Medium Voltage Switchgear Market Share: Emerging Technologies You Need to Know
Medium Voltage Switchgear Market Size is estimated to hit USD 31.7 billion by 2031
OREGON, PORTLAND, UNITED STATES, September 5, 2023/EINPresswire.com/ --
The medium voltage switchgear market1 size was valued at $14.5 billion in 2021, and medium voltage switchgear industry is estimated to reach $31.7 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031. Medium voltage switchgear refers to electrical equipment used to control, protect, and isolate electrical circuits in medium voltage (MV) applications, typically in the voltage range of 1,000 to 33,000 volts (1 kV to 33 kV). It plays a crucial role in the distribution and transmission of electrical power in various industrial, commercial, and utility settings. Medium voltage switchgear is an essential component of power distribution networks, ensuring the safe and reliable operation of electrical systems.
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The key players operating in the medium voltage switchgear market are
ABB Ltd
General Electrics
Schneider Electrics
Siemens AG
Toshiba Corporation
Mitsubishi Electrics
Eaton Corporation
Bharat Heavy Electrical Ltd.
Chint group
Efacec
Fuji Electric Co. Ltd.
Hyundai Electric & Energy Systems Co. Ltd.
Jyoti group
Ormazabel
Power Well Inc.
LUCY group Ltd
Circuit Breakers: Medium voltage circuit breakers are at the core of switchgear. They interrupt the flow of current during faults or abnormal conditions, thereby protecting the electrical system and connected equipment. Common types of circuit breakers used in medium voltage switchgear include vacuum, air, and SF6 circuit breakers.
Disconnect Switches: Disconnect switches are used for manually isolating circuits for maintenance or safety purposes. They provide a physical break in the electrical circuit, allowing personnel to work on equipment safely.
Protection Relays: Protection relays are electronic devices that monitor electrical parameters such as voltage, current, and temperature. When these parameters exceed predetermined thresholds, protection relays trigger circuit breakers to open and isolate the faulted section of the system, preventing damage.
Busbars: Busbars are conductive bars or assemblies that serve as a central point for connecting various circuit breakers and other devices within the switchgear. They facilitate the distribution of power within the switchgear assembly.
Instrument Transformers: Current transformers (CTs) and voltage transformers (VTs) are used to reduce high voltage and current levels to levels suitable for measurement and protection devices. They provide accurate information about the electrical parameters within the system.
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Control and Monitoring Systems: Modern medium voltage switchgear often includes advanced control and monitoring systems. These systems enable remote operation, real-time monitoring of parameters, and data logging for diagnostics and maintenance.
Arc Flash Protection: Safety is a critical concern in medium voltage switchgear installations. Arc flash protection systems detect and mitigate arc flash events to protect personnel and equipment from the hazardous effects of arcing faults.
Enclosures: Switchgear assemblies are typically housed in enclosures made of metal or other suitable materials to protect against environmental factors and provide electrical insulation.
As per medium voltage switchgear market analysis, on the basis of voltage, the 3kV - 5kV medium voltage switchgear segment is projected to grow at the highest CAGR of approximately 9.1%, in terms of revenue, during the forecast period.
On the current type, the AC segment is expected to dominate the market during the forecast period.
On the basis of insulation type, the air insulated switchgear segment is expected to dominate the market during the forecast period.
On the basis of application, the transmission and distribution utilities segment is expected to dominate the medium voltage switchgear market share during the forecast period.
On the basis of region, the Asia-Pacific segment is projected to grow at the highest CAGR of approximately 8.8%, in terms of revenue, during the forecast period.
On the basis of voltage, the market is classified into 3kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 40kV. Similarly on the basis of installation type, the medium voltage switchgear market is divided into two major categories which include indoor switchgear and outdoor switchgear.
The medium voltage switchgear market is classified by insulation type into three categories which include air insulated switchgear, gas insulated switchgear and others (oil and solids).
Depending on the end use industry, the market is broadly divided into three types which are transmission and digital utilities, commercial & residential and others.
Domestic and industrial power demand is increasing significantly due to urbanization, public infrastructure, and the construction of industrial plants around the world which has led to the increased demand for the medium voltage switchgear market opportunities.
Impact of Covid-19 on Medium Voltage Switchgear Market
The COVID-19 outbreak has moderately affected the medium voltage switchgear market due to lockdown measures, the closure of various manufacturing and industrial facilities, and the delay of several infrastructure projects. It had a negative impact on different industries like automobile, aerospace, transportation and construction. The commercial, residential and industrial projects were put on hold due to the strict regulations imposed by the government.
The transportation sector has halted due to the pandemic which caused the stoppage of raw materials required for the manufacturing of the switchgears. Also the reduced manpower has delayed the production process due to the limited number of labor allowed to work.
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A medium voltage switchgear is a device designed to open an electrical circuit by mechanical action. It interrupts the flow of current without permanently damaging the device operating in the voltage range of 3kV-40kV. Switchgear includes, for example, switches, fuses, circuit breakers, disconnectors, relays, current and potential converters, indicators, lightning arresters and control cabinets.
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Transformers Market2 by Type (Distribution Transformer, Power Transformer, Others), by Power Rating (Small, Medium, Large), by Cooling Type (Air Cooled, Oil Cooled), by Insulation (Dry, Liquid Immersed), by Number of Phase (Three Phase, Single Phase), by Application (Utility, Industrial, Commercial and Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031
Circuit Breakers Market3 by Voltage (Low, Medium, High), by Insulation Type (Vacuum, Air, Gas, Oil), by Installation (Indoor, Outdoor), by End User (Residential, Commercial, Industrial, Utilities): Global Opportunity Analysis and Industry Forecast, 2020-2030
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1 https://www.alliedmarketresearch.com/medium-voltage-switchgear-market-A31300
2 https://www.alliedmarketresearch.com/transformers-market-A06374
3 https://www.alliedmarketresearch.com/circuit-breakers-market
