The Medium Voltage Switchgear Global Market Report 2023 by The Business Research Company, provides medium voltage switchgear market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Medium Voltage Switchgear Global Market Report 2023, the market size is expected to grow from$40.13 billion in 2022 to $43.73 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of the global medium voltage switchgear (2kv – 36kv) market is expected to grow to $57.84 billion in 2027 at a CAGR of 7.2%.
The demand for electricity generation is projected to drive the medium voltage switchgear market. Development of industrialization and urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth.
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The medium voltage switchgear market is segmented:
1) By nsulation: Air, Gas, Oil, Vacuum
2) By Installation: Outdoor, Indoor
3) By Application: Residential, Commercial, Industrial, Utility
The development of eco-efficient switchgear has become an emerging trend in the medium-voltage switchgear market. Eco-efficient switchgear is an alternative to greenhouse gas sulfur hexafluoride (SF6) for improved eco-efficiency and less environmental impact. Switchgear of SF6 gas is used as the electrical insulation and current interruption medium and is extremely restricted to greenhouse gas. For instance, in November 2022, Hitachi Energy, a Switzerland-based company operating in an energy solution, introduced sulfur hexafluoride (SF6) free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology to achieve carbon neutrality in the power grid. Therefore, a rise in the usage of eco-efficient switchgear is gaining popularity in the medium-voltage switchgear market.
The medium voltage switchgear market report table of contents includes:
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