Global Medium Voltage Switchgear Market Overview
As per MRFR analysis, the Medium Voltage Switchgear Market Size was estimated at 9.81 (USD Billion) in 2022. The Medium Voltage Switchgear Market Industry is expected to grow from 10.14 (USD Billion) in 2023 to 13.71 (USD Billion) by 2032. The Medium Voltage Switchgear Market CAGR (growth rate) is expected to be around 3.41% during the forecast period (2024 - 2032).
Key Medium Voltage Switchgear Market Trends Highlighted
The Medium Voltage Switchgear Market is projected to witness notable growth in the coming years. Key market drivers include increasing demand for reliable and efficient power distribution networks, rising urbanization, and industrialization, particularly in emerging economies. Growing emphasis on smart grid technologies, automation, and the adoption of renewable energy sources further contribute to market expansion. Opportunities in the medium voltage switchgear market lie in the development of advanced digital technologies that enhance grid stability, remote monitoring, and predictive maintenance.
Additionally, the integration of sensors and communication capabilities enables real-time data monitoring and control, leading to improved grid efficiency. Sustainability initiatives and the need for eco-friendly solutions create opportunities for switchgear manufacturers to develop environmentally friendly products. Recent trends in the medium voltage switchgear market include the adoption of gas-insulated switchgear (GIS) due to its compact size, low maintenance requirements, and enhanced safety features. Modular designs and prefabricated substations gain popularity as they enable faster deployment and flexibility in meeting varying power distribution needs. Moreover, the use of intelligent electronic devices (IEDs) and advanced metering infrastructure (AMI) improves grid reliability and efficiency, opening up avenues for market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medium Voltage Switchgear Market Drivers
Rising Demand for Renewable Energy Sources
It is well-established that the Medium Voltage Switchgear Market is expected to grow notably during the next few years, influenced by the rising interest in renewable energy sources. In fact, with the increased number of countries that implement renewable energy targets, the demand for highly effective and reliable medium voltage switchgear, which connects the sources with the electricity grid, is increasing significantly. Moreover, it should be noted that maximum requirements are imposed on voltages up to 36kV.Thus, the Medium Voltage Switchgear Market is expected to go through a period of rapid development as the use of renewable energy sources is forecast to increase significantly. Moreover, this will be exacerbated by the amount of investment made in renewable energy projects.
Expanding Smart Grid Infrastructure
The other key growth driver of the Medium Voltage Switchgear Market is the increasing investment in the smart grid infrastructure. Smart grids are aimed to improve the effectiveness, reliability, and security of the electrical grid. Medium voltage switchgear is a critical system in smart grid technologies since it allows the incorporation of distributed energy sources such as solar panels and electric cars, provides greater stability and reliability of the grid, and decreases the number of blackouts.With the expansion of the smart grid investment, the medium voltage switchgear market is expected to grow, as these devices are essential for the smart grid operation.
Increasing Industrialization and Urbanization
The economic turnaround of many countries around the world has raised the level of industrialization and urbanization across the globe. Industrialization translates to an increase in the number of factories and, hence, the demand for electricity to power the factories. This triggers the need for medium-voltage switchgear to distribute electricity to various industries and plants. More so, urbanization brings in the aspects of building houses and commercial buildings, which require electricity for various purposes.This also raises the demand for medium-voltage switchgear. Moreover, the increasing population alongside improved living standards in many of the emerging countries has culminated in increased demand for electricity. This calls for an increase in the demand for the medium-voltage switchgear across the globe.
Medium Voltage Switchgear Market Segment Insights
Medium Voltage Switchgear Market Voltage Rating Insights
The voltage rating segment is highly important to the development of the Medium Voltage Switchgear Market. This aspect specifies the design of the product, as well as the opportunities for its application and place in the market. The most profitable voltage rating segments, 11 kV, 24 kV, and 33 kV, are also likely to develop rapidly in the coming years. According to the market investigation, the 11 kV segment is likely to occupy a large share of the global market, mostly because of its applications and the sectors where it is applied: distribution networks, industrial enterprises, and commercial organizations.
The 24 kV segment is also predicted to develop rapidly, given its opportunities for use in industry, renewable energy sources and their generation, and urban and transport infrastructure. Finally, the 33 kV segment may see the least growth, as it is confined to the construction and use of both power lines and distribution networks. The main factor driving the development of the medium voltage switchgear market and the voltage rating segment, in particular, is the growing demand for safe and effective distribution of electric power. The increasing use of renewable energy sources, such as solar or wind energy, creates an increasing need for switchgear.
