Latest News- Low And Medium Voltage Switchgear Market: GIS is expected to lead the Product Type segment during 2025-2029

The Low And Medium Voltage Switchgear Market is being driven by Increasing electricity generation

The Low And Medium Voltage Switchgear Market is expected to grow at a CAGR of 7.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 50131.4 million. The Low and Medium Voltage Switchgear market is poised for growth due to the impending upgradation of aging infrastructure. For instance, approximately 65 GW of European onshore wind turbines are set to reach the end of their design life within the next five years, necessitating equipment upgrades to extend their operational lifespan. Additionally, the global construction industry's expansion, driven by infrastructure development in emerging economies like China and India, as well as ongoing projects in advanced economies such as the US, Canada, and EU countries, is fueling the demand for switchgear. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • GIS
  • AIS
• Installation Sites
  • Indoor
  • Outdoor
• Application
  • Industrial
  • Commercial
  • Utility
  • Residential
• Type
  • Low voltage
  • Medium voltage
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing electricity generation
• Growing implementation of smart grid technology
• Capacity expansion for renewable power generation

However, the market also witnesses some limitations, which are as follows:

• Regulations restricting SF6 gas emissions
• High investment needed to upgrade networks
• Volatile prices of raw materials used for manufacturing switchgear

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Market Scope in Low And Medium Voltage Switchgear Market Research Report

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Research Analysis Overview

The Low and Medium Voltage Switchgear Market encompasses various aspects, including switchgear component failure and electrical fault detection for ensuring power system reliability. Strategies for switchgear replacement, electrical safety training, and power system modernization are crucial. Circuit breaker technology, protective relay coordination, and switchgear asset management are key components. Electrical system upgrades, power quality monitoring, and switchgear control systems are essential for optimization. High voltage switchgear design standards, switchgear operation manuals, and maintenance schedules prioritize electrical equipment safety. Switchgear refurbishment, power system grounding, selective coordination studies, and power system simulation are additional important considerations.

Market Research Overview

The Low and Medium Voltage Switchgear market is a significant segment within the expansive electrical components and equipment industry. This market encompasses companies specializing in medium voltage switchgear and low voltage switchgear, focusing on switchgear protection schemes and arc flash mitigation. The parent market, the global electrical components and equipment industry, entails manufacturers of various electrical products, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, the market size is determined by the combined revenue generated from the manufacturing and rental or leasing of these electrical components and equipment to diverse end-users, such as industrial, commercial, and residential sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/