Medium Voltage Switchgear Market Size is Predicted to reach USD 53.06 Bn by 2027, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

08 Nov, 2021, 11:30 GMT

LONDON, Nov. 8, 2021 /PRNewswire/ -- Global demand for Medium Voltage Switchgear market size, in terms of revenue, was worth of 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. The global Medium Voltage Switchgear market is expected to grow at a significant rate due 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 increased manufacturing of switchgear equipment in new regions like Asia Pacific, increasing expansion of established players in the new region remain key drivers of the fragmentation. Growing mergers and acquisitions in the landscape remain key opportunities for gaining market share, and competitive edge 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 switchgears are essentially handle current voltage fluctuations between 3KV and 36KV. The switchgear is ideal for a variety of functioning including normal on/off application, switching inductive currents, short circuit interruption, switching of capacitive currents, and even specialized applications. These switchgears are usually available in a wide variety including metal enclosed indoor, switchgear without metal enclosure, metal enclosed outdoor variety, and more. Switchgears generally are essential for faulty current transfers, to interrupt current. Hence, switchgears are designed with reliability, and safety in mind. Depending on the location, environment, and quality of the system, fluctuations in currents can be a routine affair.

The medium voltage switchgears like vacuum circuit breaker is ideal for high fluctuations, wherein high voltage current like 25 KA is required. The circuit requires the minimum maintenance for up to 20 tripping. The outdoor gear is ideal in rural areas wherein medium voltage switchgear is most preferable.

The medium voltage switchgear is also ideal as a capacitor bank, an application wherein, power factor of the system needs to be improved to meet the demand of end-users. It helps the loaded and unloaded cable lines disconnect from the main system safely, without re-ionization. The re-ionization process can cause current fluctuation in the system with contact gap causing over voltage 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 rely on low chopping currents. These usually measure somewhere between 2-4A. The modern VCB or vacuum circuit breakers do not require additional surge protection equipment, at this low level. Hence, these are ideal for low inductive load switching.

Switchgears conventionally remained limited to applications of limiting, regulating, metering, and protecting electricity generation. However, their increased reach has enabled them to meet newer needs like distribution of power supply in industrial projects, domestic, and commercial buildings. The switchgear term is used interchangeably in new applications with terms like switch disconnector, circuit breaker, or an isolator. Their new applications also include distribution of electric current for equipment as well as electric motor control systems like Electric Vehicles (EVs).

Growing demand for new applications like EVs, electricity distribution in commercial buildings, regulating peak-demand for renewable energy, and distributing electricity in an increasingly decentralized model of electricity distribution remains a major promise of growth for players in the medium voltage switchgear market. Growing efficacy of niche devices like VCB also remain major drivers of growth for players in the medium voltage switchgear market.

Medium Voltage Switchgear Market Segmentation Analysis:

By Product Type:

  • Indoor
  • Outdoor

By Application:

  • Residential
  • Industrial
  • Commercial
  • Utility Installations

By Insulation:

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Medium voltage switchgear market Key Trends

According to the International Energy Agency (IEA), electricity is likely to overtake oil by 2040 end in final consumption. The increasing initiatives regulating push for cleaner energy, sharp decline in conventional coal-fired generation of electricity, and global targets like reducing power generation CO2 emissions by three-quarters by 2040 remain major drivers of growth for electricity generation. Furthermore, the IEA also estimates that increased use of renewables in electricity generation, and growing technologies like Hydrogen for fuel, and electricity for fuel remain major prospects for bringing in key developments like EVs to global consumers.

The addition of renewable energy to power grids is likely to outline a major challenge for power grids globally. On one hand, it will result in major seasonal changes. As renewable energy like solar can change from vary considerably in its output, managing this electricity generation will be a challenge. Furthermore, renewable energy, with its limited addition to the main supply also presents a challenge to manage peak-demand capacities, which are expected to rise considerably.

According to the IEA, despite major increases in renewables, solar and wind are expected to account only for 40% of the total demand by 2040 end. The varying output, and increased necessity to switch power supply modes, and manage fluctuations in currents are expected to drive tremendous growth for players in the medium voltage switchgear market. The growing demands for renewables are also expected to change power distribution through grids. For example, as the share of renewable energy remains small, the demand for energy efficiencies rises, thanks to their tremendous potential cost-savings. Hence, small, and medium sized power grids will be essential to install globally. These installations will also be essential to meet seasonal demand for additional electricity generation for residential, as well as commercial applications. Currently, regions like Asia Pacific register notable demand for additional electricity generation during peak hours, and to sustain operations during power cuts.

Medium voltage switchgear market: Geographical Analysis

The medium voltage switchgear market report is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region is expected to hold highest share of the total global revenues during the 20202-2027 period. The North America region is home to increasing capacity of renewable energy including wind and solar power. Furthermore, new policy initiatives are increasingly aiming at efficient energy transfers with smaller and medium power grids to support a decentralized model of power distribution. This is likely to lead to major expansion of distribution grids in the near future, with increased opportunity of players in the medium voltage switchgear market.

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

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

South America

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

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

Key Benefits of Global Medium Voltage Switchgear Market Report

  • Global medium voltage switchgear market report covers in-depth historical and forecast analysis.
  • Global medium voltage switchgear market research report provides detail information about market introduction, market summary, global market revenue (revenue USD), market drivers, market restraints, market opportunities, competitive analysis, regional and country level.
  • Global medium voltage switchgear market report helps to identify opportunities in marketplace.
  • Global medium voltage switchgear market report covers extensive analysis of emerging trends and competitive landscape.

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SOURCE Brandessence Market Research And Consulting Private Limited

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