The process of industrialization in many countries creates additional opportunities for the growth and development of industry. Finally, the further development of urban infrastructure creates the economic and physical prerequisites for the construction of electric power distribution systems. The use of digital technologies and new methods of production and design will also greatly affect the voltage rating segment of the medium voltage switchgear market, making these devices even more effective and versatile. The main feature of the new switchgear is that it is likely to have reliable and safe performance, greatly reducing the risks of interruptions in power supply or power-related accidents.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medium Voltage Switchgear Market Insulation Type Insights
The Medium Voltage Switchgear Market is segmented by insulation type into Gas Insulated and Air Insulated. According to the forecast, in 2023, the GIS segment will dominate in terms of revenue share due to the efficiency of these types of systems for power transmission and distribution, which is explained by the compact size, greater reliability, and cheaper maintenance. Growth rates of the AIS segment will be significant due to lower costs and simplicities of technologies. The bill cites the growing prevalence of the AIS segment in electric circuits in developing countries and in remote geographical areas due to the lack of significant free space.Overall, the insulation type segment in the Medium Voltage Switchgear Market will grow slowly. On the one hand, it is associated with the increased demand for more efficient and sustainable power transmission and distribution systems. On the other hand, it is shaped by the growing prevalence.
Medium Voltage Switchgear Market Application Insights
The Medium Voltage Switchgear Market is segmented based on Application into Industrial, Commercial, Utilities, and Renewable Energy. The Industrial segment held the largest market share in 2023, accounting for over 40% of the Medium Voltage Switchgear Market revenue. The growth of the Industrial segment can be attributed to the increasing demand for medium-voltage switchgear in various industrial applications such as manufacturing, mining, and oil and gas. The Commercial segment is expected to witness significant growth over the forecast period, owing to the rising construction activities and urbanization.The Utilities segment is also expected to grow steadily, driven by the increasing investments in grid infrastructure and the need for reliable power distribution. The Renewable Energy segment is anticipated to experience robust growth, fueled by the growing adoption of renewable energy sources such as solar and wind power.
Medium Voltage Switchgear Market Product Type Insights
The Medium Voltage Switchgear Market is segmented by product type into circuit breakers, switch disconnectors, and control and relay protection. The circuit breakers segment held the largest market share in 2023, accounting for over 45% of the global revenue. The growth of this segment is attributed to the increasing demand for reliable and efficient circuit protection devices in various industries, including power generation, transmission, and distribution, as well as industrial and commercial applications. Switch disconnectors are expected to witness a significant growth rate during the forecast period, owing to their ability to isolate and disconnect electrical circuits safely and reliably.The control and relay protection segment is also projected to grow steadily, driven by the rising need for advanced protection and control systems to ensure the safety and stability of electrical networks.
Medium Voltage Switchgear Market Regional Insights
The Regional segment of the Medium Voltage Switchgear Market exhibits significant growth potential, with various regions contributing to the overall market value. North America is expected to hold a substantial market share in 2023, driven by increasing investments in grid infrastructure and renewable energy projects. Europe is another key region with a focus on energy efficiency and the integration of smart grids. The APAC region is anticipated to witness substantial growth owing to rapid industrialization and expanding power generation capacity.The growth is attributed to factors such as increasing demand for reliable and efficient power distribution systems, government initiatives to modernize aging infrastructure, and growing investments in renewable energy sources. The European Medium Voltage Switchgear Market is valued at 2.67 Billion USD in 2023 and is projected to reach 3.59 Billion USD by 2032, with a CAGR of 3.41%. The growth in this region is attributed to rapid industrialization, rising urbanization, and increasing investments in power infrastructure.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medium Voltage Switchgear Market Key Players And Competitive Insights
Leading participants in the medium voltage switchgear market industry are constantly coming up with and launching new products to keep up with the requirements for effective and dependable power distribution. Companies in the Medium Voltage Switchgear Market are making huge investments in research and development. Natural demand triggering the growth of the Medium Voltage Switchgear Market is enhanced performance in safety. The global market demand is driven by the heightened need to develop industrial applications. The Medium Voltage Switchgear Market Competitive Landscape is fragmented, with a number of global and regional players.
A key Medium Voltage Switchgear Market actor is Schneider Electric, a global specialist in energy management and automation. Schneider Electric’s Medium Voltage Switchgear Market offering consists of a wide range of products, including circuit breakers, switches, and transformers. Another key Opeator in the Medium Voltage Switchgear Market is ABB, a provider of low-, medium-, and high-voltage gear as well as supervision systems, services, and software that enable clients to achieve better functionality. Available Medium Voltage Switchgear products of ABB are air-insulated switchgear, gas-insulated switchgear, and hybrid switchgear.
