Business

Medium Voltage Switchgear Market to be worth US$44 bn by 2025; COVID-19 to Affect Future Growth Trajectory

Switchgears are switching devices that are specially designed to regulate, control, and protect various types of power generation, distribution, and transmission equipment. It is also used to provide protection to different electric motor control systems installed across various end user segments. In electric power systems, switchgears are a combination of circuit breakers or fuses and disconnect switches. The purpose of switchgears is to de-energize the equipment and allow maintenance work to be done and clear downstream faults. Medium voltage switchgears ranges from 3kV to 40 kV. The global medium voltage switchgear market is anticipated to experience steady growth during the forecast period from 2017 to 2025 owing to rapid electrification and advent of smart grid technology across the world.

Asia Pacific Likely to Dominate Medium Voltage Switchgear Market

For the purpose of providing an in-depth and exhaustive analysis of the medium voltage switchgear market across the globe, the market has been segmented on the basis of voltage, insulation, and end user. Based on different voltage ratings of medium voltage switchgear available in the market, the market has been classified into 3kV – 5kV, 6kV – 15kV, 17kV – 27kV and 28kV – 40kV. In addition, depending on the insulating medium, the global medium voltage switchgear market has been categorized into air insulated switchgear, gas insulated switchgear, and others. The others segment includes switchgears whose insulation is based on solid and oil.

Want to know the obstructions to your company’s growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=29477

In 2016, among the different voltage ratings of medium voltage switchgear available in the market, the 6kV – 15kV switchgear segment held the largest market share in terms of revenue generation (USD billion). On the other hand, the 3kV – 5kV switchgear segment is expected to exhibit the most promising growth rate during the forecast period in terms of both value and volume. The demand for 3kV to 5 kV switchgears is anticipated to increase at an exponential rate in the coming years owing to its increasing usage in electrification in commercial, residential, and other real estate projects across the globe.

Moreover, information related to demand for medium voltage switchgear across various end user segments including power plants, the commercial sector, the oil, gas, and petrochemicals sector, utilities, and the paper and pulp industry, among others, is also highlighted in this report. Furthermore, cross sectional analysis of the market segments across Asia Pacific, North America, Europe, the Middle East and Africa (MEA), and Latin America is furnished in the report.

Geographically, Asia Pacific dominated the global medium voltage switchgear market in 2016 in terms of both revenue generation and volume demanded, and is expected to maintain its leading position in the coming years also. Initiation of smart grid initiatives by several governments in this region, coupled with the huge investment for upgrading power transmission and distribution systems, is the primary factor behind this region’s dominance in the global medium voltage switchgear market.

Rising Demand for Electrification Drives Demand from Medium Voltage Switchgear Market

Increasing demand for electrification along with adoption of smart grid technology in emerging countries is one of the primary factors expected to boost the demand from the medium voltage switchgear market in the coming years. There has always been a problem of electrification in the emerging countries, which has hindered the growth of industrial and construction sectors. Furthermore, lack of proper electrification in industries has been inhibiting the use of switchgears and other advanced equipment, which require electricity. As of 2015, the electrification rate was less than 68% in South Asian countries such as Sri Lanka, Laos, India and Indonesia.

Looking for exclusive market insights from business experts? Request a Custom Report 

Countries such as India and China have taken significant steps to improve the penetration of electrification. In India, the government has decided to spend a significant part of the 12th five-year plan (2012-2017) on electrification projects. The Chinese government had announced its plan to achieve 100% rural electrification by the end of 2015, which has been successful. With the increase in electrification and adaptation of smart grid technology, demand for middle-grade switchgear is set to increase in emerging countries during the forecast period.

In terms of competitive landscape, some of the major players operating in the global medium voltage switchgear market includes Schneider Electric SE (France), ABB (Switzerland), Siemens AG (Germany) and General Electric (the U.S) among others.

Read Our Trending Press Release Below: https://www.prnewswire.com/news-releases/increasing-demand-from-semiconductors-to-invite-extensive-growth-for-epi-wafer-market-through-forecast-period-of-2020-2030-301177165.html

Back to top button