Published on : Sep 11, 2017
Albany, New York, September 11, 2017: According to the latest study findings, the market for medium voltage switchgear is likely to provide a solid opportunity for new players in the upcoming years, mainly due to the rapidly growing demand for electrification in developing countries. Also, the growing adoption of smart grid technology across the world is an important driver for the global medium voltage switchgear market. For a better understanding of the market, analysts have prepared a study titled “Medium Voltage Switchgear Market - Global Industry Analysis, Trend, Size, Share and Forecast 2017- 2025”, which recently has been published to the vast repository of Market Research Hub (MRH). The study provides a complete perspective on global medium voltage switchgear market’s evolution throughout the above-mentioned forecast period in terms of revenue (in US$ Mn).
Initially, the report comprises an elaborate executive summary which includes market snapshot that provides information about various segments. The geographical segmentation is also included in the report which analyzes the scope of the market in different regions including Asia Pacific, North America, Europe, Middle-East and Africa (MEA) and Latin America. As per the analyst’s estimation, the global medium voltage switchgear market is anticipated to experience robust CAGR of 8.7% during the forecast period from 2017 to 2025 owing to rapid electrification and advent of smart grid technology across the world. At this pace, in 2017 the market was valued at US$22.5 bn and is anticipated to rise at a value of more than US$44 bn by the end of 2025.
Switchgear mainly refers to the set of fuses and switches that are required in order to shut down an electrical equipment. It is also used to provide protection to different electric motor control systems installed across various end user segments. Medium voltage switchgear require advanced and efficient current transmission and distribution networks for better performance. It ranges from 3kV to 40Kv. In this study, the market has been classified on the basis of voltage rating, insulation and end users. Based on different voltage ratings of medium voltage switchgears available in the market, the global medium voltage switchgear has been segmented into 3kV – 5kV, 6kV – 15kV, 17kV – 27kV and 28kV – 40kV.
Moreover, the report covers all the major trends and technologies playing influential role in the medium voltage switchgear market’s growth over the forecast period. It also highlights the drivers, restraints and opportunities expected to influence market’s growth during the said period. As per the report outcomes, among the different voltage ratings of medium voltage switchgear available in the market, the 6kV – 15kV switchgear segment held the largest market share in terms of revenue generation (USD billion). On the other hand, the 3kV – 5kV switchgear segment is expected to exhibit the most promising growth rate during the forecast period in terms of both value and volume. By insulation, the market has been segmented into Air Insulated Switchgear, Gas Insulated Switchgear and others. End users are Power Plant, Commercial Sector, Oil, Gas and Petrochemical, Utility Sector, Paper and Pulp Industry.
Some of the prominent medium voltage switchgear manufacturers profiled in the report include Schneider Electric SE (France), ABB (Switzerland), Siemens AG (Germany) and General Electric (The U.S) among others.
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