LV and MV Switchgear Market Value Industry Share Worldwide To 2033

According to the Market Statsville Group (MSG), the Global LV and MV Switchgear Market size was valued at USD 69,048.2  million in 2023 and is expected to grow from USD 72431.56 million in 2024 to USD 447,293.1 million by 2033, by exhibiting a CAGR of 6.7% during the forecast period (2024-2033)

LV and MV switchgear are required for electrical power distribution and control for various industry sectors. LV switchgear is regarded as suitable for voltage ratings up to 1kV, and MV switchgear for voltage ratings between 1kV and 36kV ensures the effective and safe distribution of electrical power. Market growth depends on the demand for electricity, extension of the population density, industrialization, and development of renewable energy sources. The market is boosted by such technologies as smart grid and automation which have continued to develop over time. Industries where LV and MV switchgear are commonly installed are utilities, oil & gas, manufacturing, and construction. Asia-Pacific is the largest and growing region also due to emergence of several industrialized countries such as China and India. This market has its key players strategizing through innovation, mergers and acquisitions, and other partnerships to consolidate their positions and meet customers’ needs.

Definition of the LV and MV Switchgear

Markets for both LV (Low Voltage) and MV (Medium Voltage) switchgear incorporate electrical equipment used in power systems' switching, control, and safety at voltage levels of up to 1 kV for LV and between 1 kV and 36 kV for MV. Such switchgear systems form an integral link in the secure, efficient, and reliable distribution of electricity within residential, commercial, and industrial infrastructure and sectors providing support to energy management.

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Scope of the Global LV and MV Switchgear Market 

The study categorizes the LV and MV Switchgear market based on the type of insulation, installation, protection level, voltage, and application at the regional and global levels.

By Type of Insulation Outlook (Sales, USD Million, 2019-2033)

• El Air Insulated Switchgear (AIS)
• Gas Insulated Switchgear (GIS)
• Others

By Installation Outlook (Sales, USD Million, 2019-2033)

• Indoor Switchgear
• Outdoor Switchgear

By Protection Level Outlook (Sales, USD Million, 2019-2033)

• Standard
• Advanced

By Voltage Outlook (Sales, USD Million, 2019-2033)

• Low Voltage (LV) Switchgear (Up to 1 kV)
• Medium Voltage (MV) Switchgear (1 kV to 36 kV)

By Application Outlook (Sales, USD Million, 2019-2033)

• Residential
• Commercial
• Energy
• Infrastructure & Utilities    
• Others

By Region Outlook (Sales, USD Million, 2019-2033)

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Infrastructure and utilities segment accounts for the largest market share by application

Based on the application, the market is divided into Residential, Commercial, Energy, Infrastructure & Utilities, and Others. The global LV and MV switchgear market is driven by the infrastructure and utilities segment because large-scale projects have a critical requirement for reliable and efficient distribution of power. With advanced switchgear solutions, infrastructure developments like transportation networks, airports, and smart city initiatives could help manage their complicated electrical systems with services and utilities safely. As far as this is concerned, utilities—power generation, transmission, and distribution organizations—are highly involved with LV and MV switchgear to ensure an uninterrupted and stable electricity supply. The growing integration of renewable energy into the grid, like wind and solar power, further fuels demand in this segment because such sources need sophisticated switchgear for the management of energy. 
Further, government investments in up-grading and modernizing aged electrical infrastructure to meet the rising energy demand and for improving resilience to power outages support the supremacy of this segment. Infrastructure and utilities are the critical enablers of economic growth and development, making this segment the largest application area for the LV and MV switchgear market. 

Asia Pacific accounted for the largest market share by Region.

Based on the regions, the global market of LV and MV Switchgear has been segmented across North America, Europe, the Middle East & Africa, South America, and Asia-Pacific. The largest market size of LV and MV switchgear is held by the Asia-Pacific region, driven by rapid industrialization, urbanization, and substantial infrastructure development in countries like China and India. This fast-growing industrial sector in APAC explores the adoption of advanced electrical distribution systems, which become imperative for delivering hassle-free and efficient power supply in manufacturing, and other associated commercial operations. 
Moreover, sophisticated switchgear solutions are required in a great amount for the management of the ever-increasing electricity demand during extensive urban development works, including smart cities and transportation networks. Government initiatives to integrate renewable energy and modernize grids further fuel the market growth. The large population and rapidly growing energy consumption in the region are other factors driving the demand for strong power distribution infrastructure. Global players are also investing heavily in APAC by setting up large manufacturing and research units to address the increasing demand. It is the strategic focus, along with supportive economic policies and technological advances in APAC, that makes APAC even stronger concerning the LV and MV switchgear market.

Competitive Landscape: Global LV and MV Switchgear Market 

The competitive landscape of the global LV and MV switchgear market features several important contenders: ABB, Siemens, Schneider Electric, Eaton, and Mitsubishi Electric. These providers are strongly focusing on innovation, strategic partnerships, and M&A activities, further solidifying their positions. They provide a broad set of advanced switchgear solutions to meet the rising demand for reliable and efficient power distribution across the world.

Major players in the global LV and MV Switchgear market are: 

• Schneider Electric
• ABB
• SIEMENS
• EATON
• Mitsubishi Electric
• Hyosung
• Hyundai Heavy Industries
• Toshiba
• Fuji Electric
• CHINT Group
• Powell Industries Inc
• General Electric Co.
• Toshiba
• Crompton Greaves Ltd.
• Other Major Players

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Recent Development 

• In December 2023, Divisional for Kirkland, Abb, a global leader in energy efficiency and technology, revealed that SEN Plus LV switchgear has officially arrived in Saudi Arabia to offer clients those pieces of equipment and solutions they require to grow their businesses in the current highly competitive markets.  
• In December 2023, The combination of intelligent systems and the approaches of the fourth industrial revolution. Processes from zero in the manufacture of products and applications require enhanced LV and MV switchgear. Such systems frequently have elements of digitalization, IoT integration, and data analysis to ensure the enhancement of processes.