Medium Voltage Switchgear Market Size - By Voltage, By Component, By Insulation, By End Use, By Application, Analysis, Share, & Forecast, 2025 - 2034

Medium Voltage Switchgear Market Size

The global medium voltage switchgear market was valued at USD 52.8 billion in 2024 and is estimated to reach the value of USD 102.4 billion by 2034, growing at a CAGR of 6.8% from 2025 to 2034, due to rapid urbanization, industrialization, increased energy consumption as well as grid modernization. Medium voltage switchgear is commonly used in the distribution of electrical energy for commercial, industrial and utility use within the range of 3kV to 36kV.
 

Renewable energy sources require advanced grid infrastructure that can support variable power loads. In 2024, the U.S. installed solar energy systems amounting to 219.8 gigawatts (GW), which has the capacity to sustain 37.6 million homes. Furthermore, solar energy, along with wind, geothermal, and hydropower, comprised nearly 90% of new installed capacity in that year. Consequently, it can be reasonably anticipated that in the upcoming years, the demand for MV switchgear will increase significantly.
 

The medium voltage switchgear ensures smooth, and stable distributed electricity functions seamlessly. In the U.S, the first two quarters of 2024 saw a generating capacity increase of 20.2 GW, while efforts were undertaken by developers to introduce 42.6 GW in the second half. There is growing demand for smart switchgear with remote monitoring capabilities as power distribution becomes more safe, efficient, and reliable for a nation's scaling industries.
 

Industries, including manufacturing, mining, oil & gas, and transportation, are expanding globally. Countries including Saudi Arabia, Russia and U.S. are ahead in the supply of oil & gas, creating a demand for the MV switchgears for the projects related to it. As per IEA, Saudi Arabia possesses approximately 17% of the world's proven petroleum reserves and ranks as one the largest net exporters of petroleum. Similarly, Russia has an estimated 6.9 million bpd of refining capacity, and produces a substantial amount of oil products, such as gasoline and diesel.
 

The medium voltage switchgear market illustrates a major movement toward the implementation of IoT monitoring and automation, as well as AI predictive maintenance digital and smart switchgear. These features for predictive maintenance help in further minimizing operational downtime, providing more effectiveness, and lowering maintenance costs, making smart switchgear and industry optimum to AI utility best options.
 

Medium Voltage Switchgear Market Trends

• One of the most significant trends shaping the medium voltage switchgear industry is the increasing adoption of smart and digital switchgear. With the integration of IoT (Internet of Things), AI (Artificial Intelligence), and cloud-based monitoring systems, switchgear is becoming more efficient, reliable, and capable of real-time diagnostics. Utilities and industries are increasingly deploying predictive maintenance solutions, which reduce downtime, enhance safety, and optimize operational costs.
   
• Governments and regulatory bodies are also pushing for zero-emission power distribution equipment, further accelerating this transition. In 2024, the U.S. saw a record increase in renewable energy capacity, and 96% of new electric-generating capacity was zero-carbon. Therefore, in order to make the systems in the projects, MV switchgear requirement will be considerably higher across the industry.
   
• As environmental concerns grow, the medium voltage switchgear market is witnessing a shift away from SF6-based switchgear, which has a high global warming potential. Companies are now focusing on vacuum and dry-air insulated switchgear as sustainable alternatives. Several manufacturers have launched SF6-free gas-insulated switchgear (GIS), ensured lower carbon emissions while maintained high performance and safety standards.
   
• The growing penetration of solar, wind, and hydroelectric power requires advanced grid infrastructure to manage intermittent energy generation. Regions including North America and Europe are majorly focusing on the clean energy utilization by setting some targets. With 65.5 GW of new solar in 2024, the sector just crossed its 2023 record of 62.8 GW. Despite the slide, solar PV still installed more than all other power technologies combined in 2024, bringing the EU's operating solar power fleet to 338 GW.
   
• Industrialization in emerging economies, such as China, India, and Southeast Asia, is boosting the demand for medium voltage switchgear. The expansion of sectors like manufacturing, mining, oil & gas, and data centers requires robust electrical infrastructure to support high power loads. It was reported that mining production in China increased 3.10% in December of 2024 over the same month in the previous year, propelling the demand of medium voltage switchgears.
   
• As industries demand more flexible and space-saving solutions, the adoption of modular and compact switchgear is increasing. These designs allow for easy scalability, quick installation, and reduced footprint, making them ideal for urban infrastructure, data centers, and smart buildings. Plug-and-play configurations are becoming more common, enabling faster deployment and reduced maintenance costs.
   

Medium Voltage Switchgear Market Analysis

• The medium voltage switchgear industry was valued at USD 45.4 billion, USD 49 billion and USD 52.8 billion in 2022, 2023 and 2024 respectively. This growth is mainly due to increasing demand for grid modernization, renewable energy integration, industrial expansion, and the shift toward digital and eco-friendly switchgear technologies. The rising advent of advanced technologies is also creating a demand for MV switchgear across the world.
   
