Key players in the global
medium voltage switchgear market include Schneider Electric SE,
General Electric, Siemens AG, and ABB. The medium voltage switchgear
market is likely to provide a solid opportunity for new players in
the coming years due to the rapidly growing demand for
electrification in developing countries. However, established players
are likely to retain a strong dominance in the global medium voltage
switchgear market in the coming years.
According to Transparency Market Research
(TMR), the global medium voltage switchgear market is expected to
exhibit a robust 8.7% CAGR between 2017 and 2025. The market was
valued at US$22.5 bn in 2017 and is expected to rise to a valuation
of more than US$44 bn by 2025.
Asia Pacific held a leading share of
around 40% in the global medium voltage switchgear market in 2017 and
is likely to retain a dominant share in the market in the coming
years due to the growing demand from developing economies such as
China, India, Indonesia, Malaysia, Taiwan, Japan, and South Korea.
The Asia Pacific market for medium voltage switchgear is likely to
exhibit a 9.5% CAGR from 2017 to 2025 and rise to a valuation of
US$21.79 bn by the end of 2025. The medium voltage switchgear market
is also likely to exhibit stable growth in the Middle East and
Africa, with the regional market expected to display a 9% CAGR over
the 2017-2025 forecast period.
The global medium voltage switchgear
market is segmented by voltage into 3kV-5kV, 6kV – 15kV, 17kV –
27kV, and 28kV – 40kV. Of these, the 6kV – 15kV switchgear
segment held the largest market share in 2016 in terms of revenue
generation. On the other hand, the 3kV – 5kV switchgear segment is
expected to exhibit the most promising growth rate during the
forecast period in terms of both value and volume. The demand for 3kV
to 5 kV switchgears is anticipated to increase at an exponential rate
in the coming years owing to its increasing usage in construction
projects, as they provide an adequate compromise of cost and quality
for most individual buildings.
The medium voltage switchgear market is
dependent on the overall growth in adoption of electrical power
distribution equipment in a region and is thus driven primarily by
the rising demand for widespread electrification initiatives in
emerging countries. The dominance of Asia Pacific in the global
medium voltage switchgear market is based primarily on the unceasing
demand for new electrification projects in developing countries where
construction of urban infrastructure has become a top priority in
recent years. The growing focus of several governments on rural
electrification is also likely to benefit the medium voltage
switchgear market in the coming years.
The growing adoption of smart grid
technology across the world is an important driver for the global
medium voltage switchgear market. Smart grid installations require
precise control over various components of the electricity
distribution system, making medium voltage switchgear essential to
widening the reach of the technology. The increasing government
interest in adopting smart grid technology in various parts of the
world is thus likely to manifest in increased demand from the medium
voltage switchgear market.
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The information in this preview comes
from a Transparency Market Research report titled ‘Medium Voltage
Switchgear Market (Voltage - 3kV - 5kV, 6kV - 15kV, 17kV - 27kV and
28kV - 40Kv; Insulation - Air Insulated Switchgear and Gas Insulated
Switchgear; End User - Power Plant, Commercial Sector, Oil, Gas and
Petrochemical, Utility Sector, and Paper and Pulp Industry) - Global
Industry Analysis, Trend, Size, Share and Forecast 2017 - 2025.’
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