Medium Voltage Switchgear Market Outlook
Unveiling medium voltage (MV) switchgear market trends from the application terrain: global industry valuation to surpass US$50 billion by 2025
The MV switchgear market has, of late, been experiencing appreciable growth on account of the rising electricity demand along with the increasing need for effective power transmission & distribution (T&D) control systems. An influx in the concerns associated with fire, electricity supply faults, health and various related hazards aligned with the lack of efficient electrical network across a number of emerging regions will the steer the growth of this industry in the upcoming years. Indeed, the safe and reliable operations, cost effectiveness and ease of installation of the products are also some of the notable parameters which will favor the business outlook of MV switchgear market in the years to come.
Medium Voltage Switchgear Market, By Voltage, 2018 & 2025 (USD Million)
The increasing demand for energy, which is complemented by the consumer’s positive inclination toward renewable electricity infrastructure will further propel the landscape of MV switchgear market in the predicted timeline. The growth of this industry can also be attributed to the ongoing suburban migration along with the favorable regulations enforced by the regional governments. These regulations have been suitably mandated to ensure a safe and healthy livelihood for residents, which has resulted in the urbanization and commercial expansion across the globe. In addition, an incessant growth in the demand for peak loads across developing nations has pushed utilities and installers to upgrade and upscale flexible electricity supply components for reinforcing reliability and grid security.
In essence, the increasing demand for energy supported by the growing need for an efficient power distribution infrastructure will drive the MV switchgear market in the ensuing years. The product finds ample deployment across a slew of applications, a brief of which has been enumerated below:
MV switchgear industry trends from the residential sector:
The residential sector is estimated to be a viable revenue stream for MV switchgear market, due to the rising population coupled with increasing residential infrastructure across the globe. The product, on account of its ability to reduce the incidences of fire accidents and electricity supply faults, is extensively deployed across a number of households and residential properties. Given the massive demand for switchgears across numerous residential establishments, the global MV switchgear sector is slated to witness a notable rise in terms of revenue from residential applications in the years ahead.
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Citing an instance of the contribution of administrative bodies toward impelling MV switchgear market share from residential applications, it is pivotal to mention that the Indian Government, in conjunction with the governments of the respective states, has been highly proactive in undertaking initiatives to encourage the residential development in the nation. One of the major initiatives is the ‘Pradhan Mantri Awas Yojana (PMAY)’, under which over 6.85 million houses have been sanctioned up till December 2018.
Additionally, under PMAY, around 1,427,486 houses have been sanctioned in 2017-18. The construction of additional 3,21,567 affordable houses was sanctioned in March 2018, under this scheme. The rising number of household setups will drive the demand for MV switchgears owing to the parameter of safety from electricity supply faults and fires, which in turn will propel the growth of MV switchgear market from residential applications over 2019-2025.
MV switchgear industry trends from the commercial sector:
The commercial sector will come up as a prime application avenue for MV switchgear market in the forthcoming years. The robust expansion of the healthcare sector across the globe and the developments prevalent in the educational sector will prove to be the chief growth impetus for the MV switchgear industry from the commercial sector. Another factor which will extensively boost the industry share from commercial applications is the robust increase in the number of office establishments and manufacturing hubs across the globe.
Expenditure in commercial building construction, globally, is forecast to jump 8.9% to $482 billion in 2020, claims the Construction Economic Forecast analysis 2018. The expansion of the healthcare, education, recreation, office and manufacturing sectors is anticipated to support this growth. Furthermore, the healthcare industry is currently witnessing a turbulent global transformation. As the healthcare industry expansion escalates, there will be a spike in the demand for better healthcare infrastructure. Global healthcare costs, which are currently estimated between US$6 – US$7 trillion, are projected to jump to over $12 trillion in just seven years. The growing investments in the healthcare sector would thus escalate the growth of MV switchgear market in the forthcoming years.
Powered by an extensive application spectrum, it is quite overt that the MV switchgear market would amass renewed traction in the upcoming years. For the record, the MV switchgear market size is predicted to cross a valuation of US$50 billion by 2025.
Author Name : Saurav Kumar