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North America Medium Voltage Switchgear Market Trends

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

North America Medium Voltage Switchgear Market Trends

One of the major trends in the medium voltage switchgear market is the increasing adoption of smart switchgear systems. These systems are integrated with advanced monitoring, control, and automation technologies that allow real-time data collection and remote operation. This enhances system reliability, reduces downtime, and enables predictive maintenance, which is crucial for ensuring a stable and efficient power grid. The ability to monitor performance and detect faults remotely is driving the demand for digital and connected switchgear solutions in both utility and industrial sectors.
 

As North America continues to modernize its electrical grid, medium voltage switchgear plays a key role in improving grid reliability, efficiency, and safety. Aging infrastructure across the U.S. and Canada has prompted utilities to invest in upgraded switchgear to improve distribution and reduce the risk of outages. Grid modernization initiatives, including the integration of renewable energy sources such as wind and solar, require more flexible and efficient switchgear solutions capable of handling the intermittent nature of renewable generation. The transition to renewable energy sources such as solar, wind, and hydroelectric power is driving the need for specialized components in medium voltage switchgear. Components that can handle the intermittent nature of renewable energy generation, such as power management systems, circuit breakers, and protection relays, are in high demand. As more renewable energy projects are deployed, the adoption of these components is expected to grow, contributing to the overall market expansion.

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.

North America Medium Voltage Switchgear Market Scope

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Premium Report Details

  • Base Year: 2024
  • Companies covered: 17
  • Tables & Figures: 20
  • Countries covered: 3
  • Pages: 100
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