Low and medium voltage switchgear market size is set to grow by USD 40,704.86 million from 2022 to 2027; Increasing implementation of smart grid technology will boost the market

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06 Jun, 2023, 19:00 ET

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NEW YORK, June 6, 2023 /PRNewswire/ -- The global low and medium voltage switchgear market size is estimated to grow by USD 40,704.86 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.75% during the forecast period. APAC is estimated to account for 49% of the global market growth. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

Low And Medium Voltage Switchgear Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on type (GIS, and AIS), installation sites (indoor and outdoor), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

Geography OverviewBy geography, the global low and medium-voltage switchgear market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global low and medium voltage switchgear market.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Low And Medium Voltage Switchgear Market – Market DynamicsKey factor driving market growth

Increasing implementation of smart grid technology is the key factor driving the growth of the global low voltage (LV) and medium voltage (MV) switchgear market. In smart grid technology, automated switchgear technology is preferred over conventional technology. An automated substation where all functions are automated is more efficient and requires less manpower. Traditionally, substations used remote terminal devices as links between the switch and the control center. Some of these remote terminal units had intelligent features such as interconnection capabilities, but substation or site-wide automation was not available.

In addition, smart gates and distributors were introduced in the substation. Smart grid technology integrates monitoring and signaling in addition to protection and control functions. Manufacturers add intelligent embedded protection and control electronics to a switch to improve network efficiency and reliability. Hence, the implementation of smart grid technology will propel the growth of the global low and medium voltage switchgear market during the forecast period.

Leading trends influencing the market

Growing focus on infrastructure and renewable energy sources is the primary trend in the global low voltage (LV) and medium voltage (MV) switchgear market growth. The upgradation of the aging infrastructure is anticipated to power the market's growth. For instance, around 65 gigawatts of European onshore wind turbines would reach end-of-design-life by the next five years. Another significant factor fueling the switchgear market growth is the rising construction activities worldwide, owing to the increasing focus on infrastructure. The construction industry is witnessing growth in emerging economies, including China and India, apart from the advanced economies, like the US, Canada, and countries in the European Union (EU), which are already focusing on their existing infrastructure.

Moreover, the use of direct current in solar power plants, wind turbines, energy storage, and charging stations offers several efficiency advantages, and it also makes enormous demands on electromagnetic components. However, they must be able to regulate and safely close high voltages and switchboards in DC applications. Hence, the growing focus on infrastructure and renewable energy sources will drive the global low and medium voltage switchgear market during the forecast period.

Major challenges hindering the market growth

Regulations restricting SF6 gas emissions is a major challenge to the growth of the global low voltage (LV) and medium voltage (MV) switchgear market. SF6 gas is commonly used as an insulating medium in low and medium voltage switchgear. It has superior electrical insulation properties, which makes it ideal for use in high-voltage transmission systems.

Most of the regulations that apply to the use of SF6 apply to a chemically similar group of fluorinated gases called F-gases. This includes both hydrofluorocarbons (HFCs), which have short lifetimes in the atmosphere, and perfluorocarbons (PFCs), which have long lifetimes. Greener alternatives have largely replaced HFCs and PFCs. As F-gas rules become more stringent, they will have a negative impact on the use of SF6 gas, which is expected to hamper the growth of the global low and medium voltage switchgear market during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

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Low And Medium Voltage Switchgear Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.75%

Market growth 2023-2027

USD 40,704.86 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.25

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 49%

Key countries

US, China, India, Germany, and UK, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., CG Power and Industrial Solutions Ltd., DRIESCHER GmbH, Eaton Corp. Plc, Efacec Servicos Corporativos S.A., Fuji Electric Co. Ltd., General Electric Co., Hyosung Heavy Industries Corp., LS ELECTRIC Co. Ltd., Meidensha Corp., Mitsubishi Electric Corp., Powell Industries Inc., Regal Rexnord Corp., Schneider Electric SE, Siemens AG, SIM Switchgear Ltd., Switchgear for energy technology GmbH, TGOOD Global Ltd., Toshiba Corp., and Zhejiang CHINT Electrics Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Installation Sites

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio