APAC Medium Voltage Switchgear Market Share, Demand, Revenue, Trends, Growth Drivers, Challenges, Key Players and Future Opportunities Till 2033


APAC Medium Voltage Switchgear Market Share, Demand, Revenue, Trends, Growth Drivers, Challenges, Key Players and Future Opportunities Till 2033: SPER Market Research

 Category : Power & Energy

 Published: May-2024
 Author: SPER Analyst

Asia Pacific Medium Voltage Switchgear Market is projected to be worth USD 5.89 billion by 2033 and is anticipated to surge at a CAGR of 8.58%.

The term "medium voltage switchgear" describes an essential part of electrical distribution systems that are intended to regulate and control the flow of electricity at voltage levels between 1 and 36 kV. It acts as a crucial conduit between diverse end-users, such as business buildings, residential complexes, and power producing sources, such as substations or renewable energy projects. Medium voltage switchgear's main duties include protecting, isolating, and regulating electrical circuits to guarantee the effective and safe distribution of power among various applications. Usually encased in enclosures made to withstand the harshness of the operating environment, these switchgear systems include circuit breakers, disconnect switches, fuses, relays, and other protective devices.

Asia Pacific Medium Voltage Switchgear Market Driving Factors and Challenges

Drivers: The primary drivers of the growth in the switchgear market are the expansion or replacement of obsolete switchgear at sub-stations that may power gas-insulated equipment and the rising demand for energy. It is projected that demand for gas-insulated switchgear will increase because to its low maintenance needs, capacity to maximize available space, and resistance to outside influences. The metal-encased gas-insulated switchgear (GIS) contains high-voltage parts such circuit breakers and disconnectors. A GIS is used in specific places such as workplaces, offshore platforms, roofs, additions, city buildings, etc. The use of switchgear is predicted to rise as a result of consumer awareness of the advantages of switching to renewable energy sources like solar power and the tightening of rules on overall carbon emissions.

Challenges: Asia Pacific's medium voltage switchgear market faces a number of difficulties. One big challenge is the increasing demand to embrace sustainable and environmentally friendly solutions due to growing concerns about climate change. Because of this, switchgear technologies that are energy-efficient and have little environmental impact must be developed and used. The region's inconsistent regulatory framework, which forces manufacturers to adhere to different certification procedures and standards in multiple countries, is another challenge for manufacturers.

Impact of COVID-19 on Asia Pacific Medium Voltage Switchgear Market
The Asia Pacific market for medium voltage switchgear is among the industries that have been impacted by the COVID-19 pandemic. Due to delays in industrial operations and shortages of raw materials, the outbreak produced supply chain disruptions that affected production schedules and delivery times. Government restrictions and lockdowns made construction and infrastructure development more difficult, which is one of the main reasons medium voltage switchgear is required. Further reducing investment in new electrical infrastructure was businesses' cautious spending due to uncertainties about the economic implications of the epidemic. The crisis hastened the use of remote monitoring and maintenance systems, however, as companies sought to cut back on on-site workers and preserve operational continuity. 

Asia Pacific Medium Voltage Switchgear Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Bharat Heavy Electricals Limited, Chint Group, Eaton Corporation PLC, General Electric Company, Hitachi ABB Ltd., Hyosung Heavy Industries Corp., Lucy Group Ltd., Mitsubishi Electric Corporation, Powell Industries Inc., Schneider Electric SE, Siemens Energy AG, Toshiba Corp., Others

Asia Pacific Medium Voltage Switchgear Market Segmentation:

By Voltage: Based on the Voltage, Asia Pacific Medium Voltage Switchgear Market is segmented as; 3kV to 12kV, 12kV to 24kV, 24kV to 36kV.

By Component: Based on the Component, Asia Pacific Medium Voltage Switchgear Market is segmented as; Circuit Breakers, Contactors, Switches & Disconnector, Fuses

By Insulation: Based on the Insulation, Asia Pacific Medium Voltage Switchgear Market is segmented as; Air Insulation Switchgear, Gas Insulation Switchgear, Others.

By Region: This research also includes data for India, Japan, China, Rest of Asia Pacific.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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