Report Ocean published a new report on the global Medium Voltage Switchgear market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2023 to 2031.
The global medium voltage switchgear market revenue was around US$ 14.9 billion in 2021 and is estimated to reach US$ 31.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.2% during the forecast period from 2022 to 2031.
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Medium voltage switchgear is a set of electrical devices, generally housed in a metal structure. These centralized switches, transformers, fuses, and circuit breakers come in a variety. Electrical equipment can be better protected, controlled, and isolated using control cabinets. Medium voltage switchgear is used in a wide variety of applications.
due to its flexibility and dependability.
Factors Influencing Market Growth
Rising demand for electric power and the heavy use of electrical and electronic devices drive market growth.
The development of public infrastructure, and the building of industrial facilities around the world have all contributed to a considerable rise in domestic and industrial power demand, which has created demand for medium voltage switchgear market prospects.
Switchgear has a high total cost, and ongoing maintenance raises the operational cost as well. These elements may restrain the expansion of the medium-voltage switchgear market.
Study of the COVID-19 Pandemic
The COVID-19 outbreak had a moderate impact on the medium voltage switchgear market due to lockdown procedures, the closure of numerous manufacturing and industrial facilities, and the postponement of numerous infrastructure projects. The government’s strict rules forced the postponement of commercial, residential, and industrial developments. The pandemic has slowed the transportation industry and resulted in a shortage of raw materials needed to manufacture switchgear. Reduced personnel also caused a delay in the production process due to the restricted number of workers permitted.
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Regional Insights
Asia-Pacific dominated the medium voltage switchgear market in terms of volume in 2021 due to lot of rural families have adopted the grid, making it their primary source of electricity and lighting. As a result, there is a rise in demand for medium voltage switchgear. The total electrification of rural areas by the governments of China and India is expected to increase chances for low voltage switchgear companies in the upcoming years.
Leading Competitors
The leading competitors in the global medium voltage switchgear market are:
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
Others
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Segmentation Analysis
The global medium voltage switchgear market segmentation focuses on Voltage, Current Type, Insulation Type, Application, and Region.
Segmentation based on Voltage
3kV – 5kV
6kV – 15kV
16kV – 27kV
28kV – 40kV
Segmentation based on Current Type
AC
DC
Segmentation based on Insulation Type
Air Insulated Switchgear
Gas Insulated Switchgear
Others (Oil and Solids)
Segmentation based on Application
Transmission and Distribution Utilities
Commercial and Residential
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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