Low and medium voltage switchgear market size is set to grow by USD 40,704.86 million from 2022 to 2027; Increasing implementation of smart grid technology will boost the market- Technavio

NEW YORK, June 6, 2023 /PRNewswire/ -- The global low and medium voltage switchgear market size is estimated to grow by USD 40,704.86 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.75% during the forecast period. APAC is estimated to account for 49% of the global market growth. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Low And Medium Voltage Switchgear Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (GIS, and AIS), installation sites (indoor and outdoor), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The GIS segment will account for a major share of the market's growth during the forecast period. Factors, such as the increasing demand for electricity, the need for efficient and reliable power transmission and distribution systems, and the growing focus on renewable energy sources will increase the market growth during the forecast period. In addition, the growing demand for compact and space-saving switchgear solutions is also contributing to the growth of the Gas Insulated Switchgear segment in the global low and medium-voltage switchgear market during the forecast period.

Geography Overview
By geography, the global low and medium-voltage switchgear market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global low and medium voltage switchgear market.

• APAC is estimated to account for 49% of the global growth by 2027. The growth of the electricity-consuming sectors in this region will increase the market growth during the forecast period. Rapid urbanization and enhanced living standards have improved electricity consumption in many major countries in the region, such as India and China. Moreover, the private players currently operate several utilities in the region, and this has boosted the effective production and distribution of electricity. Such expansions have helped to reduce the total price of electricity and promote fair market competition in the power sector. A continuous supply of electricity has become vital due to the improvement in the economic conditions of the region. Such factors will increase the market growth in this region during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Low And Medium Voltage Switchgear Market – Market Dynamics
Key factor driving market growth

Increasing implementation of smart grid technology is the key factor driving the growth of the global low voltage (LV) and medium voltage (MV) switchgear market. In smart grid technology, automated switchgear technology is preferred over conventional technology. An automated substation where all functions are automated is more efficient and requires less manpower. Traditionally, substations used remote terminal devices as links between the switch and the control center. Some of these remote terminal units had intelligent features such as interconnection capabilities, but substation or site-wide automation was not available. 

In addition, smart gates and distributors were introduced in the substation. Smart grid technology integrates monitoring and signaling in addition to protection and control functions. Manufacturers add intelligent embedded protection and control electronics to a switch to improve network efficiency and reliability. Hence, the implementation of smart grid technology will propel the growth of the global low and medium voltage switchgear market during the forecast period.

Leading trends influencing the market 

Growing focus on infrastructure and renewable energy sources is the primary trend in the global low voltage (LV) and medium voltage (MV) switchgear market growth. The upgradation of the aging infrastructure is anticipated to power the market's growth. For instance, around 65 gigawatts of European onshore wind turbines would reach end-of-design-life by the next five years. Another significant factor fueling the switchgear market growth is the rising construction activities worldwide, owing to the increasing focus on infrastructure. The construction industry is witnessing growth in emerging economies, including China and India, apart from the advanced economies, like the US, Canada, and countries in the European Union (EU), which are already focusing on their existing infrastructure.

Moreover, the use of direct current in solar power plants, wind turbines, energy storage, and charging stations offers several efficiency advantages, and it also makes enormous demands on electromagnetic components. However, they must be able to regulate and safely close high voltages and switchboards in DC applications. Hence, the growing focus on infrastructure and renewable energy sources will drive the global low and medium voltage switchgear market during the forecast period.

Major challenges hindering the market growth

Regulations restricting SF6 gas emissions is a major challenge to the growth of the global low voltage (LV) and medium voltage (MV) switchgear market. SF6 gas is commonly used as an insulating medium in low and medium voltage switchgear. It has superior electrical insulation properties, which makes it ideal for use in high-voltage transmission systems.

Most of the regulations that apply to the use of SF6 apply to a chemically similar group of fluorinated gases called F-gases. This includes both hydrofluorocarbons (HFCs), which have short lifetimes in the atmosphere, and perfluorocarbons (PFCs), which have long lifetimes. Greener alternatives have largely replaced HFCs and PFCs. As F-gas rules become more stringent, they will have a negative impact on the use of SF6 gas, which is expected to hamper the growth of the global low and medium voltage switchgear market during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Low And Medium Voltage Switchgear Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the low and medium voltage switchgear market between 2023 and 2027
• Precise estimation of the low and medium voltage switchgear market size and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the low and medium voltage switchgear market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of low and medium voltage switchgear market vendors

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1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Installation Sites
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global low and medium voltage switchgear market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global low and medium voltage switchgear market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Installation Sites Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Installation Sites Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 GIS - Market size and forecast 2022-2027
• Exhibit 34: Chart on GIS - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on GIS - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on GIS - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on GIS - Year-over-year growth 2022-2027 (%)

• 6.4 AIS - Market size and forecast 2022-2027
• Exhibit 38: Chart on AIS - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on AIS - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on AIS - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on AIS - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)
• Exhibit 43: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Installation Sites

• 7.1 Market segments 
• Exhibit 44: Chart on Installation Sites - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Installation Sites - Market share 2022-2027 (%)

• 7.2 Comparison by Installation Sites 
• Exhibit 46: Chart on Comparison by Installation Sites
• Exhibit 47: Data Table on Comparison by Installation Sites

• 7.3 Indoor - Market size and forecast 2022-2027
• Exhibit 48: Chart on Indoor - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Indoor - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Indoor - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Indoor - Year-over-year growth 2022-2027 (%)

