Digital Resiliency Offers Customer Solutions During Coronavirus Crisis
Different companies in the medium-voltage switchgear market in several regions are facing unique set of challenges and opportunities during the COVID-19 crisis. Schneider Electric – a European multinational company providing energy and automation digital solutions is working in full capacity to ensure business continuity by maintaining critical infrastructure and focusing on consumer & partner expectations.
Moreover, new coronavirus strains are questioning the efficacy of vaccines. This is anticipated to further extend the recovery period of the world economy. Hence, manufacturers in the medium-voltage switchgear market are adopting digital resiliency and 24/7 technical support to provide demand-shaping customer solutions. India’s power sector, on the other hand, is facing declining industrial activity due to the COVID-19 crisis.
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Indoor V/S Outdoor Switchgear: Which is Better?
The global medium-voltage switchgear market is projected to reach the valuation of US$ 44 Bn by the end of 2031. Indoor switchgear are considered reliable and safe as compared to outdoor switchgear. However, the high installation cost of indoor switchgear tends to balance out the choice between the two.
Outdoor switchgear require less capacity of infrastructure for installation. However, the cost of maintenance is high of outdoor switchgear as compared to indoor switchgear. Indoor switchgear tends to take lesser space as opposed to outdoor switchgear. On the other hand, the major erection work for outdoor switchgear is much less than indoor switchgear. In addition, metal-clad switchgear is more advantageous than metal-enclosed switchgear, since the former is highly customizable.
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Digital Switchgear Enables Flexible Condition Monitoring, Raise Safety Standards
Digital switchgear, advanced fault current protection, and condition monitoring are bolstering the growth of the medium-voltage switchgear market. ABB Ltd. – a Swedish-Swiss multinational corporation operating in robotics, power, and heavy electrical equipment is gaining recognition for its switchgear that reduce footprint, deploy flexible condition monitoring, and raise safety standards across industries.
Energy savings, reduced weight, and quicker delivery times with digital systems are generating revenue opportunities for companies in the medium-voltage switchgear market. New sensor technology, software, and intelligent circuit breakers in digital medium-voltage switchgear are contributing to asset health monitoring. Digital switchgear are being associated with reducing the total cost of ownership and handle last minute load changes.
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Sulfur Hexafluoride-free Switchgear Technology Helps Manufacturers Address Climate Change
The pure air technology is increasingly replacing the SF6 greenhouse gas commonly used in grid and industrial electrical installations. Schneider Electric’s new SM AirSeT medium voltage switchgear has gained recognition at the Innovation for Cool Earth Forum (ICEF) for reducing reliance on sulfur hexafluoride (SF6) greenhouse gas and introducing pure air in switchgear.
Companies in the medium-voltage switchgear market are gaining awareness about climate change. Such trends are giving rise to digital switchgear and the pure air technology. Manufacturers in the medium-voltage switchgear market are gaining a strong research base in the SF6-free switchgear technology, which is helping to build green grids and eco-friendly industrial electricity systems. Pure air insulation is anticipated to gain prominence in numerous electric utilities, including private power networks for commercial and industrial applications.
Ready-to-customize Medium-voltage Switchgear Help Access Power with Limited Investment
New trends such as build-your-own medium-voltage switchgear with the help of robust components are translating into business opportunities for stakeholders in the medium-voltage switchgear market. With the help of latest technologies and comprehensive product range, end users are able to customize their electrical installations.
Companies in the medium-voltage switchgear market are increasing the availability of pre-assembled systems that are a fast and secure way to access power with limited investment. Thus, customization of low- and medium-voltage switchgear is helping stakeholders to expand their revenue streams. Certified and tested switchgear are a cost-efficient way to access power with limited investment. Ready-to-customize switchgear are potentially reducing investments in R&D in existing infrastructure installations.
Medium-voltage Switchgear Market: Overview
- According to Transparency Market Research’s latest research report on the global medium-voltage switchgear market for the historical period 2017–2019, base year 2020, and forecast period 2021–2031, the extensive usage of medium-voltage switchgear by power plants; commercial sector; oil, gas, and petrochemical sectors; utility sector; paper & pulp industry; and other end users is expected to boost the global medium-voltage switchgear market during the forecast period
- In terms of revenue, the global medium-voltage switchgear market is projected to reach the value of US$ 44 Bn by 2031, expanding at a CAGR of 5.5% during the forecast period
Growing Industrial and Construction Sectors in Emerging Economies: Key Driver of Medium-voltage Switchgear Market
- The construction sector and industrial infrastructure across various emerging economies, including China, India, Brazil, Indonesia, Japan, and Mexico, along with the Middle East, are witnessing significant growth due to the rise in spending on housing, airport development, and modernization of ports, roads, railways, and water supply systems. This is projected to boost the demand for medium-voltage switchgear during the forecast period.
- Increase in demand for medium-voltage switchgear from various commercial construction projects for efficient transmission of electricity is the primary factor driving the medium-voltage switchgear market
- Thus, the demand for medium-voltage switchgear is estimated to increase over the next few years, and major players in the medium-voltage switchgear market are utilizing the economies of scale to cater to the rising demand
- However, counterfeits of switchgear and its components and high cost of regular maintenance of switchgear are the major factors negatively affecting the global medium-voltage switchgear market. The high cost associated with the regular maintenance of switchgear might hinder the growth of the medium voltage switchgear worldwide. Key manufacturers are investing significantly in ways to reduce the maintenance cost of medium-voltage switchgear.
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