Medium Voltage Switchgear Market Trends, Size and Share Analysis 2034
Global Medium Voltage Switchgear Market Size- By Voltage, By Component, By Insulation, By Application, By End Use - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Jul-2025 | Report ID: POAE2594 | Pages: 1 - 274 | Formats*: |
| Category : Power & Energy | |||
Global Medium Voltage Switchgear Market Introduction and Overview
According to SPER Market Research, the Global Medium Voltage Switchgear Market is estimated to reach USD 104.45 billion by 2034 with a CAGR of 7.06%.
The report includes an in-depth analysis of the Global Medium Voltage Switchgear Market, including market size and trends, product mix, Applications, and supplier analysis. The Global Medium Voltage Switchgear Market was valued at USD 104.45 billion in 2024 and is estimated to grow at a CAGR 7.06% from 2025 to 2034. The market for medium voltage switchgear is essential to guaranteeing the secure and effective distribution of electricity among a range of sectors, such as manufacturing, infrastructure, and utilities. These devices are made to manage voltages that normally fall between 1 kV and 36 kV, offering electrical networks isolation, control, and protection. Growing electricity consumption, power infrastructure expansion, and growing smart grid technology adoption are the main factors propelling market growth. The intricacy of retrofitting old systems, high initial installation costs, and operational safety and maintenance concerns, however, can be major obstacles, especially in poor nations with little capital investment.
By Voltage Insights
The market for medium voltage switchgear is expected to develop significantly, with the ≥ 21 kV to 27 kV sector being pushed primarily by increased government investments in power infrastructure. In 2024, for example, the Canadian government announced a smart power grid program with significant financing to encourage innovation and improve the use of electricity assets. This program aims to demonstrate advanced smart grid technologies while also promoting the adoption of integrated smart grid systems. The demand for medium voltage switchgear is anticipated to increase as a result of these advancements, especially in support of contemporary and effective electrical distribution networks.
By Component Insights
The market for medium voltage (MV) switchgear is anticipated to develop significantly in the switches and disconnectors category. Circuit breakers play a vital role in enhancing power system protection, reliability, and operational efficiency. With ongoing global industrialization, urbanization, and the integration of renewable energy, the demand for advanced circuit breakers in MV switchgear is rising. Developing countries such as India, Saudi Arabia, and Brazil are actively investing in infrastructure and energy projects, further boosting demand. In India, for example, electricity consumption per capita saw a notable increase from 2023 to 2024, highlighting the growing need for MV switchgear solutions.
Regional Insights
The market for medium voltage switchgear in the United States grew steadily in 2022, 2023, and 2024 as a result of rising investments in power distribution and transmission. The need for medium voltage switchgear is rising globally as a result of the nation's substantial improvements to its electrical infrastructure. Significant expenditures were made by investor-owned utilities in 2023 to extend the electrical infrastructure, indicating promising future possibilities for the low voltage switchgear market as well. Through the Transmission Facilitation Program, the U.S. Department of Energy's Grid Deployment Office (GDO) funded four significant transmission projects in 2024 with the goal of removing financial obstacles and hastening the growth of transmission across the country.
Market Competitive Landscape
Leading companies in the Medium Voltage Switchgear market are investing in R&D, expanding portfolios, and enhancing global reach through mergers, partnerships, and new product launches. To remain competitive, firms focus on energy-efficient, cost-effective, and smart switchgear solutions. Some of the key market players are ABB, Bharat Heavy Electricals, CG Power and Industrial Solutions, E + I Engineering, Eaton, Fuji Electric, General Electric, HD Hyundai Electric, Hitachi, Hyosung Heavy Industries.
Recent Developments:
In November 2024, Mitsubishi declared its intention to build a state-of-the-art switchgear manufacturing in Western Pennsylvania. The company will contribute USD 86 million to the project, creating 200 new employments in the process. The company specializes in safe and sustainable energy systems and solutions.
In December 2024, As a part of its global commitment to promote the sustainable energy transition, Hitachi Energy is investing over USD 47 million to develop its Medium Voltage Products manufacturing in Brno, Czech Republic. The extension, which is expected to be finished by the end of 2025, will add up to 200 new jobs and boost the factory's production capacity by more than 40%.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Voltage, By Component, By Insulation, By Application, By End Use |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | ABB, Bharat Heavy Electricals, CG Power and Industrial Solutions, E + I Engineering, Eaton, Fuji Electric, General Electric, HD Hyundai Electric, Hitachi, Hyosung Heavy Industries |
Key Topics Covered in the Report
- Global Medium Voltage Switchgear Market Size (FY’2021-FY’2034)
- Overview of Global Medium Voltage Switchgear Market
- Segmentation of Global Medium Voltage Switchgear Market By Voltage (≥ 3 kV to 9 kV, ≥ 9 kV to 15 kV, ≥ 15 kV to 21 kV, ≥ 21 kV to 27 kV, ≥ 27 kV to 33 kV, ≥ 33 kV)
