3 trends augmenting medium voltage switchgear market forecast through 2025
The world has experienced robust digital transformation in recent decades. Rapid large-scale digitalization across commercial electrical infrastructure, data centers, and communication base stations has positively influenced the demand for switchgears, transformers, and transmission and distribution systems. Medium voltage (MV) switchgears, in particular, play a central role in numerous critical applications within the energy and power ecosystem.
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ABB, General Electric, CG Power, Eaton, Powell, Siemens, Hyosung, Lucy Electric, BHEL, Toshiba, and Hyundai Heavy Industries are some of the most renowned manufacturers of medium voltage switchgears. In June 2020, Siemens Smart Infrastructure was selected by Verkehrs-Aktiengesellschaft Nürnberg (VAG) to help build a medium-voltage connection and charging infrastructure for VAG’s recently acquired electric bus port.
As per terms of the deal, Siemens will handle the deployment of medium voltage switchgears and transformers for the grid connection. Siemens’ charging infrastructure, which is expected to be finished by 2021, will enable up to 20 electric buses to be charged simultaneously.
It is estimated that global medium voltage switchgear market size will be worth more than US$50 billion by 2025. Described below are some of the most influential trends driving the adoption of medium voltage switchgears in the foreseeable future.
· Expansion of sustainable grid infrastructure
Medium voltage switchgears have gathered considerable momentum in recent years on account of several factors including diverse application outlook, aesthetic proximity, and product versatility. Utilities and large-scale commercial and industrial establishments usually install high-voltage electrical lines which require reliable electrical equipment to prevent interruptions due to excess current.
These factors have significantly increased the need for efficient protection equipment including switches, disconnectors, and circuit breakers. Additionally, the introduction of strict energy efficiency regulations and subsequent expansion of sustainable grid infrastructure will boost the product penetration.
· Metal enclosed MV switchgears to gain traction
Metal enclosed medium voltage switchgears are slated to witness an annual installation of more than 5 million units by 2025. This can be largely attributed to numerous advantages and features including unique design and construction, safe and reliable operation, easy replacement, and proper interlocking arrangement between the various components.
Mounting concerns and the implementation of active measures to minimize electricity supply faults, short circuits, and fire hazards have propelled the product demand over the past few years. An increasing number of consumers, utilities, and industrial establishments today are opting for metal enclosed MV switchgears owing to longer lifecycle and low maintenance costs.
· Strict regulatory scenario in North America
North America medium voltage switchgear industry size is slated to experience healthy growth by 2025. The regional expansion can be mainly attributed to rising expenditure towards the upgradation of electrical infrastructure. A growing need for refurbishment and refurbishment of existing infrastructure will further complement the regional outlook.
Regional manufacturers are exploring ways improve product design in terms of operational flexibility, reliability, and longevity. These companies are bound to witness promising opportunities in the near future owing to the presence of strict energy efficiency regulations.
Medium voltage switchgears will undeniably experience a robust demand in the future on account of diverse applicability across power stations and transformer substations. An increasing demand for uninterrupted power supply has encouraged power stations to switch to smart and advanced technologies, which will bolster medium voltage switchgear industry outlook.