Global medium voltage (MV) switchgear market is predicted to cross US $50 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Rapid industrialization and growing commercialization around the globe are giving rise to the installation of primary & secondary energy distribution networks. This, along with the widespread digitalization across various domains are the leading factors contributing to the growth of medium voltage switchgear market. More than 7 million units were installed in the year 2018 and the prevailing demand for energy is expected to propel the industry size in the upcoming years, cites the report.
Medium voltage switchgears are versatile, aesthetically appealing and offer varied applicability as switches, circuit breakers, fuses, disconnectors, and contactors. These components are used in industries to control extra current interruptions when installed with high voltage electrical lines. The expansion of grid incorporated sustainable energy networks and strict regulations for energy efficient operations will aid the MV switchgear market growth.
Considering the enclosure type, metal enclosed MV switchgear market is expected to register an installation of 5 million units annually by the year 2025, owing to its key features such as reliable & safe operation, easy replacement, unique design, and interlocking feature of its components. The product is used as a safety check to avoid fire hazards, short circuits, and to reduce faults in electricity supply.
Based on insulation, vacuum insulated MV switchgears dominate the market presently with majority share. The product is known for its capabilities such as safe operations, anti-leakage configurations, and longer life span. The high initial price of the product is compensated by its longer lifecycles and low maintenance needs, making it the preferred choice as compared to other insulation technologies.
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According to the report, the availability of MV switchgears in varied voltage ratings, along with its application in power stations and transformer substations have positively impacted the market outlook. The adoption of smart & advanced technologies by power stations to ensure uninterrupted supply of power will supplement the medium voltage switchgear market growth.
In terms of regional contribution, MV switchgear market in North America will register significant growth over the projected timeline, owing to the revamping & retrofitting of traditional electrical infrastructures in the region. The ability of the product to offer longevity, reliability, operational flexibility, and cost-effectiveness, in consort with inflow of investments for technological & operational enhancements will stimulate the regional market growth.
Major contenders operating in the MV switchgear market include Hyosung, Crompton Greaves, GE, Hyundai Heavy Industries, ABB, Toshiba, Siemens, Powell, Schneider, Chint Group, Lucy Electric, Mitsubishi, Ormazabal, Eaton, and BHEL among others.