• In the medium voltage switchgear market, based on voltage, ≥ 21 kV to 27 kV segment is projected to reach more than USD 25 billion by 2034 and will significantly grow in coming years mainly due to the rising government investments in this industry. For instance, in 2024, Canada Government has set a smart power grid program, with the investment of USD 100 million, for the better utilization of electricity assets, foster innovation. It will also demonstrate smart grid technologies for the deployment of smart grid integrated systems.
   
• The ≥ 9 kV to 15 kV segment has emerged as a crucial part of the medium voltage switchgear market, accounting for approximately 21% of the market share in 2024. The 9 kV to 15 kV range is widely deployed in primary and secondary power distribution across utilities and industrial plants. It is commonly used in substations, local electricity supply networks, and commercial facilities, making it one of the most utilized voltage segments for medium voltage power distribution.
   
• One of the primary reasons behind the medium voltage switchgear market growth is the upgradation of aging power grids, particularly in developed regions including North America and Europe. In 2024, Mexico announced USD 23 billion investment in electricity infrastructure, presenting the National Strategy for the Electricity Sector 2024-2030.The country is also planning to develop 145 electricity transmission projects by 2030, strengthen Mexico's power capacity.
   
• Governments are investing in substation development, power distribution networks, and rural electrification, further increasing the demand for medium voltage switchgear. In 2022, China alone invested USD 166 billion in its transmission grid, while other countries collectively invested USD 118 billion. The State Grid company, a government-owned entity, plays a major role in managing and developing the majority of China's power transmission network.
   

• In the medium voltage switchgear market is projected to grow at a CAGR of more than 7.4% through 2034, driven by increasing demand for reliable power distribution, grid modernization, renewable energy integration, and industrial expansion.
   
• The switches and disconnectors segment is likely to exceed USD 20.6 billion by 2034. The circuit breaker segment plays a critical role in the medium voltage (MV) switchgear market, ensuring power system protection, reliability, and efficiency. As industrialization, urbanization, and renewable energy integration continue to expand globally, the demand for advanced circuit breakers within MV switchgear is growing rapidly.
   
• The developing countries including India, Saudi Arabia, and Brazil are investing in multiple projects, thereby creating a demand for the switchgear across the sector. Electrical consumption in these countries have also increased due to rising population. In 2023, India's per capita electricity consumption was 985. Whereas,  in 2024, it increased to 1,395 kWh. This rising consumption will create a need of multiple projects, thereby creating a need for the MV switchgear across the regions.
   
• In the medium voltage switchgear market, circuit breakers segment also hold the significance owing to the rising efforts by company in this industry. Companies are bringing multiple innovations, gaining a significant market share in the switchgear industry. In November 2022, ABB launched VD4 evo digital medium voltage vacuum circuit breaker enhances the VD4 range with Industry 4.0 sensors for real-time monitoring. This innovation improves operational efficiency, creating a sharp need for MV switchgears across the industry.
   
• The investment in the electrical  infrastructure are remarkably transforming the switchgear industry since the switchgear requirement is extremely high in every electrical infrastructure projects. In a recent development, the U.S. Department of Energy announced in 2023 a USD 3.5 billion investment through the Bipartisan Infrastructure Law to strengthen and modernize America's electric grid, highlighting the government's commitment to enhancing power system resilience and reliability. Therefore, the demand for the MV switchgear will be significantly driven in coming decades.
   

• The U.S. medium voltage switchgear market in 2022, 2023 and 2024 was valued at USD 5.9 billion, USD 6.3 billion and USD 6.8 billion respectively. U.S. is investing on a large scale in the power transmission as well distribution, growing the demand for MV switchgear across the world. In 2023, investor-owned utilities spent about USD 170 billion to expand the electricity grid, indicating the promising future for the LV switchgear market across the U.S.
   
• In 2024, the U.S. Department of Energy's Grid Deployment Office (GDO) announced an investment of USD 1.5 billion in 4 transmission projects through the Transmission Facilitation Program (TFP), an innovative revolving fund program that helps overcome the financial hurdles facing transmission development.
   
• Mexico has also a significant potential for renewable energy sources like solar, wind, hydro, geothermal, and biomass, making it a promising region for clean energy development, although it currently underutilizes this potential despite having ambitious goals to increase its share of renewable energy in the coming years. The government's national strategy by Mexico estimates that private parties can add between 6,400 MW and 9,550 MW of renewable energy between 2025.
   
• The Asia Pacific is also stepping ahead with the focus on renewable energy, growing the demand for medium voltage switchgear market. From 2021 to 2023, average annual clean energy investment in Japan and Korea increased by around 40% and 10%, respectively. Similarly, China alone installed 292 GW of solar capacity in 2024, up from 257 GW in 2023.These investments will drive the overall market growth in coming years.
   
• The Europe region is also witnessing a surge in industrialization, thus increasing the need for MV switchgears. In The EU's electricity transition continued at pace in 2024, as solar overtook coal for the first time and gas declined for the fifth year in a row. Till the end of 2023, the European Union's (EU) solar capacity was over 260 gigawatts (GW).  This was a significant increase from 2021, when the EU's solar capacity was 164.19 GW.
   
