Medium Voltage Switchgear Market size in North America worth $15 Bn by 2032

North America Medium Voltage Switchgear Market size is set to surpass USD 15 billion by 2032, according to a new research report by Global Market Insights Inc.
 

Rising emphasis on the refurbishment of existing grid infrastructure will drive the adoption of medium-voltage switchgear components in the region. For example, in November 2022, the U.S. government announced financing opportunities worth USD 13 billion through the U.S. Department of Energy for electric grid modernization and expansion. Several government agencies have also been collaborating with public and private partners to improve, strengthen, and transform energy infrastructure. With rapid digitalization, energy demand from the commercial and residential sectors will further rise, further amplifying MV switchgear installation.
 

≥ 21 kV to < 27 kV switchgear to gain traction in residential and commercial applications

The ≥ 21 kV to < 27 kV medium voltage switchgear market in North America is slated to register over 6% growth rate through 2032, given its applicability across residential and commercial sectors. This switchgear can also be equipped with circuit breakers, switch disconnectors, and conventional instrument transformers, enabling efficient protection of electrical circuits. With the rapid suburban migration, the construction of large and multi-story residential apartments and complexes has increased, thereby bolstering MV switchgear acceptance.
 

Large-scale power network expansion fuels use of oil-insulated medium voltage switchgear

The oil insulation segment is anticipated to hold a considerable share of the North America medium voltage switchgear market by 2032. The advancement in specifications for energy-efficient transmission and distribution systems and the introduction of effective distribution technologies are among the key growth drivers. Large-scale power networks have also been expanding at a rapid pace. Furthermore, the replacement cost of large-scale electrical networks and the escalating adoption of advanced technological systems in the electric power industry will contribute to the installation of oil-insulated MV switchgear across the region.
 

Robust demand for power & reliable T&D system to boost MV switchgear usage in substations

Based on the application, the transformer substations segment is expected to record significant gains through 2032, due to the strong demand for electricity and reliable transmission and distribution systems. Based on the EIA, power consumption is projected to climb to 4,010 billion kWh in 2022 and 4,019 billion kWh in 2023. This increase in electricity use, along with the surging need for energy efficiency, will strengthen MV switchgear adoption across transformer substations.
 

Browse key industry insights spread across 230 pages with 316 market data tables & 24 figures & charts from the report, “North America Medium Voltage Switchgear Market Size 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), By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses), By Insulation (Air, Gas, Oil, Vacuum), By End-Use (Power Stations, Transformer Substations, Local Electricity Supply), By Application (Residential, Commercial, Industrial, Utility), COVID- 19 Impact Analysis, Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-mv-switchgear-market
 

Emphasis on industrial power supply component upgrades spurs MV switchgear development

Industrial application segment accounted for around 20% share of the North America medium voltage switchgear market in 2022, as a result of the rise in peak load demand. This trend has compelled utilities to upscale and upgrade their power supply components to ensure grid security and reliability, contributing to product usage across industry verticals. The report further claims that the shift toward the integration of electric-powered transportation units and industries will create lucrative opportunities for medium-voltage switchgear manufacturers.
 

Mexico to emerge as a lucrative destination for MV switchgear producers

Mexico medium voltage switchgear market is poised to observe more than 9% CAGR through 2032, owing to the requirement for continuous electricity supply and the subsequent expansion of energy grid networks. Regional developers have shifted their focus toward sustainable energy infrastructure development. Additionally, favorable measures to address elevating power demand, alongside the burgeoning investment in commercial power infrastructure development, will accelerate regional industry development.
 

Next-gen product launch initiatives to bolster industry dynamics

Key participants operating in the medium voltage switchgear market in North America are Hyosung Heavy Industries, ABB, Avail Infrastructure Limited, Siemens, Schneider Electric, Ormazabal, Toshiba Corporation, General Electric, CHINT Group, Eaton, WEG, and Powell Industries Limited. These companies are focusing on advanced product launch strategies to reinforce their presence in the global industry. For instance, in October 2021, Schneider Electric unveiled the RM AirSeT, a next-generation digital and green MV switchgear combining pure air technology and the latest GIS. This product was designed to enhance the reliability and operational performance of electric utilities.