• 7.4 Outdoor - Market size and forecast 2022-2027
• Exhibit 52: Chart on Outdoor - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Outdoor - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Outdoor - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Outdoor - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Installation Sites
• Exhibit 56: Market opportunity by Installation Sites ($ million)
• Exhibit 57: Data Table on Market opportunity by Installation Sites ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 63: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 83: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 95: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 111: ABB Ltd. - Overview
• Exhibit 112: ABB Ltd. - Business segments
• Exhibit 113: ABB Ltd. - Key offerings
• Exhibit 114: ABB Ltd. - Segment focus

• 12.4 CG Power and Industrial Solutions Ltd.
• Exhibit 115: CG Power and Industrial Solutions Ltd. - Overview
• Exhibit 116: CG Power and Industrial Solutions Ltd. - Business segments
• Exhibit 117: CG Power and Industrial Solutions Ltd. - Key offerings
• Exhibit 118: CG Power and Industrial Solutions Ltd. - Segment focus

• 12.5 Eaton Corp. Plc 
• Exhibit 119: Eaton Corp. Plc - Overview
• Exhibit 120: Eaton Corp. Plc - Business segments
• Exhibit 121: Eaton Corp. Plc - Key news
• Exhibit 122: Eaton Corp. Plc - Key offerings
• Exhibit 123: Eaton Corp. Plc - Segment focus

• 12.6 Fuji Electric Co. Ltd. 
• Exhibit 124: Fuji Electric Co. Ltd. - Overview
• Exhibit 125: Fuji Electric Co. Ltd. - Business segments
• Exhibit 126: Fuji Electric Co. Ltd. - Key offerings
• Exhibit 127: Fuji Electric Co. Ltd. - Segment focus

• 12.7 General Electric Co. 
• Exhibit 128: General Electric Co. - Overview
• Exhibit 129: General Electric Co. - Business segments
• Exhibit 130: General Electric Co. - Key news
• Exhibit 131: General Electric Co. - Key offerings
• Exhibit 132: General Electric Co. - Segment focus

• 12.8 Hyosung Heavy Industries Corp. 
• Exhibit 133: Hyosung Heavy Industries Corp. - Overview
• Exhibit 134: Hyosung Heavy Industries Corp. - Product / Service
• Exhibit 135: Hyosung Heavy Industries Corp. - Key offerings

• 12.9 LS ELECTRIC Co. Ltd. 
• Exhibit 136: LS ELECTRIC Co. Ltd. - Overview
• Exhibit 137: LS ELECTRIC Co. Ltd. - Product / Service
• Exhibit 138: LS ELECTRIC Co. Ltd. - Key offerings

• 12.10 Meidensha Corp. 
• Exhibit 139: Meidensha Corp. - Overview
• Exhibit 140: Meidensha Corp. - Business segments
• Exhibit 141: Meidensha Corp. - Key news
• Exhibit 142: Meidensha Corp. - Key offerings
• Exhibit 143: Meidensha Corp. - Segment focus

• 12.11 Mitsubishi Electric Corp. 
• Exhibit 144: Mitsubishi Electric Corp. - Overview
• Exhibit 145: Mitsubishi Electric Corp. - Business segments
• Exhibit 146: Mitsubishi Electric Corp. - Key news
• Exhibit 147: Mitsubishi Electric Corp. - Key offerings
• Exhibit 148: Mitsubishi Electric Corp. - Segment focus

• 12.12 Powell Industries Inc. 
• Exhibit 149: Powell Industries Inc. - Overview
• Exhibit 150: Powell Industries Inc. - Product / Service
• Exhibit 151: Powell Industries Inc. - Key offerings

• 12.13 Regal Rexnord Corp. 
• Exhibit 152: Regal Rexnord Corp. - Overview
• Exhibit 153: Regal Rexnord Corp. - Business segments
• Exhibit 154: Regal Rexnord Corp. - Key offerings
• Exhibit 155: Regal Rexnord Corp. - Segment focus

• 12.14 Schneider Electric SE 
• Exhibit 156: Schneider Electric SE - Overview
• Exhibit 157: Schneider Electric SE - Business segments
• Exhibit 158: Schneider Electric SE - Key news
• Exhibit 159: Schneider Electric SE - Key offerings
• Exhibit 160: Schneider Electric SE - Segment focus

• 12.15 Siemens AG 
• Exhibit 161: Siemens AG - Overview
• Exhibit 162: Siemens AG - Business segments
• Exhibit 163: Siemens AG - Key news
• Exhibit 164: Siemens AG - Key offerings
• Exhibit 165: Siemens AG - Segment focus

• 12.16 TGOOD Global Ltd. 
• Exhibit 166: TGOOD Global Ltd. - Overview
• Exhibit 167: TGOOD Global Ltd. - Key offerings

• 12.17 Toshiba Corp. 
• Exhibit 168: Toshiba Corp. - Overview
• Exhibit 169: Toshiba Corp. - Business segments
• Exhibit 170: Toshiba Corp. - Key news
• Exhibit 171: Toshiba Corp. - Key offerings
• Exhibit 172: Toshiba Corp. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 173: Inclusions checklist
• Exhibit 174: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 175: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 176: Research methodology
• Exhibit 177: Validation techniques employed for market sizing
• Exhibit 178: Information sources

• 13.5 List of abbreviations 
• Exhibit 179: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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