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.
![Technavio has announced its latest market research report titled Global low and medium voltage switchgear market 2024-2028 Technavio has announced its latest market research report titled Global low and medium voltage switchgear market 2024-2028](https://mma.prnewswire.com/media/2442827/Technavio_Low_and_Medium_Voltage_Switchgear_Market_Infographic.jpg)
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (GIS and AIS),
Installation Sites (Indoor and Outdoor), and Geography (APAC,
Europe, North America, Middle East and Africa, and South
America)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
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.
|
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
- Type
- Installation Sites
- 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
-
- Installation Sites
-
- 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: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio