Switchgears are switching devices designed to protect, regulate, and control power generation, transmission, and distribution equipment and electric motor control systems. In electric power systems, a switchgear is a combination of circuit breakers or fuses and disconnect switches, which are employed to isolate, control, and protect electric equipment. The purpose of using switchgears is to de-energize the electric equipment, allowing it to function, and clear downstream faults. Electric equipment are generally connected directly to the electricity source. Medium-voltage switchgears are primary devices that help in stabilizing the unsteady flow of power. They provide shielding to the interconnected devices by controlling, metering, and regulating the flow of electricity in the distribution management system. The medium-voltage switchgears market is projected to expand at a CAGR of 6.2% during the forecast period and reach value of US$ 8,395.0 Mn by 2026.
Medium-voltage switchgears require advanced and efficient transmission and distribution networks for better performance. Old and obsolete transmission and distribution networks pose a threat to better functioning of medium-voltage switchgears across commercial and residential sectors. Concerns regarding greenhouse gas emissions from old transmission and distribution networks have also triggered the demand for renewal of existing systems or installation of new medium-voltage switchgear assemblies. Newer and efficient transmission and distribution networks are likely to augment the demand for medium-voltage switchgears during the forecast period.
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Furthermore, lack of proper electrification has been inhibiting the use of switchgears and other advanced equipment, which require electricity. Lack of electrification in most of the developing countries has created a hurdle in the growth of industries. Countries such as India and China have implemented significant measures to improve the penetration of electrification. This is anticipated to have a positive impact on the global medium-voltage switchgear market in the next few years.
In the recent times, there has been extensive copying and counterfeiting of electric products. Illegal manufacturers are producing copies of the original technology at a price lower than that offered by OEMs. Frauds have become a major matter of concern for governments as well as manufacturers. This is expected to hinder the global electric products industry in the near future. This, in turn, is likely to hamper the global medium-voltage switchgear market from 2018 to 2026.
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The need for renewable energy sources is increasing in order to attain uninterrupted power supply required for smooth functioning of industries and reduce greenhouse gas (GHG) emissions. Investments in renewable energy sources such as solar, wind, and hydroelectric power would encourage various switchgear manufacturers to expand their portfolio of medium-voltage products. Innovation in these products are projected to create opportunities for manufacturers of medium- and high-voltage switchgears during the forecast period. Owing to the increasing demand for renewable energy sources in the power transmission & distribution sector, the medium-voltage switchgear market is expected to witness significant growth during the forecast period.
Attracted by expansion of the market and underlying latent demand, several players are expanding their business through strategic mergers and acquisitions and partnerships. For instance, in September 2017, Eaton Corporation announced to expand its range of compact medium-voltage switchgear solutions with the upgraded Xiria product family. Some of the prominent players operating in the global medium-voltage switchgear market are ABB Ltd, Chint Group, Eaton Corporation Plc., General Electric Hyosung Corp, Mitsubishi Electric Corporation, Powell Industries, Inc., Romac, Inc., Schneider Electric SE, and Siemens AG.
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