Medium Voltage Switchgear Market Size Expected To Reach $ 53.06 Billion By 2027, According To Brandessence Market Research

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LONDON, November 8, 2021 / PRNewswire / – Global demand for the medium voltage switchgear market size, in terms of revenue, was worth $ 35.76 billion in 2020 and should reach $ 53.06 billion by 2027 with a CAGR of 5.8% over the forecast period. The global medium voltage switchgear market is expected to grow at a significant rate owing to the number of driving factors.

Medium Voltage Switchgear Market: Competitive Analysis

The medium voltage switchgear landscape remains a competitive, innovative and fragmented landscape. The increase in the manufacture of switching equipment in new regions such as Asia Pacific, the growing expansion of established players in the new region remain the main drivers of fragmentation. Growing mergers and acquisitions in the landscape remain key opportunities for gaining market share and competitive advantage in the landscape. Some key players in the global medium voltage switchgear market are Schneider Electric SE, Siemens AG, Bharat Heavy Electricals Limited, Eaton Corporation Plc, General Electric and Mitsubishi Electric Corporation.

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Medium voltage switchgear market: an overview (What is medium voltage switchgear?)

Medium voltage switchgear mainly manages voltage fluctuations between 3KV and 36KV. The switchgear is ideal for a variety of operations, including normal on / off application, switching of inductive currents, short-circuit interrupting, switching of capacitive currents and even specialized applications. These switchgears are generally available in a wide variety, including indoor metal enclosure, non-metal enclosure, outdoor metal enclosure variety, and more. Switchgear is usually essential for faulty current transfers, to interrupt current. Therefore, switchgear is designed with reliability and safety in mind. Depending on the location, the environment and the quality of the system, current fluctuations can be a matter of routine.

Medium voltage switchgear like vacuum circuit breakers are ideal for high fluctuations, where high voltage current like 25KA is required. The circuit requires minimum maintenance for a maximum of 20 trips. Outdoor equipment is ideal in rural areas where medium voltage switchgear is most preferable.

Medium voltage switchgear is also ideal as a capacitor bank, an application where the power factor of the system needs to be improved to meet the demand of end users. It helps loaded and unloaded cable lines to safely disconnect from the main system without reionization. The reionization process can cause current fluctuation in the system with a contact gap causing overvoltage in the system. Vacuum circuit breakers are ideal for this function.

Modern vacuum circuit breakers are also widely used in inductive current systems. These systems are based on low switching currents. These typically measure between 2-4A. Modern VCB or vacuum circuit breakers do not require additional surge protection equipment at this low level. Therefore, they are ideal for switching at low inductive load.

Switchgear was traditionally limited to applications for limiting, regulating, metering and protecting electricity production. However, their increased reach has enabled them to meet new needs such as the distribution of power supply in industrial projects, domestic and commercial buildings. The term switchgear is used interchangeably in new applications with terms such as switch-disconnector, circuit breaker or isolator. Their new applications also include the distribution of electric current for equipment as well as the control systems of electric motors such as electric vehicles (EVs).

The growing demand for new applications such as EVs, the distribution of electricity in tertiary buildings, the regulation of peak demand for renewable energies and the distribution of electricity in an increasingly decentralized electricity distribution model remains a major growth promise for players in the medium voltage switchgear market. The increasing efficiency of niche devices like VCB also remains a major growth driver for players in the medium voltage switchgear market.

Medium Voltage Switchgear Market Segmentation Analysis:

By product type:

By application:

  • Residential
  • Industrial
  • Commercial
  • Utility installations

By Insulation:

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Key Trends in the Medium Voltage Switchgear Market

According to the International Energy Agency (IEA), electricity is expected to exceed oil by 2040 in final consumption. Growing initiatives regulating the push for cleaner energy, the sharp decline in conventional coal-fired power generation, and global targets such as reducing CO2 emissions from power generation by three quarters of by 2040 remain the main drivers of growth in electricity generation. In addition, the IEA also believes that the increased use of renewable energies in power generation and growing technologies like hydrogen for fuel and electricity for fuel remain major prospects for bringing key developments like electric vehicles to global consumers.

Adding renewables to power grids is likely to present a major challenge for power grids globally. On the one hand, it will lead to significant seasonal changes. As renewables like solar can change dramatically in their production, managing this power generation will be a challenge. In addition, renewable energies, with their limited contribution to the main supply, also present a challenge in managing peak demand capacities, which are expected to increase considerably.

According to the IEA, despite a significant increase in renewables, solar and wind are expected to represent only 40% of total demand by the end of 2040. The variation in output and the increased need to switch modes power supply and handling fluctuation in currents are expected to result in considerable growth for the players in the medium voltage switchgear market. The growing demand for renewable energies is also expected to change the distribution of electricity through grids. For example, as the share of renewables remains low, the demand for energy efficiency is increasing, thanks to their huge savings potential. Therefore, small and medium-sized power grids will be essential to install globally. These facilities will also be critical in meeting the seasonal demand for additional power generation for residential and commercial applications. Currently, regions like Asia Pacific register a significant demand for additional power generation during peak hours, and to support operations during power outages.

Medium voltage switchgear market: geographic analysis

The Medium Voltage Switchgear Market report is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America The region is expected to hold the highest share of total global revenue during the period 20202-2027. The North America The region is home to a growing capacity for renewable energy, including wind and solar power. In addition, new policy initiatives increasingly target efficient energy transfers with smaller and medium power grids to support a decentralized electricity distribution model. This is expected to lead to a major expansion of distribution networks in the near future, with increased opportunities for players in the medium voltage switchgear market.

North America

Europe

  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Sweden
  • Netherlands
  • Turkey
  • Switzerland
  • Belgium
  • The rest of europe

Asia Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest of the APAC

South America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • United Arab Emirates
  • Egypt
  • South Africa
  • Rest of the MEA

Major Advantages of the Global Medium Voltage Switchgear Market Report

  • The Global Medium Voltage Switchgear Market report covers in-depth historical and forecasting analysis.
  • The Global Medium Voltage Switchgear Market research report provides in-depth information about the market introduction, market summary, global market revenue (revenue in USD), market drivers, market restraints market, market opportunities, competitive analysis, regional and national levels.
  • The global Medium Voltage Switchgear Market report helps in identifying opportunities in the market.
  • The Global Medium Voltage Switchgear Market report covers an in-depth analysis of emerging trends and competitive landscape.

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