Medium Voltage Switchgear Market Analysis

End-user (Power Stations, Local Electric Supply, Transformer Substations)

The global medium voltage switchgear market is segmented and analyzed for demand and supply by end use into power stations, local electric supply, and transformer substations. Out of the three end uses of medium voltage switchgear, the power stations segment is estimated to gain the largest market share of about 60% in the year 2037. The growth of the segment can be attributed to the rise in the number of power stations. There are over 35,000 power plants in 167 countries, with thermal plants, such as coal, gas, oil, nuclear, biomass, waste, geothermal, and renewables plants, including hydro, wind, and solar accounting for the majority of them. Moreover higher generation of electricity from the power plants is also expected to drive the growth of the segment. The Three Gorges Dam in China is the world's largest power plant. It generated around 100,000 billion kWh in 2021. The Itaipu Dam in Brazil comes next.

Application (Residential, Commercial, Industrial, Utility)

The global medium voltage switchgear market is also segmented and analyzed for demand and supply by application into residential, commercial, industrial, and utility. Amongst these four segments, the residential segment is expected to garner a significant share of around 46% in the year 2037. Space heating and cooling (air conditioning), lights, water heating, space heating, and appliances and gadgets are the most common single uses of electricity in the residential sector. Residential electricity demand is highest during hot summer afternoons due to increased air conditioner use, followed by evenings when lights are turned on. The rising demand for electricity from the residential sector is likely to drive the growth of the segment. Moreover, the rising population has led to an increase in the number of households, resulting in a higher demand for energy. Moreover, the demand is further increased with the rise in income and growing usage of energy-intensive appliances, such as air conditioners, refrigerators, washing machines, and others. 

Our in-depth analysis of the global market includes the following segments: