Acknowledging the kind of traction gained by this market, recently published a study report asserts the Lab Furniture market is expected to reach USD 2247.5 million by 2027, registering a phenomenal CAGR of 6.3% during the review period (2022 to 2027).
Medium Voltage Switchgear Market size was valued at USD 37.05 Billion in 2020 and is projected to reach USD 59.84 Billion by 2027, growing at a CAGR of 6.3% from 2022 to 2027.
The growing need for electricity by the consumers in response to an adaption of the smart grid technology, the need for efficient power generation and distribution sectors, and growing incidences associated with hazardous fire, lack of safe electrical infrastructure are the major factors responsible for boosting the market growth. The Global Medium Voltage Switchgear Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Medium Voltage Switchgears Market Technology of pure air is fast replacing sulfur hexafluoride as a greenhouse gas usually used in grid industrial electrical installations. For reducing the dependency on sulfur hexafluoride and introducing the pure air in switchgear at the innovation for cool earth forum called ICEF, Schneider Electric’s new SM AirSeT medium voltage switchgear got applauded.
Organizations are becoming aware regarding the climate change in the medium-voltage switchgear market which has sprung to give rise to digital switchgear and pure air technology. Key players in this market are getting robust research base in sulfur hexafluoride free switchgear technology, which in turn is helping in building eco-friendly industrial systems and green grids. Pure air lining is expected to get importance in several electric utilities like private power networks for commercial and industrial applications.
MARCH 22, 2022: GE Digital announced upgrades to iFIX® HMI/SCADA, the company’s high performance automation software that delivers faster time to insight and greater efficiency for industrial operations.
12/04/2022: Eaton announces the construction of a state-of-the-art campus for UPS and energy storage manufacturing in Vantaa
The intelligent power management company Eaton, a market leader in solutions for large data centers, announced that it is building a new campus for its critical power systems in Vantaa, Finland, integrating all current activities into a much larger site.
Top Key players in the Medium Voltage Switchgears Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Medium Voltage Switchgears Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes ABB Ltd (NYSE:ABB), Siemens, Eaton Corporation plc (NYSE:ETN), Schneider Electric S.E. (Paris :SU.PA), GE Industrial, Toshiba Corporation (Other OTC:TOSYY), Hitachi Ltd. (Other OTC :HTHIY), CHINT, Mitsubishi Electric Corporation (Other OTC:MIELY), Lucy Electric, Fuji Electric Co., Ltd. (Tokyo:6504.T), Bharat Heavy Electricals Limited (NSE:BHEL.NS), Crompton Greaves Ltd., BOER, Hyundai Heavy Industries, Efacec, Nissin Electric, Dual-ADE, Powell and others.
Stringent environment and safety regulations in the manufacturing of medium voltage switchgear is hindering the market's growth. The regulations governing medium voltage switchgear is IEC 62271-200 and it specifies that all electrical characteristics must comply with standard regulations. Many companies struggle to stay with fast-changing safety standards. Sometimes they can't bear funds to perform tasks required by the latest standards. According to IEC 62271-200 regulations, enquirers placing any order for metal-enclosed switchgear, should provide the main electrical characteristics of the system and also the service conditions if it is different from standard. Therefore, stringent environment and safety regulations are limiting the medium voltage switchgear market's growth.
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 2019, ABB has launched UniSec with AirPlus technology, which is completely SF6-free medium-voltage switchgear for networks up to 24kV. Therefore, a rise in the usage of eco-efficient switchgear is gaining popularity in the medium voltage switchgear market.
Medium Voltage Switchgears Market is segmented based on the type, applications, companies and regions.
By Type, Medium Voltage Switchgears Market has been segmented into
The end user’s industry application on Medium Voltage Switchgears Market is
North America is expected to see a significant growth in medium voltage switchgear market owing to the replacement of aging infrastructure, growing urban density, high consumption of electricity. The adoption of advanced technology in Europe such as microgrid and smart grid for better effective transmission and distribution of electricity. Subsequently, the growing demand for renewable energy such as solar and wind power fuelling the demand for medium voltage switchgear. The Asia Pacific is poised to grow due to substantial socio-economic factors such as massive population, intense demand for electricity, infrastructure development and governments schemes for easy access to electricity is expected to increase the demand for medium voltage switchgear.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 6.3% during the review period (2022 to 2027). |
By Type |
|
By Application |
|
By Companies | ABB Ltd (NYSE:ABB), Siemens, Eaton Corporation plc (NYSE:ETN), Schneider Electric S.E. (Paris :SU.PA), GE Industrial, Toshiba Corporation (Other OTC:TOSYY), Hitachi Ltd. (Other OTC :HTHIY), CHINT, Mitsubishi Electric Corporation (Other OTC:MIELY), Lucy Electric, Fuji Electric Co., Ltd. (Tokyo:6504.T), Bharat Heavy Electricals Limited (NSE:BHEL.NS), Crompton Greaves Ltd., BOER, Hyundai Heavy Industries, Efacec, Nissin Electric, Dual-ADE, Powell and others. |
Regions Covered |
|
Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 134 |
Customization Available | Yes, the report can be customized as per your needs |
What is the study period of this market?
The Medium Voltage Switchgears Market is studied from 2022 - 2027.
What is the growth rate of Medium Voltage Switchgears Market?
The Medium Voltage Switchgears Market is growing at a CAGR of 6.3% over the next 5 years.
Who are the leading key players in Medium Voltage Switchgears Market?
ABB Ltd (NYSE:ABB), Siemens, Eaton Corporation plc (NYSE:ETN), Schneider Electric S.E. (Paris :SU.PA), GE Industrial, Toshiba Corporation (Other OTC:TOSYY), Hitachi Ltd. (Other OTC :HTHIY), CHINT, Mitsubishi Electric Corporation (Other OTC:MIELY), Lucy Electric, Fuji Electric Co., Ltd. (Tokyo:6504.T), Bharat Heavy Electricals Limited (NSE:BHEL.NS), Crompton Greaves Ltd., BOER, Hyundai Heavy Industries, Efacec, Nissin Electric, Dual-ADE, Powell and others.
What are the significant types of Medium Voltage Switchgears Market?
Residential, Industrial, Commercial, Utility Installations
The end user’s industry application on Medium Voltage Switchgears Market is
Air Insulated Switchgears, Gas Insulated Switchgears, Others
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
Reach us with your research requirements and we shall provide the optimum solution to suit your needs.
Discounts available for multiple report purchases.