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Gas Insulated Medium Voltage Switchgear Market Size

Report ID: GMI7056
Published Date: Oct 2023
Report Format: PDF

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Gas Insulated Medium Voltage Switchgear Market Size

Gas Insulated Medium Voltage Switchgear Market was valued at USD 6.8 billion in 2023 and is projected to witness around 8.6% CAGR between 2024 and 2032. The increasing demand for reliable and compact electrical distribution solutions in urban areas and industrial settings fuels the adoption of gas-insulated switchgear. Rising electricity consumption across the globe will boost the demand for reliable protection devices including MV switchgears. For instance, for instance, as per U.S. Energy Information Administration (EIA), U.S. the total electricity consumption in 2022 accounted to 4.05 trillion kWh, which is 2.6% higher than 2021 and 14 times higher than the consumption in 1950.

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The need for improved grid stability and reduced downtime in critical infrastructure, such as power generation and transmission, amplifies the deployment of gas-insulated MV switchgear, as it provides robust insulation and fault-clearing capabilities. The transition to smart grids and digital technologies necessitates advanced MV switchgear with integrated control and monitoring features, further propelling the market's growth. Additionally, the expansion of renewable energy sources and electrification initiatives across various industries drives the requirement for efficient MV switchgear solutions.

Gas Insulated Medium Voltage Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Gas Insulated Medium Voltage Switchgear Market Size in 2023:	USD 6.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.6%
2032 Value Projection:	USD 14.5 Billion
Historical Data for:	2019 to 2023
No. of Pages:	705
Tables, Charts & Figures:	986
Segments covered:	Voltage, Component, End Use, Application
Growth Drivers:	North America & Europe Expansion of smart grid networks Refurbishment & retrofit of the existing grid infrastructure Asia Pacific Rising peak load demand Expansion of micro-grid networks Grid stability & security of supply concerns Middle East & Africa and Latin America Increasing electricity demand Integration of a sustainable energy infrastructure
Pitfalls & Challenges:	Slow paced technological evolution across developing regions High dependency on imports

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of gas insulated medium voltage switchgear was worth USD 6.8 billion in 2023 and is estimated to record over 8.6% CAGR from 2024 to 2032.

The circuit breakers segment is predicted to surpassed USD 3.3 billion in 2022 and is projected to reach USD 7.1 billion by 2032 as they are integral for ensuring the safety and reliability of electrical distribution systems.

Asia Pacific gas insulated medium voltage switchgear market is anticipated to record over 6.5% CAGR from 2023 to 2032, owing to the region's rapid industrialization and urbanization that are spurring substantial investments in power infrastructure and distribution networks.

ABB, Siemens, Schneider Electric, Eaton, HYOSUNG HEAVY INDUSTRIES, Toshiba Infrastructure Systems & Solutions Corporation, Ormazabal, CG Power & Industrial Solutions Ltd, NISSIN ELECTRIC Co.,Ltd., Xiamen Huadian Switchgear Co., Ltd., Lucy Group Ltd., HD Hyundai Electric Co., Ltd., Switchgear Company, Yueqing Liyond Electric Co., Ltd., Bulox Corporation, and CAHORS.