastructural and residential development. The purchasing power of the people has stimulated the growth of the automobile industry in the medium voltage switchgear market.
The medium voltage switchgear market forecast is segmented on the basis of voltage, type of installation, insulation type, end use industry, and region. On the basis of voltage, the market is classified into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. Similarly on the basis of installation type, the medium voltage switchgear market is divided into two major categories which include indoor switchgear and outdoor switchgear.
The medium voltage switchgear market is classified by insulation type into three categories which include air insulated switchgear, gas insulated switchgear and others (oil and solids). Depending on the end use industry, the market is broadly divided into three types which are transmission and digital utilities, commercial & residential and others. On the basis of region, the market is classified into 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.
Key Findings of the Study
- As per medium voltage switchgear market analysis, on the basis of voltage, the 3kV - 5kV medium voltage switchgear segment is projected to grow at the highest CAGR of approximately 9.1%, in terms of revenue, during the forecast period.
- On the current type, the AC segment is expected to dominate the market during the forecast period.
- On the basis of insulation type, the air insulated switchgear segment is expected to dominate the market during the forecast period.
- On the basis of application, the transmission and distribution utilities segment is expected to dominate the medium voltage switchgear market share during the forecast period.
- On the basis of region, the Asia-Pacific segment is projected to grow at the highest CAGR of approximately 8.8%, in terms of revenue, during the forecast period.
- 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 medium voltage switchgear 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.
Companies Mentioned
- Abb Ltd
- Siemens AG
- General Electric
- Mitsubishi Electric Corporation
- Schneider Electric
- Ormazabal
- Bharat Heavy Industries
- Hyundai Electric & Energy Systems Co. Ltd.
- Powell Industries
- Toshiba Corporation
- Eaton Corporation
- Chint Group
- Hyosung Heavy Industries
- Lucky Group Ltd.
- Jyothi Ltd.
- Fuji Electric Co. Ltd
- Senteg
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 480 |
Published | August 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 14.5 billion |
Forecasted Market Value ( USD | $ 31.7 billion |
Compound Annual Growth Rate | 8.1% |
Regions Covered | Global |
No. of Companies Mentioned | 17 |