Medium-voltage Switchgear Market
Medium-voltage Switchgear Market (Voltage: 3kV - 5kV, 6kV - 15kV, 16kV - 27kV, and 28kV - 40kV; Insulation: Air Insulated Switchgear, Gas Insulated Switchgear, and Others, and End User: Power Plant, Commercial Sector, Oil, Gas & Petrochemical, Utility Sector, Paper & Pulp Industry, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Electronics & Semiconductors
- 227 Pages
Digital Resiliency Offers Customer Solutions During Coronavirus Crisis
Different companies in the medium-voltage switchgear market in several regions are facing unique set of challenges and opportunities during the COVID-19 crisis. Schneider Electric - a European multinational company providing energy and automation digital solutions is working in full capacity to ensure business continuity by maintaining critical infrastructure and focusing on consumer & partner expectations.
Moreover, new coronavirus strains are questioning the efficacy of vaccines. This is anticipated to further extend the recovery period of the world economy. Hence, manufacturers in the medium-voltage switchgear market are adopting digital resiliency and 24/7 technical support to provide demand-shaping customer solutions. India’s power sector, on the other hand, is facing declining industrial activity due to the COVID-19 crisis.
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Indoor V/S Outdoor Switchgear: Which is Better?
The global medium-voltage switchgear market is projected to reach the valuation of US$ 44 Bn by the end of 2031. Indoor switchgear are considered reliable and safe as compared to outdoor switchgear. However, the high installation cost of indoor switchgear tends to balance out the choice between the two.
Outdoor switchgear require less capacity of infrastructure for installation. However, the cost of maintenance is high of outdoor switchgear as compared to indoor switchgear. Indoor switchgear tends to take lesser space as opposed to outdoor switchgear. On the other hand, the major erection work for outdoor switchgear is much less than indoor switchgear. In addition, metal-clad switchgear is more advantageous than metal-enclosed switchgear, since the former is highly customizable.
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Digital Switchgear Enables Flexible Condition Monitoring, Raise Safety Standards
Digital switchgear, advanced fault current protection, and condition monitoring are bolstering the growth of the medium-voltage switchgear market. ABB Ltd. - a Swedish-Swiss multinational corporation operating in robotics, power, and heavy electrical equipment is gaining recognition for its switchgear that reduce footprint, deploy flexible condition monitoring, and raise safety standards across industries.
Energy savings, reduced weight, and quicker delivery times with digital systems are generating revenue opportunities for companies in the medium-voltage switchgear market. New sensor technology, software, and intelligent circuit breakers in digital medium-voltage switchgear are contributing to asset health monitoring. Digital switchgear are being associated with reducing the total cost of ownership and handle last minute load changes.
Sulfur Hexafluoride-free Switchgear Technology Helps Manufacturers Address Climate Change
The pure air technology is increasingly replacing the SF6 greenhouse gas commonly used in grid and industrial electrical installations. Schneider Electric’s new SM AirSeT medium voltage switchgear has gained recognition at the Innovation for Cool Earth Forum (ICEF) for reducing reliance on sulfur hexafluoride (SF6) greenhouse gas and introducing pure air in switchgear.
Companies in the medium-voltage switchgear market are gaining awareness about climate change. Such trends are giving rise to digital switchgear and the pure air technology. Manufacturers in the medium-voltage switchgear market are gaining a strong research base in the SF6-free switchgear technology, which is helping to build green grids and eco-friendly industrial electricity systems. Pure air insulation is anticipated to gain prominence in numerous electric utilities, including private power networks for commercial and industrial applications.
Ready-to-customize Medium-voltage Switchgear Help Access Power with Limited Investment
New trends such as build-your-own medium-voltage switchgear with the help of robust components are translating into business opportunities for stakeholders in the medium-voltage switchgear market. With the help of latest technologies and comprehensive product range, end users are able to customize their electrical installations.
Companies in the medium-voltage switchgear market are increasing the availability of pre-assembled systems that are a fast and secure way to access power with limited investment. Thus, customization of low- and medium-voltage switchgear is helping stakeholders to expand their revenue streams. Certified and tested switchgear are a cost-efficient way to access power with limited investment. Ready-to-customize switchgear are potentially reducing investments in R&D in existing infrastructure installations.
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Since industrial activities continue at low capacities amid the ongoing COVID-19 crisis, service providers and facility managers are increasing awareness about avoiding unplanned downtime by ensuring that switchgear structures deploy power and cooling reliability. The global medium-voltage switchgear market is predicted to advance at a modest CAGR of 5.5% during the assessment period. This can be attributed to intense competition in reducing environmental footprint. Hence, companies should increase their research in pure air insulation, which is giving rise to the sulfur hexafluoride-free switchgear technology. Facility managers are preferring advanced fault current protection via switchgears in order to take active measures for preventing an arc fault event from happening.
Medium-voltage Switchgear Market: Overview
- According to Transparency Market Research’s latest research report on the global medium-voltage switchgear market for the historical period 2017–2019, base year 2020, and forecast period 2021–2031, the extensive usage of medium-voltage switchgear by power plants; commercial sector; oil, gas, and petrochemical sectors; utility sector; paper & pulp industry; and other end users is expected to boost the global medium-voltage switchgear market during the forecast period
- In terms of revenue, the global medium-voltage switchgear market is projected to reach the value of US$ 44 Bn by 2031, expanding at a CAGR of 5.5% during the forecast period
Growing Industrial and Construction Sectors in Emerging Economies: Key Driver of Medium-voltage Switchgear Market
- The construction sector and industrial infrastructure across various emerging economies, including China, India, Brazil, Indonesia, Japan, and Mexico, along with the Middle East, are witnessing significant growth due to the rise in spending on housing, airport development, and modernization of ports, roads, railways, and water supply systems. This is projected to boost the demand for medium-voltage switchgear during the forecast period.
