According to a new report by Maximize Market Research, the global medium-voltage switchgear market was recorded at $45.5 B in 2024 and is projected to expand to $73.7 B by 2032, growing at a CAGR of 6.2 % in the forecast period from 2025–2032.
“Moderniszing power infrastructure and integrating smart grid technologies present a substantial opportunity for medium voltage switchgear providers,” said an industry analyst at Maximize Market Research. “With increasing investments in renewable energy, the market is set for sustained growth through 2032,” he concluded.
North America is expected to remain the largest regional market, with significant grid development and renewable energy expansion in the US and Canada. Rapid industrialisation and electricity infrastructure initiatives in India and China also present growth opportunities for the Asia-Pacific market.
The key market players include Schneider Electric, Siemens AG, ABB Ltd., Eaton Corporation, and Mitsubishi Electric, among others.
Source: Open PR
