Rise in concerns about emission of CO2 of old transmission and distribution networks has triggered the demand for the installation of new medium voltage switchgear assembly. Low and medium voltage switchgears are directly linked to reliability of the supply of electricity. Advancements in features of SF6 switchgear, such as low noise level during operation, long maintenance intervals, excellent interrupting performance, environment compatibility, and small space requirement, are propelling the low voltage and medium voltage switchgear market. The upgrade of aging transmission and distribution infrastructure is further anticipated to fuel the market. Around 65 gigawatts of onshore wind turbines are expected to reach end-of-design-life in Europe by 2028. The upgrade of equipment in order to extend their lifespan is estimated to drive the market for low and medium voltage switchgear. New regulations to reduce or limit power blackouts and strengthen power distribution networks are creating opportunities for manufacturers of the power sector equipment. Growth in usage of the equipment to make smarter decisions by providing real-time data is a major factor driving the global market.
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Adoption of Smart Grid Technology to Drive Global Market
Lack of electrification in various countries across the world has been inhibiting the use of switchgear and other advanced equipment, which require electricity. Grid electrification and adoption is high among rural households; electric grid has become the primary source of electricity and lighting. This is boosting the demand for low voltage and medium voltage switchgear. As of 2018, the electrification rate stood at less than 75% in rural areas in various countries in Asia such as Myanmar, Pakistan, North Korea, and Bangladesh. It was less than 50% in several countries in Africa. Initiatives taken by the governments of China, Sri Lanka, and India to achieve 100% rural electrification are also anticipated to propel the demand for low and medium voltage switchgear in the next few years. Increase in electrification and adoption of smart grid technology across different parts of the world is likely to augment the demand for low and medium voltage switchgear from 2022 to 2031.
High Demand for Reliable and Efficient Air Insulated Switchgears to Boost Market
In terms of insulation, the global low voltage (LV) and medium voltage (MV) switchgear market has been split into air insulated switchgear, gas insulated switchgear, and others (oil and solid). The air insulated switchgear segment held major share of 68.24% in 2021. It is likely to maintain the status quo and expand at a growth rate of 5.6% during the forecast period. In this type of switchgear, the air is utilized as the primary dielectric from phase to ground or for phase to phase insulation technology. These switchgears are extensively employed in areas where weather conditions, space, seismic occurrences, and environmental concerns are generally not an issue such as favourable offsite terrain and rural areas. Air insulation offers several advantages such as easy installation, remote monitoring and control, reliable switching of SF6 gas, and ease of transport and storage. Thus, manufacturers are increasingly focusing on the development of air insulated low and medium voltage switchgears. For Instance, MITSUBISHI ELECTRIC provides a variety of medium/low voltage products to ensure the safe and reliable operation of modern power network. The company is also focusing on offering the society a clean environment (sf6-free) and energy-efficient low lifecycle cost solutions.
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Increase in Demand for LV and MV Switchgears in Indoor Manufacturing Plants
Based on installation, the global low voltage (LV) and medium voltage (MV) switchgear market has been bifurcated into indoor and outdoor. The indoor low and medium voltage switchgear segment held a share of 65.20% in 2021. Furthermore, the segment is expected to register a CAGR of 5.6% during the forecast period. Indoor switchgear is preferred for voltages below 40kV. The pieces of equipment in the system are packed together in an earthed metal case, i.e., most of the low and medium voltage switchgear are indoor installed. Outdoor type switchgear is used for voltages above 66kV. Equipment used by the system such as transformers, switches, and circuit breakers requires a considerably large surface area and wide electrical clearance between conductors at such high magnitude of voltages. This type of installation is not cost-effective.
Regional Outlook of Global Low voltage (LV) and Medium Voltage (MV) Switchgear Market
Asia Pacific held a prominent share of 39.12% of the global low voltage (LV) and medium voltage (MV) switchgear market in 2021. Asia Pacific and North America are major hubs of research and development activities in the field of technology and new product development. Lucrative presence of low voltage switchgear and medium voltage switchgear manufacturers is driving the market in these regions. North America held 26.36% share of the global market in 2021 due to the presence of several prominent manufacturing corporations that offer electrification components for various industries. China dominated the market in Asia Pacific in 2021 due to the increase in power grid construction in the country. Government initiatives in renewable energy is also boosting the LV and MV switchgear market in the country.
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For instance, in December 2020, Hitachi ABB Power Grids introduced a 72.5 kV high-voltage hybrid switchgear for offshore wind – Plug and Switch System (PASS) M00 – Wind. The hybrid switchgear would be installed at China’s first 66-kilovolt offshore wind farm, Huadian Yuhuan Phase 1, to optimize the energy landscape in the Yangtze River Delta. This has boosted the adoption LV switchgears and MV switchgears in the country.
Analysis of Key Players in Global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market
The global low voltage (LV) and medium voltage (MV) switchgear market is consolidated with the presence of established players who have stronghold on the global market for LV and MV switchgear. Majority of medium and low voltage switchgear companies are spending significantly on comprehensive research & development activities, primarily to develop environment-friendly products. Most of the low voltage switchgear manufacturers can choose their suppliers from a large number of raw interface suppliers worldwide. Large numbers of raw material suppliers are available across the globe. Sometimes, clients also provide a raw interface to meet their requirements. Expansion of product portfolios and mergers and acquisitions are notable strategies adopted by key players. ABB, CG Power & Industrial Solutions Ltd., Eaton Corporation plc., Efacec, Fuji Electric Co., Ltd., General Electric, Hyosung Heavy Industries, Powell Industries Inc., Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, BHEL, and Regal Rexnord Corporation are the prominent entities operating in the market.
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