According to LPI, the Medium Voltage Switchgears market was valued at USD 10.6 billion in 2016, which is expected to reach USD 15.1 billion by 2022.
ABB, Schneider Electric and Siemens captured the top three revenue share spots in the Medium Voltage Switchgears market in 2016.ABB dominated with 8.39 percent revenue share, followed by Schneider Electric with 7.18 percent revenue share and Siemens with 6.65percent revenue share.
In terms of the classification segment, Air Insulated Switchgears market accounted for over 73.62% of the overall share in 2016. These are generally used in industrial, commercial and residential applications.
In terms of the applications segment, the Commercial segment was the largest contributor in the Medium Voltage Switchgears market. In 2016 the Commercial segment amounted for 33.29% revenue share. There is growth in demand for efficient and smart power generation which is required to address the futuristic demand for electricity.
Despite the presence of competition problems, due to the clear global recovery trend, investors are still optimistic about this area, in future still more new investment will enter into the field. Technology and cost are two major problems.
Against a backdrop of tough economic climate, corporate success will critically hinge upon the ability to research and develop new innovative products at competitive prices and validate new applications for existing products to distinguish themselves from that of competitors. Growth in switchgears will also be sustained by government directives to replace older redundant systems to achieve operational safety, and security in industrial establishments.