Medium Voltage Switchgears Market By Voltage, By Insulation, By Encapsulation, By Component, By Application, By Industry, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

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.

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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.

Medium Voltage Switchgears Market Trends, Drivers and Opportunities:

The medium voltage switchgears market is driven by rise in demand for electricity followed by rise in need for effective distribution of control systems. In addition, the rise in concerns for electricity faults, fire and operational hazards in commercial and industrial zone is likely to result in a high demand for voltage switchgears. In addition, ongoing commercialization to uplift the economic development is anticipated to surge the demand for voltage distribution infrastructure. Manufacturer emphasis on enabling faultless circuits within power stations have been instrumental in triggering the market development on a holistic level. However, lack of awareness for advantages for using switchgear devices are likely to hinder the market progress in the long term.