Medium Voltage Switchgear Market: Growth to be driven by Rising Adoption of Smart Grid Technology
Key players in the global medium voltage switchgear market include Schneider Electric SE, General Electric, Siemens AG, and ABB. The medium voltage switchgear market is likely to provide a solid opportunity for new players in the coming years due to the rapidly growing demand for electrification in developing countries.
However, established players are likely to retain a strong dominance in the global medium voltage switchgear market in the coming years.
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According to Transparency Market Research (TMR), the global medium voltage switchgear market is expected to exhibit a robust 8.7% CAGR between 2017 and 2025.The market was valued at US$22.5 bn in 2017 and is expected to rise to a valuation of more than US$44 bn by 2025.
Asia Pacific Likely to Dominate Global Medium Voltage Switchgear Market
Asia Pacific held a leading share of around 40% in the global medium voltage switchgear market in 2017 and is likely to retain a dominant share in the market in the coming years due to the growing demand from developing economies such as China, India, Indonesia, Malaysia, Taiwan, Japan, and South Korea. The Asia Pacific market for medium voltage switchgear is likely to exhibit a 9.5% CAGR from 2017 to 2025 and rise to a valuation of US$21.79 bn by the end of 2025.
The medium voltage switchgear market is also likely to exhibit stable growth in the Middle East and Africa, with the regional market expected to display a 9% CAGR over the 2017-2025 forecast period.
The global medium voltage switchgear market is segmented by voltage into 3kV-5kV, 6kV – 15kV, 17kV – 27kV, and 28kV – 40kV. Of these, the 6kV – 15kV switchgear segment held the largest market share in 2016 in terms of revenue generation.
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 construction projects, as they provide an adequate compromise of cost and quality for most individual buildings.
Rising Demand for Electrification Drives Medium Voltage Switchgear Market
The medium voltage switchgear market is dependent on the overall growth in adoption of electrical power distribution equipment in a region and is thus driven primarily by the rising demand for widespread electrification initiatives in emerging countries. The dominance of Asia Pacific in the global medium voltage switchgear market is based primarily on the unceasing demand for new electrification projects in developing countries where construction of urban infrastructure has become a top priority in recent years.
The growing focus of several governments on rural electrification is also likely to benefit the medium voltage switchgear market in the coming years.
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The growing adoption of smart grid technology across the world is an important driver for the global medium voltage switchgear market. Smart grid installations require precise control over various components of the electricity distribution system, making medium voltage switchgear essential to widening the reach of the technology.
The increasing government interest in adopting smart grid technology in various parts of the world is thus likely to manifest in increased demand from the medium voltage switchgear market.
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