LV And MV Switchgear Market

The global LV And MV Switchgear Market is valued at USD 51.48 Billion in 2022 and is projected to reach a value of USD 76.52 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.1% between 2023 and 2030.

Premium Insights

The LV And MV Switchgear market is driven by various factors including the increasing urbanization and industrialization in regions with rapid economic growth result in a higher demand for electrical infrastructure. The focus on renewable energy sources and the integration of smart grid technologies also contribute to advancements in switchgear solutions. Additionally, government initiatives and investments in the power sector that aim to improve energy reliability and efficiency play a crucial role in stimulating market growth. For instance, Indias switchgear market has experienced substantial growth, due to various infrastructure development initiatives led by the Indian government such as Smart Cities, Make in India, Digital India, the Integrated Power Development Scheme, and the Atal Mission for Rejuvenation and Urban Transformation.

• The growth of the switchgear market is primarily fueled by the increasing demand for energy and the need to extend or replace outdated switchgear at substations
• Asia Pacific generated more than 35.5% of revenue share in 2022
• North America is expected to grow at the quickest rate from 2023 to 2030
• 1kV - 5kV segment accounted for the largest market growth in 2022 due to its widespread use, compact design, and suitability for applications where space efficiency and environmental protection are crucial factors
• Indoor segment accounts for the most significant market share of 63.2% in 2022

Economic Insights

The LV And MV Switchgear markets economic dynamics are influenced by various factors that shape its trajectory. Urbanization plays a significant role in market growth, as the expansion of buildings, transportation networks, and renewable energy projects require robust electrical distribution systems. Government initiatives and investments in the power sector, often linked to broader economic development goals, are crucial in shaping the markets direction. However, during economic downturns or uncertainties, challenges may arise, affecting infrastructure projects' capital expenditure and, consequently, the demand for LV and MV switchgear.

Top Market Trends

• Growing Demand for Smart Switchgear: Utilities and industrial customers are increasingly embracing the use of smart switchgear to enhance efficiency, reliability, and safety. By incorporating sensors and other devices, smart switchgear is capable of gathering performance and operational data.
• Increasing Demand for Sustainable Switchgear: Switchgear solutions that are sustainable in high demand among utilities and industrial customers, who are now seeking options made from recycled materials, that consume less energy, and have minimal environmental impact.
• Growing Demand for Switchgear for Renewable Energy Applications: The increasing use of renewable energy is also creating a need for LV and MV switchgear. Switchgear is necessary for linking renewable energy sources to the grid and for distributing the generated electricity to consumers.
• Digitalization and IoT Integration: Switchgear design is being influenced by the implementation of digital technologies and the Internet of Things (IoT). The incorporation of sensors and communication capabilities into smart LV and MV switchgear is allowing for improved monitoring, diagnostics, and predictive maintenance.

Market Segmentation

LV And MV Switchgear {{Segmentation_Ext}}

Based on Product

1kV - 5kV holds the largest share

1kV - 5kV hold the largest share in the LV And MV Switchgear market because it is widely used in different applications such as commercial and industrial buildings, infrastructure projects, and the integration of renewable energy sources. The 1kV - 5kV segment is well-established and benefits from a mature market status, due to its efficient supply chain that supports manufacturers in their production and supply operations.

Based on Installation

Indoor will account for largest market share

The LV And MV Switchgear market is dominated by Indoor because it is extensively used in a wide range of applications such as commercial and industrial buildings, infrastructure, and renewable energy projects in terms of usage. Its compact design makes it particularly beneficial for applications with limited space. Additionally, indoor switchgear offers superior protection from the elements compared to outdoor counterparts, making it the preferred choice for applications in harsh environmental conditions.

Based on Region

Asia Pacific will lead the market

The LV And MV Switchgear market in the Asia Pacific region is set to dominate driven by various factors including the rising disposable incomes and an increased need for electricity. The growing middle class in Asia Pacific is a significant factor driving the demand for electricity, which in turn fuels the demand for LV and MV switchgear. Additionally, the ongoing urbanization trend in the region contributes to the surge in infrastructure demand, including buildings, transportation networks, and renewable energy projects, all requiring the use of LV and MV switchgear.

Competitive Landscape

The LV And MV Switchgear market is highly competitive including regional players and emerging market entrants also contribute to the competition by addressing specific regional demands and fostering innovation. Industry players use their technological expertise and wide range of products to drive growth. They often engage in mergers, acquisitions, and partnerships to expand their market presence. Technological advancements, smart grid solutions, and sustainability in product development further intensify the markets competitiveness.

The players in the global LV And MV Switchgear market include Toshiba among others.

Recent Market Developments

• May 2022: Schneider Electric has introduced SureSeT MV Switchgear and EvoPacT Circuit Breakers, equipped with advanced technology from hoover, to offer top-tier solutions for large and complex medium voltage (MV) power distribution and control. The EvoPacT circuit breakers come with renowned metal-clad, air-insulated switchgear, providing improved equipment health monitoring, control, and operational effectiveness through innovative digital capabilities. These enhancements also enable preventive maintenance measures.
• March 2023: Elmeasure has declared its participation in ELECRAMA 2023, during which the company will unveil its complete selection of low-voltage switchgear.

Segmentation of the Global LV And MV Switchgear Market