London, November 8, 2021/PRNewswire/ - The global demand for medium voltage switchgear market in 2020 is 35.76 billion U.S. dollars and is expected to reach 53.06 billion U.S. dollars by 2027, with a compound annual growth rate of 5.8%. During the forecast period. Due to the large number of driving factors, the global medium voltage switchgear market is expected to grow at a significant rate.
Medium Voltage Switchgear Market: Competitive Analysis
The pattern of medium voltage switchgear is still a competitive, innovative and decentralized pattern. The increase in switchgear manufacturing in new regions such as the Asia-Pacific region, and the continuous expansion of established companies in the new regions are still the key drivers of the division. The growing number of mergers and acquisitions in this area remains a key opportunity to gain market share and competitive advantage. Some of the major players in the global medium voltage switchgear market are Schneider Electric SE, Siemens AG, Bharat Heavy Electric Co., Ltd., Eaton Corporation, General Electric, and Mitsubishi Electric Corporation.
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Medium Voltage Switchgear Market: Overview (What is Medium Voltage Switchgear?)
The medium voltage switchgear is essentially dealing with current and voltage fluctuations between 3KV and 36KV. The switchgear is ideal for various functions, including normal on/off applications, switching induced currents, short circuit interruption, switching capacitor currents, and even specialized applications. These switchgears usually come in many types, including metal-enclosed indoors, switchgears without metal enclosures, metal-enclosed outdoor types, and so on. Switchgear is usually essential for fault current transmission to interrupt the current. Therefore, the design of the switchgear considers reliability and safety. Depending on the location, environment, and quality of the system, current fluctuations may be routine.
Medium voltage switchgear such as vacuum circuit breakers are very suitable for high fluctuations, which require high voltage currents such as 25 KA. This circuit requires minimal maintenance and can trip up to 20 times. Outdoor equipment is an ideal choice for rural areas, and the best choice is switchgear.
Medium voltage switchgear is also very suitable as a capacitor bank. In this application, the power factor of the system needs to be improved to meet the needs of end users. It helps the cables for loading and unloading to be safely disconnected from the main system without re-ionization. The reionization process will cause current fluctuations in the system, and the contact gap will cause overvoltage in the system. Vacuum circuit breakers are ideal for this function.
Modern vacuum circuit breakers are also widely used in induction current systems. These systems rely on low chopping currents. These are usually measured between 2-4A. Modern VCB or vacuum circuit breakers do not require additional surge protection equipment at this low level. Therefore, they are very suitable for low-inductance load switches.
Switchgear is usually limited to applications that limit, regulate, meter, and protect power generation. However, their expanded coverage allows them to meet new demands such as power distribution in industrial projects, homes and commercial buildings. The term switchgear can be used interchangeably with terms such as isolating switch, circuit breaker or isolator in new applications. Their new applications also include the current distribution of equipment and electric motor control systems such as electric vehicles (EV).
The growing demand for new applications such as electric vehicles, commercial building power distribution, regulating the peak demand for renewable energy, and power distribution in an increasingly fragmented power distribution model, remains the main growth prospect for participants in the medium voltage switchgear market. The efficiency improvement of niche equipment such as VCB is still the main driving force for the growth of medium voltage switchgear market participants.
Market segmentation analysis of medium voltage switchgear:
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Main trends in the medium voltage switchgear market
According to the International Energy Agency (IEA), by 2040, electricity is likely to exceed oil in final consumption. Increasing regulations to promote clean energy initiatives, the sharp decline of traditional coal-fired power generation, and the global goal of reducing power generation carbon dioxide emissions by three-quarters by 2040 remain the main drivers of power generation growth. In addition, the International Energy Agency also estimates that the increased use of renewable energy in power generation, and the continuous development of technologies such as hydrogen fuel and fuel-powered electricity are still the main prospects for key developments such as electric vehicles for global consumers.
Adding renewable energy to the grid may pose major challenges to the global grid. On the one hand, this will lead to major seasonal changes. Since the output of renewable energy sources such as solar energy varies greatly, managing this power generation will be a challenge. In addition, the limited supplement of renewable energy to the main supply also poses a challenge to the ability to manage peak demand, which is expected to increase substantially.
According to the International Energy Agency, despite the substantial increase in renewable energy, solar and wind energy are expected to account for only 40% of total demand by the end of 2040. The ever-changing output, switching power modes, and the increasing need to manage current fluctuations are expected to drive the tremendous growth of participants in the medium voltage switchgear market. The increasing demand for renewable energy is also expected to change the power distribution of the grid. For example, since the share of renewable energy is still small, the demand for energy efficiency has risen thanks to its huge potential cost savings. Therefore, it will be essential to install small and medium-sized power grids worldwide. These devices are also critical to meeting the seasonal demand for additional power generation in residential and commercial applications. At present, there is a significant demand for additional power generation during peak hours and maintaining operations during power outages in regions such as the Asia-Pacific region.
Medium Voltage Switchgear Market: Geographical Analysis
The medium voltage switchgear market report is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among them, North America is expected to account for the highest share of total global revenue during the period 20202-2027. Renewable energy capacity in North America continues to increase, including wind and solar energy. In addition, new policy initiatives increasingly target the efficient energy transmission of small and medium-sized grids to support decentralized power distribution models. As the opportunities for market participants in the medium voltage switchgear market increase, this may lead to a substantial expansion of the distribution network in the near future.
The main advantages of the global medium voltage switchgear market report
The global medium voltage switchgear market report covers in-depth historical and forecast analysis.
The global medium voltage switchgear market research report provides detailed information about the market introduction, market summary, global market revenue (dollar revenue), market drivers, market restrictions, market opportunities, competition analysis, regional and country levels.
The global medium voltage switchgear market report helps to identify market opportunities.
The global medium voltage switchgear market report covers an extensive analysis of emerging trends and competitive landscape.
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