Global Medium Voltage Switchgear Market projected to grow at a CAGR of 8.2% from 2022 to 2031
High consumption of electricity and acceptance of smart grid technology to drive global market are the key factors boosting the Medium voltage switchgear market growth.— Allied Market Research
WILMINGTON, DE, UNITED STATES, December 19, 2024 /
EINPresswire.com/ -- According to a new report published by Allied Market Research, the
medium voltage switchgear market size was valued at $14.5 billion in 2021, and medium voltage switchgear industry is estimated to reach $31.7 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
A medium voltage switchgear is a device designed to open an electrical circuit by mechanical action. It interrupts the flow of current without permanently damaging the device operating in the voltage range of 3kV-40kV. Switchgear includes, for example, switches, fuses, circuit breakers, disconnectors, relays, current and potential converters, indicators, lightning arresters and control cabinets.
Download PDF Brochure:
https://www.alliedmarketresearch.com/request-sample/31750
The Asia-Pacific segment is projected to grow at the highest CAGR of approximately 8.8%, in terms of revenue, during the forecast period.
The key players operating in the
global medium voltage switchgear industry report are ABB Ltd, General Electrics, Schneider Electrics, Siemens AG, Toshiba Corporation, Mitsubishi Electrics, Eaton Corporation, Bharat Heavy Electrical Ltd., Chint group, Efacec, Fuji Electric Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., Jyoti group, Ormazabel, Power Well Inc. and LUCY group Ltd.
Domestic and industrial power demand is increasing significantly due to urbanization, public infrastructure, and the construction of industrial plants around the world which has led to the increased demand for the medium voltage switchgear market opportunities.
The medium voltage switchgear market is classified by insulation type into three categories which include air insulated switchgear, gas insulated switchgear and others (oil and solids).
As per medium voltage switchgear market analysis, on the basis of voltage, the 3kV - 5kV medium voltage switchgear segment is projected to grow at the highest CAGR of approximately 9.1%, in terms of revenue, during the forecast period.
On the basis of application, the transmission and distribution utilities segment is expected to dominate the medium voltage switchgear market share during the forecast period.
Enquiry Before Buying:
https://www.alliedmarketresearch.com/purchase-enquiry/A31300
On the basis of voltage, the market is classified into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. Similarly on the basis of installation type, the medium voltage switchgear market is divided into two major categories which include indoor switchgear and outdoor switchgear.
Depending on the end use industry, the market is broadly divided into three types which are transmission and digital utilities, commercial & residential and others.
On the current type, the AC segment is expected to dominate the market during the forecast period.
On the basis of insulation type, the air insulated switchgear segment is expected to dominate the market during the forecast period.
Impact of Covid-19 on Medium Voltage Switchgear Market
The COVID-19 outbreak has moderately affected the
MV switchgear market due to lockdown measures, the closure of various manufacturing and industrial facilities, and the delay of several infrastructure projects. It had a negative impact on different industries like automobile, aerospace, transportation and construction. The commercial, residential and industrial projects were put on hold due to the strict regulations imposed by the government.
Buy This Report (480 Pages PDF with Insights, Charts, Tables, and Figures):
https://bit.ly/41tcd4m
The transportation sector has halted due to the pandemic which caused the stoppage of raw materials required for the manufacturing of the switchgears. Also the reduced manpower has delayed the production process due to the limited number of labor allowed to work.
Trending Reports in Energy and Power Industry:
Air Insulated Switchgear Market
https://www.alliedmarketresearch.com/air-insulated-switchgear-market-A08335
Gas Insulated Switchgear Market
https://www.alliedmarketresearch.com/gas-insulated-switchgear-market-A304202
Paralleling Switchgear Market
https://www.alliedmarketresearch.com/paralleling-switchgear-market-A12880
Medium Voltage Switchgear Market
https://www.alliedmarketresearch.com/medium-voltage-switchgear-market-A31300
Power Quality Equipment Market
https://www.alliedmarketresearch.com/power-quality-equipment-market-A15551
Hybrid Switchgear Market
https://www.alliedmarketresearch.com/hybrid-switchgear-market-A15550
Switchgear Market
https://www.alliedmarketresearch.com/switchgear-market
Ring Main Unit (RMU) Market
https://www.alliedmarketresearch.com/ring-main-unit-RMU-market
Electrical House (E-House) Market
https://www.alliedmarketresearch.com/e-house-market
Power Distribution Unit Market
https://www.alliedmarketresearch.com/power-distribution-unit-market-A13798
Fire Resistance Cable Market
https://www.alliedmarketresearch.com/fire-resistance-cable-market-A14496
Electrostatic Precipitator Market
https://www.alliedmarketresearch.com/electrostatic-precipitator-system-market
Advanced Metering Infrastructure (AMI) Market
https://www.alliedmarketresearch.com/ami-metering-market-A12092
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter