Low and Medium Voltage Switchgear Market size is set to grow by USD 45.84 billion from 2024-2028, Increasing electricity generation to boost the market growth, Technavio

NEW YORK, June 20, 2024 /PRNewswire/ -- The global low and medium voltage switchgear market size is estimated to grow by USD 45.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 7.1% during the forecast period. Increasing electricity generation is driving market growth, with a trend towards growing focus on infrastructure and renewable energy sources. However, regulations restricting sf6 gas emissions poses a challenge. Key market players include ABB Ltd., CG Power and Industrial Solutions Ltd., DRIESCHER GmbH, Eaton Corp. Plc, Efacec, 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.

Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report

Key Market Trends Fueling Growth

The global low and medium voltage switchgear market is projected to expand due to the upgrading of aging infrastructure, particularly in Europe where 65 gigawatts of onshore wind turbines will reach end-of-life in the next five years. Additionally, the growing construction activities worldwide, driven by infrastructure focus in emerging economies like China and India, as well as advanced economies, will fuel market growth. Renewable energy sources, especially wind, are key factors contributing to this trend. 

The Low and Medium Voltage Switchgear market is experiencing significant growth, driven by increasing power demand and technological advancements. Producers concentrate on developing circuit breakers and switchgear with superior insulation and automation features. Concerns over energy efficiency and reliability are key trends. Solid state technology and vacuum interrupters are becoming popular due to their high breaking capacity and fast response time. Obsoletion of old switchgear and increasing focus on grid modernization are other factors fueling growth. Companies are also investing in research and development to create more compact and cost-effective solutions. Overall, the market is expected to continue its upward trajectory in the coming years. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

• The low and medium voltage switchgear market relies heavily on SF6 gas for insulation in electrical systems due to its excellent insulation properties. However, SF6 is a greenhouse gas with high global warming potential, leading to strict regulations limiting its emissions. The European Climate Change Program identified SF6 reduction as crucial for achieving Kyoto protocol commitments. F-gas rules, which apply to SF6 and similar gases like HFCs and PFCs, will negatively impact the switchgear market's growth.
• The Low and Medium Voltage Switchgear market faces several challenges. One key challenge is the increasing complexity of electrical systems, requiring advanced circuit breakers and automation systems. Another challenge is the need for higher reliability and efficiency in power distribution. This necessitates the use of smart switchgear with digital protection relays and communication capabilities. Additionally, regulatory requirements and safety standards continue to evolve, necessitating continuous innovation and compliance. Furthermore, the market is witnessing a shift towards modular and compact switchgear designs to reduce installation and maintenance costs. Lastly, the growing adoption of renewable energy sources and energy storage systems presents new opportunities and challenges for switchgear manufacturers.

For more insights on driver and challenges - Download a Sample Report

Segment Overview 

This low and medium voltage switchgear market report extensively covers market segmentation by

1. Type 
• 1.1 GIS
• 1.2 AIS
2. Installation Sites
• 2.1 Indoor
• 2.2 Outdoor
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 GIS- The global low and medium voltage switchgear market is experiencing growth due to the rising demand for electricity and the need for efficient power transmission and distribution systems. Gas-insulated switchgear (GIS), which uses gas as an insulating medium, is a significant contributor to this market. Its benefits, including high reliability, low maintenance, and compact design, have made it popular. The focus on renewable energy sources and the need for space-saving switchgear solutions are also driving the expansion of the GIS segment, consequently fueling the growth of the overall low and medium voltage switchgear market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022) - Download a Sample Report

Research Analysis

The Low and Medium Voltage Switchgear Market encompasses a wide range of electrical equipment used in power systems for distribution and protection in industrial settings. Key components include circuit breakers, switches, HRC fuses, and distribution boards. These elements ensure mechanical stability and safety during infrastructure developments and construction activities. In the context of renewable energy, switchgear plays a crucial role in integrating Distributed Energy Resources into the power grid. Products vary from fixed mounting to portable multifunctional modules, catering to diverse applications such as offshore wind farms and railway systems. Oil-filled circuit breakers and Residual Current Devices are essential components, providing protection against arc blasts and ensuring electrical safety. The market continues to grow, driven by the increasing demand for reliable power systems and infrastructure developments in various sectors.

Market Research Overview

The Low and Medium Voltage Switchgear market encompasses solutions designed for managing and controlling the flow of electrical power. These systems are essential for ensuring power reliability and safety in various industries, including utilities, manufacturing, and commercial sectors. The market is driven by factors such as increasing electricity demand, grid modernization, and the need for more efficient and intelligent power distribution systems. Switchgear solutions offer benefits like improved system availability, enhanced safety, and reduced energy losses. Technologies like smart grid, automation, and digitalization are shaping the future of the market, enabling advanced functionalities like remote monitoring, predictive maintenance, and real-time fault detection. The market is expected to grow significantly in the coming years due to these trends and the increasing focus on power system reliability and efficiency.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• GIS
• AIS
• Installation Sites
• Indoor
• Outdoor
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED