According to the report published by Allied Market Research, the global medium voltage switchgear market generated $14.5 billion in 2021, and medium voltage switchgear industry is projected to reach $31.7 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $14.5 billion |
| Market Size in 2031 | $31.7 billion |
| CAGR | 8.2% |
| No. of Pages in Report | 480 |
| Segments Covered | Voltage, Current Type, Insulation Type, Application, And Region. |
| Drivers | Increase in the standard of living |
| Surge in demand for electric supply among people | |
| Opportunities | Rise in the global consumption of electricity by electrical and electronic equipment |
| Growth in the trend of smart houses and cities | |
| Restrains | Extortionate cost |
| Requires regular maintenance |
COVID-19 Scenario:
- The global medium voltage switchgear market experienced a negative impact on the growth of the market, owing to the presence of strict regulatory mandates imposed by the government of various countries around the world.
- Lockdowns resulted in the closure of manufacturing facilities of various industries, including those of electrical and electronic equipment, which adversely impacted the growth of the market.
- Reduced workforce, presence of transportation limitations, reduced availability of raw materials due to ban on import and export of goods, and irregular supply chain disruptions further aggravated the impact on the market. These restrictions were imposed by the government to significantly curb the spread of the virus during the pandemic.
The report offers detailed segmentation of the global medium voltage switchgear market based on voltage, current type, insulation type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on voltage, the 6kV – 15kV segment held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The 3kV – 5kV segment, on the other hand, is expected to cite the fastest CAGR of 9.1% during the forecast period.
Based on the current type, the AC segment held the largest market share in 2021m holding more than three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The DC segment, on the other hand, is expected to cite the fastest CAGR of 8.7% during the forecast period.
Based on insulation type, the air insulation switchgear segment held the largest market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segments such as the Gas Insulated Switchgear segment.
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Based on region, the market across the Asia-Pacific region held the dominating market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 8.8% during the forecast period. The report also analyzes other regions such as Europe, North America, and LAMEA.
The key players analyzed in the global medium voltage switchgear market report include ABB Ltd, General Electrics, Schneider Electrics, Siemens AG, Toshiba Corporation, Mitsubishi Electrics, Eaton Corporation, Bharat Heavy Electrical Ltd., Chint group, Efacec, Fuji Electric Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., Jyoti group, Ormazabel, Power Well Inc. and LUCY Group Ltd.
The report analyzes these key players in the global medium voltage switchgear market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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