Key Companies in the Medium Voltage Switchgear Market Include
- Nanyang Electric
- Chint Group
- Schneider Electric
- Toshiba
- Mitsubishi Electric
- Siemens
- ABB
- Hitachi
- Eaton
- Rockwell Automation
- Crompton Greaves
- General Electric
- Powell Industries
- Fuji Electric
Medium Voltage Switchgear Market Industry Developments
The Medium Voltage Switchgear Market is expected to witness significant growth over the forecast period, driven by increasing demand for reliable and efficient power distribution systems. Rising urbanization and industrialization are fueling the demand for medium-voltage switchgear, as they play a crucial role in protecting electrical systems from overloads, short circuits, and other faults. Technological advancements, such as the integration of smart grid technologies and automation, are further driving market growth. Key players in the market are focusing on expanding their product portfolios and investing in research and development to cater to the evolving needs of customers. Recent news developments include the launch of new products with advanced features, strategic partnerships, and acquisitions by major industry players. The market is expected to witness continued growth in the coming years, with a focus on sustainability and digitalization.
Medium Voltage Switchgear Market Segmentation Insights
-
Medium Voltage Switchgear Market Voltage Rating Outlook
- 3 kV
- 6 kV
- 11 kV
- 24 kV
- 33 kV
- 48 kV
-
Medium Voltage Switchgear Market Insulation Type Outlook
- Gas Insulated (GIS)
- Air Insulated (AIS)
-
Medium Voltage Switchgear Market Application Outlook
- Industrial
- Commercial
- Utilities
- Renewable Energy
-
Medium Voltage Switchgear Market Product Type Outlook
- Circuit Breakers
- Switch Disconnectors
- Control and Relay Protection
-
Medium Voltage Switchgear Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
9.81 (USD Billion) |
| Market Size 2023 |
10.14 (USD Billion) |
| Market Size 2032 |
13.71 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.41% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Nanyang Electric, Chint Group, Schneider Electric, Toshiba, Mitsubishi Electric, Siemens, ABB, Hitachi, Eaton, Rockwell Automation, Crompton Greaves, General Electric, Powell Industries, Fuji Electric |
| Segments Covered |
Voltage Rating, Insulation Type, Application, Product Type, Regional |
| Key Market Opportunities |
Smart grid integration Modernizing existing grids with smart technologies to enhance efficiency and reliability Renewable energy growth: Increasing adoption of solar and wind power plants drives demand for MV switchgear for grid interconnections Urbanization and Industrialization Rapid urbanization and industrial growth in emerging economies create demand for reliable power distribution systems. Automated fault detection Advanced sensors and analytics enable real-time monitoring and fault detection, reducing downtime and improving safety. Arc flash mitigation Enhanced safety regulations drive demand for technologies that mitigate the risk of arc flash incidents. |
| Key Market Dynamics |
Electrification of transportation infrastructure and industrial sectors Growing demand for renewable energy sources Increasing urbanization and population growth Government regulations and incentives Technological advancements and digitalization |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Medium Voltage Switchgear Market was valued at USD 10.14 billion in 2023 and is projected to grow to USD 13.71 billion by 2032, exhibiting a CAGR of 3.41% during the forecast period.
North America is expected to account for the largest market share, owing to the increasing demand for electricity and the growing investments in infrastructure development in the region.
The key growth drivers of the Medium Voltage Switchgear Market include the rising demand for electricity, the increasing adoption of renewable energy sources, the growing need for grid modernization, and the increasing investments in infrastructure development.
The key competitors in the Medium Voltage Switchgear Market include ABB, Siemens, Schneider Electric, General Electric, and Eaton.
Medium Voltage Switchgear is used in various applications, including power generation, transmission, and distribution, as well as in industrial and commercial facilities.
The challenges faced by the Medium Voltage Switchgear Market include the increasing competition from low-cost manufacturers, the stringent environmental regulations, and the fluctuating prices of raw materials.
The key trends in the Medium Voltage Switchgear Market include the increasing adoption of digital technologies, the growing demand for smart grid solutions, and the increasing focus on sustainability.
The Medium Voltage Switchgear Market is expected to grow at a CAGR of 3.41% from 2024 to 2032.
The key factors driving the growth of the Medium Voltage Switchgear Market include the increasing demand for electricity, the growing adoption of renewable energy sources, the increasing need for grid modernization, and the increasing investments in infrastructure development.
The key challenges facing the Medium Voltage Switchgear Market include the increasing competition from low-cost manufacturers, the stringent environmental regulations, and the fluctuating prices of raw materials.
