Medium Voltage Switchgears Market is valued to reach USD 140.2 Billion by 2024, exhibiting a CAGR of 6.5% during 2020-2026

The Global Medium Voltage Switchgears Market is valued to reach USD 140.2 Billion by 2024, exhibiting a CAGR of 6.5% during 2020-2026. Increasing demand for electrification, effective transmission and distribution control systems, adoption of smart grid technology and safety practices within the voltage distribution sector are the factors shaping the market growth.

Energy savings is one of the major trends at present and the population dependence on energy is increasing at a rapid pace. End-user expectation for reliability and quality has increased and there is a greater awareness for energy’s environmental impact. Dependence on electricity is growing globally and therefore the production and distribution systems for energy has become a cause of concern even in the developed countries. As the evolution in the electricity distribution sector continues, smart solutions are needed to maintain the balance. Switchgears offer a range of flexible options for installation within a centralized scheme or automation logic embedded within a cluster of controllers. A switchgear supplies constant electricity to the circuit on detection of fault and restores the supply within the circuit without any need for external communication.

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