Medium voltage switchgear market to reach $60 B in 2029
The medium voltage switchgear market is projected to grow from $44.92 B in 2024 to $60 B in 2029, growing at a CAGR of 5.6 %.
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According to the Business Research Company, the market size for medium voltage switchgear has seen robust growth in the past few years. It is expected to expand from $44.92 B in 2024 to $48.28 billion in 2025 with a CAGR of 7.5 %, and finally to $60.11 B by 2029 growing at a CAGR of 5.6 %.
The anticipated growth within the forecast period is attributed to the increased emphasis on energy efficiency, grid modernization, the growth of renewable energy capacity, the surge of industrial automation, and the heightened demand in emerging markets. The major trends predicted during this period include remote monitoring and diagnostics, improved cybersecurity measures, the introduction of sophisticated communication protocols, a shift towards gas-insulated switchgear, and worldwide electrification efforts.
The regions covered in the medium voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the market in 2024. Western Europe is the second-largest region in the global medium power transformers market share.
Key players in the market: Hitachi Ltd., Siemens AG, Fuji Electric Co. Ltd., Schneider Electric SE, Bharat Heavy Electricals Limited, HD Hyundai Heavy Industries Co. Ltd., ABB Ltd., Larsen & Toubro Saudi Arabia LLC, Eaton Corporation Plc, Toshiba Corporation, General Electric Company, Chint Group, etc.
Source: Open PR
#Business Research Company#CAGR#energy efficiency#gas insulated switchgear#grid modernization#market growth#medium voltage switchgear market#renewable energy