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North America Medium Voltage Switchgear Market Size

Report ID: GMI4438
Published Date: Dec 2024
Report Format: PDF

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North America Medium Voltage Switchgear Market Size

The global North America medium voltage switchgear market was valued at USD 9.2 billion in 2024 and is estimated to grow at a CAGR 6.1% from 2025 to 2034 due to increasing investments in renewable energy, grid modernization, and industrial automation. Utilities and industries are upgrading aging infrastructure to enhance grid reliability and accommodate renewable energy integration, particularly wind and solar. Rising demand for electrification in data centers, manufacturing, and commercial facilities is also boosting switchgear adoption. The shift towards digital and smart switchgear, equipped with monitoring and control capabilities, is gaining momentum due to the need for efficient energy management and operational safety.

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Additionally, government initiatives promoting energy efficiency, and the electrification of transportation are accelerating market expansion. The U.S. leads the region due to its large-scale infrastructure projects, while Canada and Mexico are also witnessing growth through industrial expansion and cross-border energy collaborations. Overall, the market's evolution is marked by innovation, sustainability focus, and technological advancements.

North America Medium Voltage Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2024
North America Medium Voltage Switchgear Market Size in 2024:	USD 9.2 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	6.1%
2025 – 2034 Value Projection:	USD 16.9 Billion
Historical Data for:	2021 – 2024
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Voltage, Component, Insulation, End Use, Application,
Growth Drivers:	Rising demand for electricity Growing renewable energy integration
Pitfalls & Challenges:	Low dependency on imports

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The North America medium voltage switchgear market was reached USD 9.2 billion in 2024 and is projected to grow at a 6.1% CAGR from 2025 to 2034, driven by increasing investments in renewable energy and grid modernization.

The ≥ 21 kV to < 27 kV segment is expected to surpass USD 3.9 billion by 2034, as utilities upgrade infrastructure to handle higher voltage capacities and improve grid stability.

The component segment is anticipated to grow at a CAGR of over 5% through 2034, fueled by the rising demand for advanced components like smart sensors and digital controllers that enable real-time monitoring and fault detection.

The U.S. medium voltage switchgear market is projected to exceed USD 9.7 billion by 2034, led by investments in grid modernization and the transition to more reliable and efficient power distribution systems.

Key players in the market include 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, and Toshiba.