Medium Voltage Switchgear Market Regional Analysis:
APAC Market Insights
The market share of medium voltage switchgear in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 34% by the end of 2035. The growth of the market can be attributed majorly to the growing consumption of electricity. In 2021, per capita energy usage was around 3 toe. Per capita, electricity consumption was around 7600 kWh. Total energy usage fell steadily between 2010 and 2020 by nearly -2% per year, then grew by roughly 5% in 2021, reaching 404 Mtoe. Furthermore, higher expansion of the transmission grid is also expected to augment the medium voltage switchgear market growth in the region. In terms of megavolt ampere (MVA), India effectively extended its transmission network capacity at a compound average growth rate (CAGR) of nearly 12% from March 2013 to March 2018. In terms of circuit kilometers (ckm), gearbox lines expanded at around 7% CAGR from around 274,600 ckm to 390,970 ckm at the end of March 2018.
North American Market Insights
The North America medium voltage switchgear market is estimated to be the second largest, registering a share of about 26% by the end of 2035. The growth of the market can be attributed majorly to the aging of power grids in the region. The installed foundation is forty years old on average, with more than a quarter of the grid being fifty years old or more. The majority of the electric grid in the United States was developed in the 1960s and 1970s. More than 70 percent of the U.S. electricity grid is now more than 25 years old, making it prone to increasingly powerful storms. Moreover, the web of transmission lines that transmit power across the United States is aging and is not designed to handle the anticipated demand for clean energy sources such as wind and solar. Therefore, the rising use of renewable energy is likely to propel the demand for medium-voltage switchgear in the region.
Europe Market Insights
Europe region is expected to observe significant growth till 2035. The growth of the medium voltage switchgear market can be attributed majorly to the rising implementation of rules for improving energy efficiency. The European Union has implemented regulations to improve energy efficiency by reducing energy loss during transmission. As a result, many European countries are investing in energy-efficient technologies including medium-voltage switchgear.