- Segmentation of Global Medium Voltage Switchgear Market By Component (Circuit Breakers, Contactors, Switches & Disconnector, Fuses, Others)
- Segmentation of Global Medium Voltage Switchgear Market By Insulation (Air, Gas, Oil, Vacuum, Others)
- Segmentation of Global Medium Voltage Switchgear Market By Application (Residential, Commercial, Industrial, Utility)
- Segmentation of Global Medium Voltage Switchgear Market By End Use (Power Stations, Transformer Substations, Local Electricity Supply, Others)
- Statistical Snap of Global Medium Voltage Switchgear Market
- Expansion Analysis of Global Medium Voltage Switchgear Market
- Problems and Obstacles in Global Medium Voltage Switchgear Market
- Competitive Landscape in the Global Medium Voltage Switchgear Market
- Details on Current Investment in Global Medium Voltage Switchgear Market
- Competitive Analysis of Global Medium Voltage Switchgear Market
- Prominent Players in the Global Medium Voltage Switchgear Market
- SWOT Analysis of Global Medium Voltage Switchgear Market
- Global Medium Voltage Switchgear Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source
2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPERs internal database2.1.4.Premium insight from KOLs
2.2.Market size estimation
2.2.1.Top-down and Bottom-up approach
2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
5.Market variable and outlook
5.1.SWOT Analysis
5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats
5.2.PESTEL Analysis
5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape
5.3.PORTERs Five Forces
5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry
5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global Medium Voltage Switchgear Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Medium Voltage Switchgear Market
7.Global Medium Voltage Switchgear Market, By Voltage (USD Million) 2021-2034
7.1.≥ 3 kV to 9 kV7.2.≥ 9 kV to 15 kV7.3.≥ 15 kV to 21 kV7.4.≥ 21 kV to 27 kV7.5.≥ 27 kV to 33 kV7.6.≥ 33 kV
8.Global Medium Voltage Switchgear Market, By Component (USD Million) 2021-2034
8.1.Circuit Breakers8.2.Contactors8.3.Switches & Disconnector8.4.Fuses8.5.Others
9.Global Medium Voltage Switchgear Market, By Insulation (USD Million) 2021-2034
9.1. Air9.2.Gas9.3.Oil9.4.Vacuum9.5.Others
10.Global Medium Voltage Switchgear Market, By Application (USD Million) 2021-2034
10.1.Residential10.2.Commercial10.3.Industrial10.4.Utility
11.Global Medium Voltage Switchgear Market, By End Use (USD Million) 2021-2034
11.1. Power Stations11.2.Transformer Substations11.3.Local Electricity Supply11.4.Others
12.Global Medium Voltage Switchgear Market (USD Million) 2021-2034
12.1.Global Medium Voltage Switchgear Market Size and Market Share
13.Global Medium Voltage Switchgear Market, By Region, (USD Million) 2021-2034
13.1.Asia-Pacific
13.1.1.Australia13.1.2.China13.1.3.India13.1.4.Japan13.1.5.South Korea13.1.6.Rest of Asia-Pacific
13.2.Europe
13.2.1.France13.2.2.Germany13.2.3.Italy13.2.4.Spain13.2.5.United Kingdom13.2.6.Rest of Europe
13.3.Middle East and Africa
13.3.1.Kingdom of Saudi Arabia13.3.2.United Arab Emirates13.3.3.Qatar13.3.4.South Africa13.3.5.Egypt13.3.6.Morocco13.3.7.Nigeria13.3.8.Rest of Middle-East and Africa
13.4.North America
13.4.1.Canada13.4.2.Mexico13.4.3.United States
13.5.Latin America
13.5.1.Argentina13.5.2.Brazil13.5.3.Rest of Latin America
14.Company Profile
14.1.ABB
14.1.1.Company details14.1.2.Financial outlook14.1.3.Product summary14.1.4.Recent developments
14.2.Bharat Heavy Electricals
14.2.1.Company details14.2.2.Financial outlook14.2.3.Product summary14.2.4.Recent developments
14.3.CG Power and Industrial Solutions
14.3.1.Company details14.3.2.Financial outlook14.3.3.Product summary14.3.4.Recent developments
14.4.E + I Engineering
14.4.1.Company details14.4.2.Financial outlook14.4.3.Product summary14.4.4.Recent developments
14.5.Eaton
14.5.1.Company details14.5.2.Financial outlook14.5.3.Product summary14.5.4.Recent developments
14.6.Fuji Electric
14.6.1.Company details14.6.2.Financial outlook14.6.3.Product summary14.6.4.Recent developments
14.7.General Electric
14.7.1.Company details14.7.2.Financial outlook14.7.3.Product summary14.7.4.Recent developments
14.8.HD Hyundai Electric
14.8.1.Company details14.8.2.Financial outlook14.8.3.Product summary14.8.4.Recent developments
14.9.Hitachi
14.9.1.Company details14.9.2.Financial outlook14.9.3.Product summary14.9.4.Recent developments
14.10.Hyosung Heavy Industries
14.10.1.Company details14.10.2.Financial outlook14.10.3.Product summary14.10.4.Recent developments
14.11.Others
15.Conclusion
16.List of Abbreviations
17.Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Medium Voltage Switchgear Market is projected to reach USD 104.45 billion by 2034, growing at a CAGR of of 7.06% during the forecast period.
Medium Voltage Switchgear Market grew in Market size from 2025. The Market is expected to reach USD 104.45 billion by 2034, at a CAGR of 7.06% during the forecast period.
Medium Voltage Switchgear Market CAGR of 7.06% during the forecast period.
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Medium Voltage Switchgear Market size is USD 104.45 billion from 2025 to 2034.
Medium Voltage Switchgear Market is covered By Voltage, By Component, By Insulation, By Application, By End Use
The North America is anticipated to have the highest Market share in the Medium Voltage Switchgear Market.
ABB, Bharat Heavy Electricals, CG Power and Industrial Solutions, E + I Engineering, Eaton, Fuji Electric, General Electric, HD Hyundai Electric, Hitachi, Hyosung Heavy Industries
The report includes an in-depth analysis of the Global Medium Voltage Switchgear Market, including market size and trends, product mix, Applications, and supplier analysis.
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