Medium Voltage Switchgear Global Market Report 2024

The medium voltage switchgear market size has grown strongly in recent years. It will grow from $43.91 billion in 2023 to $47.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth witnessed in the historical period is linked to infrastructure development projects, urbanization, industrialization, the integration of renewable energy, adherence to stringent electrical safety standards, and the rising consumption of electricity.


The medium voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $59.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The projected growth is driven by energy efficiency, grid modernization, renewable energy expansion, industrial automation, and emerging market demand. Key trends include remote monitoring, cybersecurity, advanced communication protocols, GIS transition, and global electrification initiatives.

The medium voltage switchgear market is anticipated to experience growth driven by the rising demand for electricity generation. The ongoing processes of industrialization and urbanization necessitate a continuous and reliable electricity supply, with the performance of switchgear playing a crucial role in ensuring the reliability of electrical systems. The sustainable growth in energy production, particularly in both rural and urban areas, aligns with the integration of improved supply protection measures, contributing to the overall expansion of the industry. An illustrative example is the "Saubhagya" initiative launched by the Indian government in August 2022, aiming for universal household electrification. As of March 2021, this initiative successfully electrified 2.82 crore houses, demonstrating the impact of government efforts to enhance electricity accessibility. Additionally, the allocation of Rs. 19,500 crores ($2.57 billion) in the Union Budget 2022–23 for a Production-Linked Incentive (PLI) scheme further emphasizes the commitment to promoting the production of high-efficiency solar modules for electricity generation.

The medium voltage switchgear market is poised for growth due to increasing infrastructure development, contributing to the escalating demand for electricity. Infrastructure encompasses a wide array of structures and networks crucial for the functioning of a nation, city, or region. This includes physical constructions for both public and private use, such as roads, bridges, electrical grids, and telecommunication networks. Rapid infrastructure development significantly amplifies the need for electricity to ensure efficient power distribution and the establishment of a sustainable and reliable power supply. In 2022, the U.S. federal authorities spent $36.6 billion on infrastructure directly and allocated $94.5 billion to provinces, underscoring the pivotal role of electricity in infrastructure projects and further propelling the medium voltage switchgear market.

The market faces challenges stemming from stringent environmental and safety regulations governing the manufacturing of medium voltage switchgear. Compliance with standards such as IEC 62271-200 is mandated, requiring companies to adapt to rapidly changing safety norms. Some businesses encounter difficulties in allocating the necessary funds to comply with the latest standards, hindering their ability to meet regulatory requirements. In accordance with IEC 62271-200 regulations, enquirers placing orders for metal-enclosed switchgear are obligated to provide specific electrical characteristics of the system and service conditions, adding complexity to the manufacturing process. Consequently, these stringent environmental and safety regulations pose limitations to the growth of the medium voltage switchgear market.

An emerging trend in the medium-voltage switchgear market is the development of eco-efficient switchgear, representing a shift away from greenhouse gas sulfur hexafluoride (SF6) towards more environmentally friendly alternatives. SF6 gas, commonly used in switchgear for electrical insulation and current interruption, is known for its significant greenhouse gas properties. In response to environmental concerns, companies are exploring eco-efficient switchgear solutions to enhance sustainability and reduce environmental impact. For instance, Hitachi Energy, a Switzerland-based energy solutions company, introduced SF6-free 420-kilovolt (kV) gas-insulated switchgear (GIS) technology in November 2022, aiming to achieve carbon neutrality in power grids. This shift towards eco-efficient switchgear reflects a growing preference for environmentally friendly alternatives within the medium-voltage switchgear market.

Major players in the medium voltage switchgear market are strategically focusing on innovative products, particularly green and digital switchgear, to cater to the evolving needs of their customer base. Green and digital switchgear represents a new paradigm in medium-voltage switchgear, combining sustainability and advanced technology. Tailored for secondary power distribution markets, this type of switchgear incorporates digital connectivity to enhance grid reliability and efficiency. Schneider Electric SE, a France-based company specializing in voltage switchgear, electronic automation, and energy management, unveiled innovative green and digital medium voltage switchgear products in April 2021. The SM AirSeT, a notable addition to Schneider Electric's product line, utilizes clean air and suction interruption instead of SF6 gas, emphasizing environmental sustainability. The incorporation of digital capabilities allows users to harness the value of data for improved operational efficiency. The launch of SM AirSeT aligns with Schneider Electric's commitment to building a comprehensive portfolio of green alternatives, contributing to a future free from SF6-based equipment. This strategic approach aims to address environmental concerns and cater to diverse industrial applications, particularly in electro-intensive sectors.

In March 2021, Siemens Limited, a Germany-based company specializing in electrical power generation, successfully completed the acquisition of C&S Electric Limited for a total consideration of $269 million (EUR 267 million). This strategic move by Siemens Limited is aimed at tackling challenges associated with low-voltage power distribution in the Indian market, thereby enhancing its position in the region. C&S Electric Limited, an India-based company, specializes in the production of switchgear and power equipment, making this acquisition a significant step in Siemens Limited's efforts to strengthen its market presence and address the evolving needs of the Indian electrical power sector.

Major companies operating in the medium voltage switchgear market report are Hitachi Ltd., Siemens AG, Fuji Electric Co. Ltd., Schneider Electric SE, Bharat Heavy Electricals Limited, HD Hyundai Heavy Industries Co. Ltd., ABB Ltd., Larsen & Toubro Saudi Arabia LLC, Eaton Corporation Plc, Toshiba Corporation, Mitsubishi Motors Corporation, General Electric Company, Chint Group, NARI Group Corporation, Hyosung Heavy Industries, Rittal GmbH & Co. KG, Ormazabal, Crompton Greaves Consumer Electricals Limited, E+I Engineering, S&C Electric Company, Lucy Electric UK Ltd., Powell Electronics Inc., EFACEC Power Solutions SGPS S.A., Jyoti Ltd., Kirloskar Electric Company Limited, Skema SpA, Elatec Power Distribution GmbH, Hawker Siddeley Switchgear Ltd., START Electrical Switchgear Assembly LLC, SENTEG Schaltanlagen für Energietechnik GmbH, Xiamen Huadian Switchgear Co. Ltd. Asia-Pacific was the largest region in the medium voltage switchgear market in 2023. Western Europe is the second-largest region in the global medium power transformers market share. The regions covered in the medium voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Common insulation types for medium voltage switchgear are air, gas, oil, and vacuum. Air, known for its molecular configuration, acts as an effective insulator by resisting heat transfer to a certain extent. These installations are categorized as outdoor and indoor and are utilized across residential, commercial, industrial, and utility applications.

The medium voltage switchgear market research report is one of a series of new reports that provides medium voltage switchgear market statistics, including medium voltage switchgear industry global market size, regional shares, competitors with a medium voltage switchgear market share, detailed medium voltage switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the medium voltage switchgear industry. This medium voltage switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the medium voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The medium voltage switchgear market consists of sales of electrical switches, fuses, circuit breakers, disconnectors, and other medium voltage switchgear. They are used to operate, secure, and separate electrical equipment. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.