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North America Medium Voltage Switchgear Market Size

Report ID: GMI4438
Published Date: Dec 2022
Report Format: PDF

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North America Medium Voltage Switchgear Market Size

North America MV Switchgear Market was valued at USD 8.6 billion in 2023 and is projected to expand at more than 6.7% CAGR from 2024 to 2032. Rising strong focus on grid modernization will boost the industry growth. The global market for switchgear will amass USD 242 billion during the forecast period.

To meet peak electricity demand, public and private expenditures on grid modernization projects are increasing across North America. Additionally, favorable government policies have been introduced to develop smart grid networks. For example, the U.S. government introduced the Smart Grid Investment Grant program to accelerate the modernization of power transmission systems. Such initiatives are likely to augment the use of medium-voltage switchgear components since they play a crucial role in power-generating stations, load centers, and other modern electrical networks.

North America Medium Voltage Switchgear Market

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Despite the growth trajectory, the high preference for conventional technologies and concerns associated with raw material costs may create a hindrance to MV switchgear production. Furthermore, the lack of raw materials has compelled component suppliers to rely on imports, thereby limiting industry dynamics to some extent. However, the rising emphasis of industry players on the construction of cost-effective and reliable electric power systems through collaborations and other strategies may create growth opportunities for medium-voltage switchgear manufacturers in the region.

North America MV Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America MV Switchgear Market Size in 2023:	USD 8.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.7%
2032 Value Projection:	USD 15.5 Billion
Historical Data for:	2019 to 2023
No. of Pages:	230
Tables, Charts & Figures:	340
Segments covered:	Voltage, Component, Insulation, End-Use, Application, and Region
Growth Drivers:	Expansion of smart grid networks Refurbishment & retrofit of the existing grid infrastructure Grid stability & security of supply concerns
Pitfalls & Challenges:	High dependency on imports

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North America Medium Voltage Switchgear Market Analysis

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of medium voltage switchgear in North America crossed USD 8.6 billion in 2023 and is poised to depict over 6.7% gains through 2032, due to the strong focus on grid modernization.

The power stations end-use segment is set to register over 6% CAGR between 2023 and 2032, given the rising incorporation of high-frequency power transmission networks.

The U.S. is anticipated to account for over 58% share of the North America medium voltage switchgear market by 2032, owing to the introduction of government initiatives targeted toward the deployment of reliable power networks.

ABB, Avail Infrastructure Limited, Siemens, Schneider Electric, General Electric, CHINT Group, Eaton, Mitsubishi Electric Corporation, WEG, and Powell Industries Limited are some of the key players in the industry.