- Increase in demand for medium-voltage switchgear from various commercial construction projects for efficient transmission of electricity is the primary factor driving the medium-voltage switchgear market
- Thus, the demand for medium-voltage switchgear is estimated to increase over the next few years, and major players in the medium-voltage switchgear market are utilizing the economies of scale to cater to the rising demand
- However, counterfeits of switchgear and its components and high cost of regular maintenance of switchgear are the major factors negatively affecting the global medium-voltage switchgear market. The high cost associated with the regular maintenance of switchgear might hinder the growth of the medium voltage switchgear worldwide. Key manufacturers are investing significantly in ways to reduce the maintenance cost of medium-voltage switchgear.
High Demand for Alternative Renewable Power Sources for Electricity
- Medium-voltage switchgear protects, regulates, and controls power generation, transmission and distribution equipment, and electric motor control systems. Hence, its demand is rising in North America, Europe, and Asia Pacific, owing to these advantages.
- Increasing need for renewable energy sources is meant for uninterrupted power supply for smooth functioning of industries and reducing greenhouse gas emissions. Investment in renewable energy sources such as solar, wind, and hydroelectric power would also encourage various switchgear manufacturers to expand their medium-voltage switchgear product portfolio. Such product innovations would create opportunities for medium- and high-voltage switchgear manufacturers during the forecast period. The medium voltage switchgear industry is expected to provide significant market opportunity during the forecast period, owing to the increasing demand for renewable energy sources in power transmission and distribution.
- Moreover, rising investment by governments of various countries in renewable energy sources such as solar, wind, and hydroelectric power is also expected to encourage growth and expansion of renewable power generation plants. This, in turn, is predicted to create better opportunities for various medium-voltage switchgear manufacturers in the upcoming years.
- Thus, increase in demand for alternative renewable power sources for electricity in North America, Europe, and Asia Pacific is projected to boost the global medium-voltage switchgear market during the forecast period
Medium-voltage Switchgear Market: Competition Landscape
- Detailed profiles of providers of medium-voltage switchgear have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global medium-voltage switchgear market are
- Siemens AG
- General Electric
- Schneider Electric SE
- Eaton Corporation Plc.
- Bharat Heavy Electricals Limited
- Mitsubishi Electric Corporation
- ABB Ltd.
- Powell Industries
- Elatec Power Distribution GmbH
- Chint Group
Medium-voltage Switchgear Market: Key Developments
- Key providers of medium-voltage switchgear such as ABB Ltd., Schneider Electric SE, Mitsubishi Electric Corporation, and Siemens AG are focused on designing cost-effective and technology-proven medium-voltage switchgear to attract more customers. Other key developments in the global medium-voltage switchgear market have been highlighted below:
- In October 2020, ABB Ltd. launched the world’s first switchgear that allows customers across various sectors, including utilities, industry, and infrastructure to change the insulation gas to an eco-efficient alternative green insulation gas at any point
- In February 2020, Schneider Electric SE along with its partner Tricolite Electrical Industries launched a new generation medium voltage switchgear Premset. Premset medium voltage switchgear is very safe, extremely reliable and compact, has the ability to withstand harsh environments, and is suited for tunnels and mines.
- In January 2019, Mitsubishi Electric Corporation launched gas-insulated switchgear technologies for electric power applications such as arc-cooling technology for interrupters, which improves current-interruption performance by 25%, and high-density dielectric coating technology, which improves dielectric performance by 30%
- In November 2019, Powell Industries announced the launch of metal-clad switchgear. The medium voltage PowlVac® metal-clad switchgear operates in the range of 5kV to 15kV.
- In June 2018, Schneider Electric SE launched an innovative medium voltage switchgear namely CBGS-0 in the U.S. This gas-insulated switchgear with a solid dielectric busbar is ideal for applications up to 38 kilovolts, 2,000 A, and 31.5kA.
- In the global medium-voltage switchgear market report, we have discussed individual strategies, followed by company profiles of providers of medium-voltage switchgear. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global medium-voltage switchgear market.
Medium-voltage Switchgear Market – Scope of the Report
A new study on the global medium-voltage switchgear market is published by Transparency Market Research (TMR). It presents detailed information on key market dynamics, including drivers, trends, and challenges for the global medium-voltage switchgear market as well as its structure. TMR’s study offers valuable information on the global medium-voltage switchgear market in order to illustrate how the market is expected to expand during the forecast period i.e. 2021–2031.
Key indicators of market growth, which include value chain analysis and compound annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global medium-voltage switchgear market.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study on the global medium-voltage switchgear market. This can help readers understand key factors responsible for growth of the global medium-voltage switchgear market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global medium-voltage switchgear market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study of Medium-voltage Switchgear Market
- What would be the Y-o-Y growth trend of the global medium-voltage switchgear market between 2020 and 2030?
- What is the influence of changing trends in the insulation segment on the global medium-voltage switchgear market?
- Would North America continue to be the most dominant regional market for providers of medium-voltage switchgear over the next few years?
- Which factors would hinder the global medium-voltage switchgear market during the forecast period?
- Which are the leading companies operating in the global medium-voltage switchgear market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global medium-voltage switchgear market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global medium-voltage switchgear market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to production of TMR’s study on the global medium-voltage switchgear market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global medium-voltage switchgear market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global medium-voltage switchgear market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global medium-voltage switchgear market more reliable and accurate.
Medium-voltage Switchgear Market – Segmentation
TMR’s study of the global medium-voltage switchgear market segments the market based on voltage, insulation, end user, and region. Changing market trends and other crucial market dynamics associated with segments of the global medium-voltage switchgear market have been discussed in detail in the TMR’s study.