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Utility Gas Insulated Medium Voltage Switchgear Market Trends

Report ID: GMI8074
Published Date: Feb 2024
Report Format: PDF

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Utility Gas Insulated Medium Voltage Switchgear Market Trends

The utility gas insulated medium voltage switchgear industry is set to observe significant growth owing to the increasing integration of renewable energy sources into power grids along with growing concerns to ensure efficient and reliable energy distribution. Smart grid initiatives and the rising focus on digitalization have led to the adoption of intelligent and remotely monitored switchgear solutions. Additionally, a surge in urbanization and industrialization is propelling the modernization of electrical infrastructure, further boosting the deployment of utility gas insulated medium voltage switchgear with enhanced safety features and improved performance.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of utility gas insulated medium voltage switchgear was valued at USD 3.3 billion in 2023 and is set to grow at a CAGR of over 8.4% through 2032, driven by increasing urbanization and industrialization, coupled with the rising demand for reliable & efficient power distribution systems.

The circuit breakers segment of utility gas insulated MV switchgear industry held a revenue share of about 52.5% in 2023 and is poised to grow rapidly through 2032, driven by the heightened demand for improved grid stability, minimized downtime, and efficient fault-clearing mechanisms.

Asia Pacific market for utility gas insulated medium voltage switchgear will account for over USD 2.4 billion by 2032, driven by increasing demand for reliable and efficient electricity distribution infrastructure.

ABB, Bulox Corporation, CAHORS, CG Power & Industrial Solutions Ltd, Eaton, HD Hyundai Electric Co., Ltd., HYOSUNG HEAVY INDUSTRIES, Lucy Group Ltd., NISSIN ELECTRIC Co.,Ltd., Ormazabal are some of the major industry contenders.