Industrial Automation Magazine India

Low and medium voltage switchgear market size is set to grow by USD 45.84 billion

Published on : Thursday 27-06-2024

Increasing electricity generation to boost the market growth, says Technavio global low and medium voltage switchgear market 2024-2028.

New York, June 2024 – The global low and medium voltage switchgear market size is estimated to grow by USD 45.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 7.1% during the forecast period. Increasing electricity generation is driving market growth, with a trend towards growing focus on infrastructure and renewable energy sources. However, regulations restricting sf6 gas emissions pose a challenge. Key market players include ABB Ltd, CG Power and Industrial Solutions Ltd, DRIESCHER GmbH, Eaton Corp Plc, Efacec, Fuji Electric Co Ltd, General Electric Co, Hyosung Heavy Industries Corp, LS Electric Co Ltd, Meidensha Corp, Mitsubishi Electric Corp, Powell Industries Inc, Regal Rexnord Corp, Schneider Electric SE, Siemens AG, SIM Switchgear Ltd, Switchgear for energy technology GmbH, TGOOD Global Ltd, Toshiba Corp, and Zhejiang CHINT Electrics Co Ltd.

The global low and medium voltage switchgear market is projected to expand due to the upgrading of aging infrastructure, particularly in Europe where 65 gigawatts of onshore wind turbines will reach end-of-life in the next five years. Additionally, the growing construction activities worldwide, driven by infrastructure focus in emerging economies like China and India, as well as advanced economies, will fuel market growth. Renewable energy sources, especially wind, are key factors contributing to this trend. 

The Low and Medium Voltage Switchgear market is experiencing significant growth, driven by increasing power demand and technological advancements. Producers concentrate on developing circuit breakers and switchgear with superior insulation and automation features. Concerns over energy efficiency and reliability are key trends. Solid state technology and vacuum interrupters are becoming popular due to their high breaking capacity and fast response time. Obsoletion of old switchgear and increasing focus on grid modernization are other factors fueling growth. Companies are also investing in research and development to create more compact and cost-effective solutions. Overall, the market is expected to continue its upward trajectory in the coming years.

Market Challenges

·The low and medium voltage switchgear market relies heavily on SF6 gas for insulation in electrical systems due to its excellent insulation properties. However, SF6 is a greenhouse gas with high global warming potential, leading to strict regulations limiting its emissions. The European Climate Change Program identified SF6 reduction as crucial for achieving Kyoto protocol commitments. F-gas rules, which apply to SF6 and similar gases like HFCs and PFCs, will negatively impact the switchgear market's growth.

·The Low and Medium Voltage Switchgear market faces several challenges. One key challenge is the increasing complexity of electrical systems, requiring advanced circuit breakers and automation systems. Another challenge is the need for higher reliability and efficiency in power distribution. This necessitates the use of smart switchgear with digital protection relays and communication capabilities. Additionally, regulatory requirements and safety standards continue to evolve, necessitating continuous innovation and compliance. Furthermore, the market is witnessing a shift towards modular and compact switchgear designs to reduce installation and maintenance costs. Lastly, the growing adoption of renewable energy sources and energy storage systems presents new opportunities and challenges for switchgear manufacturers.

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