Low and medium voltage switchgear market size is set to grow by USD 40,704.86 million from 2022 to 2027; Increasing implementation of smart grid technology will boost the market
NEW YORK, June 6, 2023 /PRNewswire/ -- The global low and medium voltage switchgear market size is estimated to grow by USD 40,704.86 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.75% during the forecast period. APAC is estimated to account for 49% of the global market growth. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Low And Medium Voltage Switchgear Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on type (GIS, and AIS), installation sites (indoor and outdoor), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The GIS segment will account for a major share of the market's growth during the forecast period. Factors, such as the increasing demand for electricity, the need for efficient and reliable power transmission and distribution systems, and the growing focus on renewable energy sources will increase the market growth during the forecast period. In addition, the growing demand for compact and space-saving switchgear solutions is also contributing to the growth of the Gas Insulated Switchgear segment in the global low and medium-voltage switchgear market during the forecast period.
Geography OverviewBy geography, the global low and medium-voltage switchgear market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global low and medium voltage switchgear market.
APAC is estimated to account for 49% of the global growth by 2027. The growth of the electricity-consuming sectors in this region will increase the market growth during the forecast period. Rapid urbanization and enhanced living standards have improved electricity consumption in many major countries in the region, such as India and China. Moreover, the private players currently operate several utilities in the region, and this has boosted the effective production and distribution of electricity. Such expansions have helped to reduce the total price of electricity and promote fair market competition in the power sector. A continuous supply of electricity has become vital due to the improvement in the economic conditions of the region. Such factors will increase the market growth in this region during the forecast period.
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Low And Medium Voltage Switchgear Market – Market DynamicsKey factor driving market growth
Increasing implementation of smart grid technology is the key factor driving the growth of the global low voltage (LV) and medium voltage (MV) switchgear market. In smart grid technology, automated switchgear technology is preferred over conventional technology. An automated substation where all functions are automated is more efficient and requires less manpower. Traditionally, substations used remote terminal devices as links between the switch and the control center. Some of these remote terminal units had intelligent features such as interconnection capabilities, but substation or site-wide automation was not available.
In addition, smart gates and distributors were introduced in the substation. Smart grid technology integrates monitoring and signaling in addition to protection and control functions. Manufacturers add intelligent embedded protection and control electronics to a switch to improve network efficiency and reliability. Hence, the implementation of smart grid technology will propel the growth of the global low and medium voltage switchgear market during the forecast period.
Leading trends influencing the market
Growing focus on infrastructure and renewable energy sources is the primary trend in the global low voltage (LV) and medium voltage (MV) switchgear market growth. The upgradation of the aging infrastructure is anticipated to power the market's growth. For instance, around 65 gigawatts of European onshore wind turbines would reach end-of-design-life by the next five years. Another significant factor fueling the switchgear market growth is the rising construction activities worldwide, owing to the increasing focus on infrastructure. The construction industry is witnessing growth in emerging economies, including China and India, apart from the advanced economies, like the US, Canada, and countries in the European Union (EU), which are already focusing on their existing infrastructure.
Moreover, the use of direct current in solar power plants, wind turbines, energy storage, and charging stations offers several efficiency advantages, and it also makes enormous demands on electromagnetic components. However, they must be able to regulate and safely close high voltages and switchboards in DC applications. Hence, the growing focus on infrastructure and renewable energy sources will drive the global low and medium voltage switchgear market during the forecast period.
Major challenges hindering the market growth
Regulations restricting SF6 gas emissions is a major challenge to the growth of the global low voltage (LV) and medium voltage (MV) switchgear market. SF6 gas is commonly used as an insulating medium in low and medium voltage switchgear. It has superior electrical insulation properties, which makes it ideal for use in high-voltage transmission systems.
Most of the regulations that apply to the use of SF6 apply to a chemically similar group of fluorinated gases called F-gases. This includes both hydrofluorocarbons (HFCs), which have short lifetimes in the atmosphere, and perfluorocarbons (PFCs), which have long lifetimes. Greener alternatives have largely replaced HFCs and PFCs. As F-gas rules become more stringent, they will have a negative impact on the use of SF6 gas, which is expected to hamper the growth of the global low and medium voltage switchgear market during the forecast period.
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What are the key data covered in this Low And Medium Voltage Switchgear Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the low and medium voltage switchgear market between 2023 and 2027
Precise estimation of the low and medium voltage switchgear market size and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the low and medium voltage switchgear market across APAC, Europe, North America, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of low and medium voltage switchgear market vendors
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Low And Medium Voltage Switchgear Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.75%
Market growth 2023-2027
USD 40,704.86 million
YoY growth 2022-2023 (%)
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 49%
US, China, India, Germany, and UK, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
ABB Ltd., CG Power and Industrial Solutions Ltd., DRIESCHER GmbH, Eaton Corp. Plc, Efacec Servicos Corporativos S.A., 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.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
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Table of Content
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global low and medium voltage switchgear market 2017 - 2021
4.2 Type Segment Analysis 2017 - 2021
4.3 Installation Sites Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Type
6.1 Market segments
6.2 Comparison by Type
6.3 GIS - Market size and forecast 2022-2027
6.4 AIS - Market size and forecast 2022-2027
6.5 Market opportunity by Type
7 Market Segmentation by Installation Sites
7.1 Market segments
7.2 Comparison by Installation Sites
7.3 Indoor - Market size and forecast 2022-2027
7.4 Outdoor - Market size and forecast 2022-2027
7.5 Market opportunity by Installation Sites
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 North America - Market size and forecast 2022-2027
9.6 Middle East and Africa - Market size and forecast 2022-2027
9.7 South America - Market size and forecast 2022-2027
9.8 China - Market size and forecast 2022-2027
9.9 US - Market size and forecast 2022-2027
9.10 Germany - Market size and forecast 2022-2027
9.11 India - Market size and forecast 2022-2027
9.12 UK - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 ABB Ltd.
12.4 CG Power and Industrial Solutions Ltd.
12.5 Eaton Corp. Plc
12.6 Fuji Electric Co. Ltd.
12.7 General Electric Co.
12.8 Hyosung Heavy Industries Corp.
12.9 LS ELECTRIC Co. Ltd.
12.10 Meidensha Corp.
12.11 Mitsubishi Electric Corp.
12.12 Powell Industries Inc.
12.13 Regal Rexnord Corp.
12.14 Schneider Electric SE
12.15 Siemens AG
12.16 TGOOD Global Ltd.
12.17 Toshiba Corp.
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus 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.
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