According to a new market research report on the medium-voltage switchgear market, published by Transparency Market Research, the global medium-voltage switchgear market is expected to reach value of US$ 8,395.0 Mn by 2026, expanding at a CAGR of 6.2% from 2018 to 2026. Asia Pacific is likely to continue to lead the global market, with the market in the region expanding at a CAGR of 6.8% between 2018 and 2026.
Grid modernization to reform electricity transmission and distribution networks is driving the global medium-voltage switchgear market
From traditional electricity grids to smart grids, from power grids based on fossil fuels (such as coal and petroleum) to grids integrating renewable energy sources (such as solar and wind power), grid systems play a key role in the electricity sector. Resources such as coal and petroleum are not unlimited or renewable. The faster they are used, the quicker they would be depleted. Energy-saving methods can be attained through advancements in technology and development of new forms of power grids, while improving the production of renewable energy and reducing the emissions of greenhouse gases. Thus, increasing government initiatives for renewal of existing transmission and distribution networks along with grid modernization are expected to propel the demand for medium-voltage switchgear during the forecast period.
Medium-voltage Switchgear Market: Scope of Report
The global medium-voltage switchgear market has been broadly segmented in terms of voltage, insulation, end-use industry, and geography. In terms of voltage, the market has been classified into 3kV – 5kV, 6kV – 15kV, 17kV – 27kV, and 28kV – 40kV. Among these, the 6kV – 15kV segment accounted for a major market share around 30% in 2017. The segment is expected to expand at a significant CAGR of 6.4% during the forecast period. Based on insulation, the medium-voltage switchgear market has been divided into air-insulated switchgears, gas-insulated switchgears, and others.
The air-insulated switchgears segment held the leading share of the market in 2017. Air-insulated switchgears are extensively used in rural areas and favorable offsite terrains, where space, climatic conditions, seismic occurrences, and environment-related concerns is not an issue. In terms of end-use industry, the market has been classified into power plants, commercial sector, oil, gas and petrochemical, utility sector, paper & pulp industry, and others. In 2017, the utility sector segment accounted for a prominent market share. The segment is estimated to expand at a significant CAGR of 5.7% during the forecast period.
Based on region, the global medium-voltage switchgear market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the global medium-voltage switchgear market in 2017, with China holding a major share of the market in the region. Demand for switchgears in China is primarily driven by increasing investments in electricity transmission and distribution networks across the country, renewal of faulty and aging electricity transmission and distribution networks, and rapid electrification in rural areas of the country.
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The U.S. dominates the market in North America, owing to increasing usage of medium-voltage switchgears in various electrification projects in commercial and residential sectors across the country. Europe is also expected to contribute significantly to the global medium-voltage switchgear market in the next few years. The medium-voltage switchgear market in Europe is expected to expand at a CAGR of 6.3% during the forecast period.
Global Medium-voltage Switchgear Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global medium-voltage switchgear market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Key players operating in the global medium-voltage switchgear market are ABB Ltd, Chint Group Eaton Corporation Plc., General Electric Hyosung Corp, Mitsubishi Electric Corporation, Powell Industries, Inc., Romac, Inc., Schneider Electric SE, and Siemens AG. Companies are focusing on expanding their business through strategic acquisitions and partnerships.