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Industrial Medium Voltage Switchgear Market Size

Report ID: GMI7592
Published Date: Feb 2024
Report Format: PDF

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Industrial Medium Voltage Switchgear Market Size

Industrial Medium Voltage Switchgear Market size was valued at USD 9.8 billion in 2023 and is estimated to expand at 6.5% CAGR from 2024 to 2032. The increasing focus on renewable energy integration and the expansion of smart grid infrastructure worldwide are stimulating the demand for MV switchgear, supporting the efficient transmission and distribution of power.

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In 2022, the United States introduced the "Grid Resilience Innovative Partnership" (GRIP) Program, allocating a substantial $10.5 billion in funding to reinforce and expand the national electric grids, with a primary focus on bolstering resilience and capacity. This initiative is poised to bolster the industrial MV switchgear market, as the program's investments in grid fortification directly translate into increased demand for robust, modern switchgear systems. The emphasis on enhancing grid resilience aligns with the need for advanced MV switchgear solutions capable of ensuring reliable power transmission and distribution, thus catalysing market growth within the industrial sector.

Industrial Medium Voltage Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Medium Voltage Switchgear Market Size in 2023:	USD 9.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.5%
2032 Value Projection:	USD 18.1 Billion
Historical Data for:	2019 - 2023
No. of Pages:	435
Tables, Charts & Figures:	561
Segments covered:	Component, Insulation
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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The escalating need for reliable electricity supply, coupled with the rapid industrialization across emerging economies, is fueling the deployment of MV switchgear in various manufacturing facilities and industrial settings. Additionally, technological advancements such as the incorporation of digitalization, IoT capabilities, and enhanced safety features in MV switchgear systems are augmenting their adoption among industries, contributing significantly to market expansion. Moreover, stringent government regulations emphasizing energy efficiency and the replacement of aging infrastructure are further propelling the growth of the industry MV switchgear market.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of industrial medium voltage switchgear reached USD 9.8 billion in 2023 and is set to cross USD 18 billion by 2032, propelled by the increasing focus on renewable energy integration and the expansion of smart grid infrastructure worldwide.

The vacuum-insulated switchgears segment is poised to experience a growth rate exceeding 5.5% through 2032, driven by its cost-effectiveness, reliable performance, and leak-free technology.

Asia Pacific market is anticipated to reach USD 4.7 billion by 2032, led by burgeoning industrialization, rapid urbanization, and infrastructural development.

ABB, Siemens, General Electric, Mitsubishi Electric Corporation, Schneider Electric, Ormazabal, Bharat Heavy Electricals Limited, CG Power & Industry Solutions Ltd., CHINT Group, Eaton are some of the major industry contenders.