• Moreover, the Middle East and Africa medium voltage switchgear market is also witnessing a remarkable growth in the switchgear industry since there is consistent growth in the number of projects in the various end use industries. In March 2023, L&T bagged the contract to build a 380kV substation in Saudi Arabia. The contract includes the design and EPC of more than  400km of 380kV overhead transmission lines, a new 230kV gas-insulated substation. These projects will boost the requirement for the switchgear across the region.
   

Medium Voltage Switchgear Market Share

Top 4 companies including General Electric, Siemens, ABB, Schneider Electric hold more than 40% market around the world. The major companies consistently work on new products and solutions which makes them a crucial part of the industry globally. These companies place a high focus on investment, especially on research and development. Besides, these companies apply different methods of market development in order to obtain considerable shares in the industry.
 

Medium Voltage Switchgear Market Companies

• In November 2024, Mitsubishi has announced plans to construct an advanced switchgear factory in Western Pennsylvania. The company, which specializes in secure and sustainable energy systems and solutions, will invest USD 86 million into the project, generating 200 new jobs in the process.
   
• In December 2024, Hitachi Energy is investing approximately USD 47 million to expand its Medium Voltage Products factory in Brno, Czech Republic, marking a significant step in its global strategy to support the clean energy transition. Set to be completed by the end of 2025, the expansion will increase the factory’s production capacity by over 40% and create up to 200 new jobs.
   
• In May 2024, Siemens informed that it would invest approx. USD 60 million for the expansion of its gas insulated switchgear facility at Goa and its metro train assemblage unit in Aurangabad. This investment will be extremely important for the region.
   
• ABB had the net sales of USD 24.26 billion in 2024 (Q3). In 2024, ABB, unveiled the 500 mm panel version of the UniGear ZS1, its latest in air-insulated- switchgear technology, at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023.
   

Medium Voltage Switchgear Market Companies

Major players operating in the medium voltage switchgear industry are:

• ABB
• Bharat Heavy Electricals
• CG Power and Industrial Solutions
• E + I Engineering
• Eaton
• Fuji Electric
• General Electric
• HD Hyundai Electric
• Hitachi
• Hyosung Heavy Industries
• Lucy Group
• Mitsubishi Electric
• Ormazabal
• Schneider Electric
• Siemens
• Skema
• Toshiba
   

Medium Voltage Switchgear Industry News

• In March 2024, Schneider Electric—the global leader in the digital transformation of energy management and automation—announced plans to invest USD 140 million into its U.S. manufacturing operations and create about 750 new manufacturing jobs across the country in 2024. The company will invest USD 85 million initially to transform and equip an existing 500,000 square foot building. Both locations will manufacture custom electrical switchgear and medium voltage power distribution products to bolster support for critical infrastructure, industries, and the escalating demand for data center solutions across the U.S.
   
• In May 2024, ABB has unveiled a state-of-the-art injection molding manufacturing facility in Evergem, Belgium, near Ghent, with an investment of USD 20 million. This newly established site aims to meet the growing demand for secure, intelligent, and sustainable electrification solutions across Europe. Designed to align with the latest energy-efficiency standards, the advanced plant features cutting-edge injection molding machines, digital technologies, and automation solutions to enhance efficiency and sustainability.
   
• In 2024, RMC Switchgears announced plans to build a solar module manufacturing facility in Chaksu, Jaipur, Rajasthan. The facility will have an annual production capacity of 1 GWp of solar modules. It will set up the facility at Badodiya Village of Chaksu Tehsil in Jaipur, with an estimated capital expenditure of USD 1.1 million. The new facility will be located on land adjoining the company's current operational plant, ensuring seamless integration and operational efficiency.
   
• In June 2024, Siemens announced that it will be investing USD 100 million to expand its switchgear manufacturing plant in Frankfurt, Germany. The company inaugurated a new high-speed warehouse and expanded production area, which is expected to begin operations early in 2025. Approximately 13,000 square meters of the total 15,000 square meter building area will be used for production halls, with the remaining space to be used for offices. The site has both rail and port access.
   
• In 2022, Japan introduced a USD 155 billion fund aimed at investing in advanced power grid technologies and energy-efficient solutions, prioritizing smart grids and enhancing regional connectivity within smart cities. This significant investment is expected to greatly stimulate the MV switchgear market by increasing the demand for modern and reliable power distribution systems essential for these technological advancements.
   

This medium voltage switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” and “’000 Units” from 2021 to 2034, for the following segments:

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Market, By Voltage

• ≥ 3 kV to 9 kV
• ≥ 9 kV to 15 kV
• ≥ 15 kV to 21 kV
• ≥ 21 kV to 27 kV
• ≥ 27 kV to 33 kV
• ≥ 33 kV

Market, By Component

• Circuit Breakers
• Contactors
• Switches & Disconnector
• Fuses
• Others

Market, By Insulation

• Air
• Gas
• Oil
• Vacuum
• Others

Market, By End Use

• Power Stations
• Transformer Substations
• Local Electricity Supply
• Others

Market, By Application

• Residential
• Commercial
• Industrial
• Utility

The above information has been provided for the following Regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina