Market Snapshot
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Market Overview
The Asia-Pacific medium voltage switchgear market is estimated to be at USD 2.85 billion by the end of this year. It is projected to reach USD 4.24 billion in the next five years, registering a CAGR of over 8.3% during the forecast period.
Increasing investments in transmission and distribution infrastructure are expected to drive the demand for Switchgear during the forecast period.
However, SF6 gas used in insulating Switchgear is a potent greenhouse gas with a global warming potential that may restrain the market.
Plans to integrate renewable energy with the national grids are expected to create significant opportunities for the switchgear market players in the near future.
India is the second fastest-growing country after China in the Asia Pacific Switchgear market during the forecast period.
Key Market Trends
Gas Insulated Switchgear Hold Significant Market Share
- Gas-insulated (GIS) is a metal encapsulated switchgear comprising high-voltage components such as circuit breakers and disconnectors. A GIS is used in confined spaces, such as city buildings, office spaces, offshore platforms, extensions, roofs, etc.
- Growing standards to control the overall carbon emissions and rising awareness among consumers to adopt renewable energy generation like solar are anticipated to accelerate switchgear usage.
- Compared to air-insulated switchgear (AIS), they are more environment-friendly, reliable, and flexible. Also, the installation time and maintenance cost required for GIS is less than that of AIS. The major applications of GIS are power transmission, integration of renewable power generation units to the grid, and railways.
- The major factor driving the growth is the rising energy demand and extension/replacement of old switchgear at sub-stations that can drive the switchgear market's gas-insulated equipment. Due to its space optimization, low maintenance, and protection against external elements, the demand for gas-insulated switchgear is expected to rise.
- In 2021, the total installed renewable energy capacity reached 1455 GW, recording an increase of over 6% compared to the previous year's value.
- Therefore, the abovementioned factors are expected to drive the Indian switchgear market during the forecast period.
India Expected to see Significant the Market Growth
- India is the second largest market share in switchgear after China. Power generation in the country is mainly dominated by coal- and lignite-fired power plants. Renewables and non-renewable hydropower plants also significantly share power generation and capacity. As of 2022, hydropower and non-hydro renewables accounted for about 20% of the total power generation.
- The infrastructure development schemes initiated by the Indian government, like Smart Cities, Make in India, Digital India, Integrated Power Development Scheme, and Atal Mission for Rejuvenation and Urban Transformation, have significantly contributed to the growth of the switchgear market in India.
- For instance, in January 2022, the government of India approved Green Energy Corridor (GEC) Phase-II. It is expected to facilitate grid integration and power evacuation of approximately 20 GW of renewable energy (RE) power projects in seven states: Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh. The estimated investment is USD 144.8 million. Under this phase, 10,750 kilometers of transmission lines will be constructed, and 27,500 MVA substations are planned to be added.
- To address the pollution-related problems in India and reduce carbon emissions, the government aims to increase the share of renewables. As of March 2021, India had over 95 GW of renewable energy generation capacity, of which solar energy accounted for 41.1 GW.
- India's renewable energy potential is vast and untapped. India is one of the fastest-growing nations in the global renewable energy market. The country's solar potential is more than 750 GW, and wind potential is around 302 GW. The country's energy security scenario 2047 shows the possibility of achieving around 410 GW of wind and 479 GW of solar PV installed capacity by 2047.
- Therefore, the abovementioned factors are expected to drive the market during the forecast period.
Competitive Landscape
The Asia-Pacific Medium Voltage Switchgear market is moderately fragmented. Some key players are Schneider Electric SE, Siemens AG, Hitachi ABB Power Grids Ltd, General Electric Company, and Eaton Corporation.
Major Players
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Schneider Electric SE
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Hitachi ABB Power Grids Ltd
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General Electric Company
-
Eaton corporation
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Siemens AG
*Disclaimer: Major Players sorted in no particular order
Recent Developments
- September 2022: ABB unveiled its new factory in Vietnam to increase the production of medium-voltage switchgear. The manufacturing hub will produce 2,000 panels of ABB's UniGear Medium Voltage Switchgear and 700 units of plug-and-play modular power distribution systems each year on production lines planned and built using the proven lean manufacturing principles used in the company's European facilities.
- March 2022: Nuventura and Aktif Elektroteknik partnered to develop and manufacture SF6-free primary, gas-insulated switchgear (GIS) in Turkey, using Nuventura’s dry air technology. Aktif will manufacture the product and provide after-sales servicing and maintenance to their customers.
Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
-
4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.1.1 Increasing investments in transmission and distribution infrastructure.
- 4.5.2 Restraints
- 4.5.2.1 Utilization of SF6 gas in insulating switchgears.
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Force Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Voltage
- 5.1.1 3kV to 12kV
- 5.1.2 12kV to 24kV
- 5.1.3 24kV to 36kV
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5.2 Component
- 5.2.1 Circuit Breakers
- 5.2.2 Contactors
- 5.2.3 Switches & Disconnector
- 5.2.4 Fuses
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5.3 Insulation
- 5.3.1 Air Insulation Switchgear
- 5.3.2 Gas Insulation Switchgear
- 5.3.3 Other Insulations
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5.4 End-User
- 5.4.1 Commercial & Residential
- 5.4.2 Power utilities
- 5.4.3 Industrial sector
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5.5 Geography
- 5.5.1 India
- 5.5.2 Japan
- 5.5.3 China
- 5.5.4 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
- 6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
- 6.3.1 Hitachi ABB Ltd.
- 6.3.2 Schneider Electric SE
- 6.3.3 Chint Group
- 6.3.4 General Electric Company
- 6.3.5 Eaton Corporation PLC
- 6.3.6 Toshiba Corp.
- 6.3.7 Lucy Group Ltd.
- 6.3.8 Mitsubishi Electric Corporation
- 6.3.9 Siemens Energy AG
- 6.3.10 Hyosung Heavy Industries Corp.
- 6.3.11 Bharat Heavy Electricals Limited
- 6.3.12 Powell industries Inc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Integration of renewable energy with national grid
Scope of the Report
From 3 KV to 36 KV, switchgear systems are categorized as medium voltage or MV switchgear. This switchgear is of many types. They are metal-enclosed indoor-type switchgear, metal-enclosed outdoor-type switchgear, outdoor-type switchgear without metal enclosure, etc.
Asia-Pacific's medium voltage switchgear market is segmented by voltage, insulation, components country, and end-user. The market is segmented by voltage into 3kV to 12kV, 12kV to 24kV, and 24kV to 36kV. The market is segmented by insulation into gas-insulated switchgear (GIS), air-insulated switchgear (AIS), and others. The market is segmented by components into circuit breakers, contactors, fuses, and switches & disconnectors. The market is segmented by end-user into commercial, industrial, and residential. The report also covers the market size and forecasts for the switchgear market across the regions. The market sizing and forecasts have been done for each segment based on revenue (USD).
| Voltage | 3kV to 12kV |
| 12kV to 24kV | |
| 24kV to 36kV | |
| Component | Circuit Breakers |
| Contactors | |
| Switches & Disconnector | |
| Fuses | |
| Insulation | Air Insulation Switchgear |
| Gas Insulation Switchgear | |
| Other Insulations | |
| End-User | Commercial & Residential |
| Power utilities | |
| Industrial sector | |
| Geography | India |
| Japan | |
| China | |
| Rest of Asia-Pacific |
Frequently Asked Questions
What is the current Asia-Pacific Medium Voltage Switchgear Market size?
The Asia-Pacific Medium Voltage Switchgear Market is projected to register a CAGR of 8.30% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Medium Voltage Switchgear Market?
Schneider Electric SE, Hitachi ABB Power Grids Ltd, General Electric Company, Eaton corporation and Siemens AG are the major companies operating in the Asia-Pacific Medium Voltage Switchgear Market.
What years does this Asia-Pacific Medium Voltage Switchgear Market cover?
The report covers the Asia-Pacific Medium Voltage Switchgear Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Medium Voltage Switchgear Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Medium Voltage Switchgear Industry Report
Statistics for the 2024 Asia-Pacific Medium Voltage Switchgear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Medium Voltage Switchgear analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
