Medium-voltage Switchgear Market - Snapshot

Switchgears are switching devices designed to protect, regulate, and control power generation, transmission, and distribution equipment and electric motor control systems. In electric power systems, a switchgear is a combination of circuit breakers or fuses and disconnect switches, which are employed to isolate, control, and protect electric equipment. The purpose of using switchgears is to de-energize the electric equipment, allowing it to function, and clear downstream faults. Electric equipment are generally connected directly to the electricity source. Medium-voltage switchgears are primary devices that help in stabilizing the unsteady flow of power. They provide shielding to the interconnected devices by controlling, metering, and regulating the flow of electricity in the distribution management system. The medium-voltage switchgears market is projected to expand at a CAGR of 6.2% during the forecast period and reach value of US$ 8,395.0 Mn by 2026.

Medium-voltage switchgears require advanced and efficient transmission and distribution networks for better performance. Old and obsolete transmission and distribution networks pose a threat to better functioning of medium-voltage switchgears across commercial and residential sectors. Concerns regarding greenhouse gas emissions from old transmission and distribution networks have also triggered the demand for renewal of existing systems or installation of new medium-voltage switchgear assemblies. Newer and efficient transmission and distribution networks are likely to augment the demand for medium-voltage switchgears during the forecast period.

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Furthermore, lack of proper electrification has been inhibiting the use of switchgears and other advanced equipment, which require electricity. Lack of electrification in most of the developing countries has created a hurdle in the growth of industries. Countries such as India and China have implemented significant measures to improve the penetration of electrification. This is anticipated to have a positive impact on the global medium-voltage switchgear market in the next few years.

In the recent times, there has been extensive copying and counterfeiting of electric products. Illegal manufacturers are producing copies of the original technology at a price lower than that offered by OEMs. Frauds have become a major matter of concern for governments as well as manufacturers. This is expected to hinder the global electric products industry in the near future. This, in turn, is likely to hamper the global medium-voltage switchgear market from 2018 to 2026.

The need for renewable energy sources is increasing in order to attain uninterrupted power supply required for smooth functioning of industries and reduce greenhouse gas (GHG) emissions. Investments in renewable energy sources such as solar, wind, and hydroelectric power would encourage various switchgear manufacturers to expand their portfolio of medium-voltage products. Innovation in these products are projected to create opportunities for manufacturers of medium- and high-voltage switchgears during the forecast period. Owing to the increasing demand for renewable energy sources in the power transmission & distribution sector, the medium-voltage switchgear market is expected to witness significant growth during the forecast period.

Attracted by expansion of the market and underlying latent demand, several players are expanding their business through strategic mergers and acquisitions and partnerships. For instance, in September 2017, Eaton Corporation announced to expand its range of compact medium-voltage switchgear solutions with the upgraded Xiria product family. Some of the prominent 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.

Medium-voltage Switchgear Market: Overview

This comprehensive report by Transparency Market Research analyzes and forecasts the medium-voltage switchgear market at the global and regional levels. The report provides analysis of the market for the period from 2016 to 2026, wherein 2018–2026 is the forecast period and 2017 is the base year. An in-depth and unbiased market assessment has been made to provide readers with in-depth and accurate analysis. The report highlights all major trends in the medium-voltage switchgear market. It also focuses on market drivers, restraining factors, and opportunities for the global medium-voltage switchgear market. The study provides a complete perspective about the market in terms of value (in US$ Mn) and volume (thousand units) across various geographies including Asia Pacific, South America, North America, Europe, and Middle East & Africa (MEA).

The report includes detailed value chain analysis, which is focused on providing an extensive view of the global medium-voltage switchgear market. Porter’s five forces analysis has also been provided in the report to help understand the competition scenario of the market. The study incorporates Medium-voltage Switchgear Market Attractiveness analysis, wherein market segments have been benchmarked based on their market size, growth rate, and attractiveness. In order to offer complete analysis of the competition scenario in the global medium-voltage switchgear market, every geographical region mentioned in the report is provided with attractiveness analysis.

The market overview chapter in the report explains market trends and dynamics that include drivers, restraining factors, and the current and future opportunities for the medium-voltage switchgear market. Market outlook analysis has also been provided in the report. Additionally, the report provides analysis of different business strategies being adopted by leading players in the medium-voltage switchgear market. The market introduction chapter helps in getting an idea of different trends in the medium-voltage switchgears market.

Global Medium-voltage Switchgear Market: Scope of Report

The study provides a decisive view on the global medium-voltage switchgear market by segmenting the market in terms of insulation, voltage, and end-use industry. The report also provides detailed segmentation of the market in terms of region and categorizes it at various levels, thereby providing valuable insights at micro and macro levels.

The report further highlights the competition scenario in the medium-voltage switchgear market, by ranking all major players according to their geographical presence and key recent developments. The insights into the medium-voltage switchgear market is a result of TMR’s extensive primary interviews, secondary research, and in-house expert panel reviews. Market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors on the market.

In terms of country, the North America market has been segmented into Canada, the U.S., and Rest of North America. The Europe market has been divided into Italy, France, Germany, U.K., Russia, and Rest of Europe. The APAC medium-voltage switchgear market has been segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa comprises GCC, South Africa, and Rest of Middle East & Africa. Similarly, South America includes Brazil and Rest of South America. The report provides all strategic information required to help understand the medium-voltage switchgear market.

Global Medium-voltage Switchgear Market: Research Methodology

The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources include annual reports, company websites, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, and statistical databases.

Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the medium-voltage switchgear market across geographies. Primary interviews are usually conducted on an ongoing basis with market experts and participants in order to obtain the latest market insights and validate the existing data and analysis. Primary interviews offer new information on important factors such as market trends, market size, and competition landscape. These factors help validate and strengthen secondary research findings. Moreover, the analyzed data collected from secondary and primary research is again discussed and examined by TMR’s expert panel.

Global Medium-voltage Switchgear Market: Competition Dynamics

The research study includes profiles of leading companies operating in the global medium-voltage switchgear market. These players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Major players profiled in the report on 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. These companies are focusing on expanding their business through strategic acquisitions and partnerships.

The global medium-voltage switchgear market has been segmented as follows:

Global Medium-voltage Switchgear Market, by Insulation

  • Air-insulated Switchgears
  • Gas-insulated Switchgears
  • Others

Global Medium-voltage Switchgear Market, by Voltage

  • 3kV – 5kV
  • 6kV – 15kV
  • 17kV – 27kV
  • 28kV – 40kV

Global Medium-voltage Switchgear Market, by End-use Industry

  • Power Plants
  • Commercial Sector
  • Oil, Gas and Petrochemical
  • Utility Sector
  • Paper & Pulp Industry
  • Others

Global Medium-voltage Switchgear Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America
.