Switchgear market size to reach nearly $90 B by 2034
The global medium voltage switchgear market size, growing at a CAGR of 7.65 % from 2025 to 2034, is projected to reach $89.7 B by 2034.
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The global medium voltage switchgear market size is calculated at $46.2 B in 2025 and is forecast to reach around $89.7 B by 2034, accelerating at a CAGR of 7.65 % from 2025 to 2034.
The Asia Pacific market size surpassed $15 B in 2024 and is expanding at a CAGR of 7.8 % during the forecast period, with the largest market share of 35 %.
North America is expected to witness the fastest growth during the forecasted years while Europe has emerged as a significant player in the global market.
The medium voltage switchgear market plays a critical role in commercial and residential projects to assist with elevated power consumption needs. The increasing global expansion of infrastructure and proliferation of smart technologies increases the necessity of medium voltage switchgear for efficient energy management and system stability, together with operational protection against electrical failures or overloads in multiple operational environments. The urban development strategies resulting in residential and commercial construction have become major drivers of switchgear requirements to ensure reliable power distribution systems.
Key players in the market: Eaton, Fuji Electric Co., Ltd., GE Grid Solutions, LLC, Schaltanlagen für Energietechnik GmbH, Schneider Electric, Toshiba Infrastructure Systems and Solutions Corporation, ABB, BHEL, HD Hyundai Electric Co., Ltd., Hyosung Heavy Industries, etc.
Source: Precedence Research
#Asia-Pacific#CAGR#electricity demand#Europe#growth#North America#switchgear market
