Medium Voltage Switchgear Market revenue to cross USD 80 Bn by 2030: Global Market Insights Inc.
The North American medium voltage switchgear market is predicted to observe a 6% CAGR by 2030 due to the favorable government schemes toward rural electrification.
SELBYVILLE, Del., May 23, 2022 /PRNewswire/ -- The medium voltage switchgear market size is expected to record a valuation of USD 80 billion by 2030, according to the most recent study by Global Market Insights Inc.
The market growth is credited to the government programs to enhance the overall power supply along with large-scale suburban migrations. In addition, the continuous integration of renewable energy coupled with the rising adoption of distributed generation & smart grid networks will surge the industry dynamics.
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The COVID-19 outbreak led to supply chain disruptions along with delays in several construction projects. However, the industry will experience a significant rise due to the ongoing expansion of grid infrastructures along with shifting focus on the adoption of renewable energy. Moreover, increasing investments in infrastructural development combined with the growing necessity for continuous & reliable electrical supply will boost the business outlook.
The residential medium voltage switchgear market will witness growth owing to the lower transmission losses, reduced heat generation, and effective & flexible high-end voltage levels. Additionally, the easy handling & conducting properties coupled with easy transformation will further augment the market expansion.
The increasing prominence of incorporating a wide range of frequencies in transmission networks combined with growing concerns for energy efficiency will complement the product deployment across power stations. Furthermore, stringent regulatory & energy-efficiency reforms to curb GHG emissions along with the rising demand for reliable & safe power supply systems will accelerate the industry growth.
The utility-aided medium voltage switchgear market is anticipated to grow on account of the favoring of distribution grid infrastructures by regulatory & government regulations pertaining to electric infrastructure deployments. Positive government directives regarding rural electrification, followed by the adoption of decentralized micro-grid networks across grid-isolated areas have stimulated product demand.
North America medium voltage switchgear market is estimated to attain a 6% growth rate till 2030. Favorable government schemes toward rural electrification along with increased spending on the development of long-distance energy-efficient distribution networks will drive the industry outlook.
Eminent players operating in the medium voltage switchgear market include ABB, Siemens, GE, Mitsubishi Electric Corporation, Schneider Electric, Ormazabal, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, Chint Group, Eaton Corporation, Hyosung Heavy Industries, Lucy Group Ltd., Hyundai Electric & Energy Systems Co., Ltd., Powell Industries, and Toshiba Corporation.
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Some prime findings of the medium voltage switchgear market report include:
- Expansion of electric transportation networks in line with increasing investments in the expansion & development of electric infrastructures will foster the business spectrum.
- Growing prominence toward the acceptance of renewable energy sources along with the development of standalone micro-grid projects in areas with limited electricity will escalate the market dynamics.
- The rising electricity demand coupled with supportive government schemes for the deployment & expansion of power grid infrastructures will fuel the industry revenue.
- The lack of effective electric grid networks along with a promising inclination toward the advancement of existing infrastructures will propel the industry landscape.
Table of Contents (ToC) of the report
Chapter 3 Medium Voltage Switchgear Market Insights
3.1 Industry ecosystem analysis
3.2 Innovations
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America, Europe, and Eurasia
3.5.1.1.1 Expansion of smart grid networks
3.5.1.1.2 Refurbishment & retrofit of the existing grid infrastructure
3.5.1.2 Asia Pacific
3.5.1.2.1 Rising peak load demand
3.5.1.2.2 Expansion of micro-grid networks
3.5.1.2.3 Grid stability & security of supply concerns
3.5.1.3 MEA, CIS, and Latin America
3.5.1.3.1 Increasing electricity demand
3.5.1.3.2 Integration of a sustainable energy infrastructure
3.5.2 Industry pitfalls & challenges
3.5.2.1 Slow paced technological evolution across developing regions
3.5.2.2 High dependency on imports
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2022
3.9 PESTLE Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/medium-voltage-switchgear-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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