September 21, 2023 10:22 ET | Source: Transparency Market Research Transparency Market Research
Wilmington, Delaware, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global medium-voltage switchgear market is projected to flourish at a CAGR of 5.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 44 billion is anticipated for the market in 2031. As of 2023, the market for medium-voltage switchgear is expected to close at US$ 28.7 billion. 100 Kva Transformer
Increasing demand for electrification along with the adoption of smart grid technology in emerging countries is one of the primary factors expected to boost the demand from the medium voltage switchgear market during the forecast period.
The growing demand for electricity generation and increased demand for effective transmission and distribution systems are expected to boost the growth of the medium voltage switchgear market.
Switchgear performs the function of regulating, protecting, and controlling diverse types of distribution, power generation, and transmission equipment. They help in de-energizing equipment and help in carrying out the maintenance work.
A rise in demand for medium-voltage switchgear for commercial construction projects that needs effective electricity transmission has emerged as the main driving factor for the medium-voltage switchgear market.
The construction industry in various developing countries such as India, Indonesia, and Brazil is witnessing substantial growth because of massive expenditure for infrastructural and residential development. These facilities will require medium-voltage switchgear products in varying quantities, which could fuel the growth of the medium-voltage switchgear market.
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Key Takeaways from the Market Study
Medium-voltage Switchgear Market: Key Trends and Opportunistic Frontiers
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Medium-voltage Switchgear Market – Regional Analysis
The global medium voltage switchgear market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global medium voltage switchgear market report:
Key Developments in the Medium Voltage Switchgear Market
Partial Table of Content (ToC):
1. Global Medium-voltage Switchgear Market - Executive Summary
1.1. Global Medium-voltage Switchgear Market Country Analysis
3.5. Trend Analysis- Impact on Time Line (2021-2031)
4. Associated Industry and Key Indicator Assessment
5. Global Medium-voltage Switchgear Market Analysis and Forecast
5.1. Market Size Analysis (2017-2019) and Forecast (2021-2031)
5.1.1. Market Value (US$ Mn) and Volume (Million Units) and Y-o-Y Growth
5.2. Global Medium-voltage Switchgear Market Scenario Forecast (Optimistic, Likely, and Conservative Market Conditions)
5.2.1. Forecast Factors and Relevance of Impact
5.2.2. Regional Medium-voltage Switchgear Market Business Performance Summary
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Medium-voltage Switchgear Market – Key Segments
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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