Europe Medium Voltage Switchgear Market Size
| Study Period | 2019-2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2021 |
| CAGR | 7.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Medium Voltage Switchgear Market Analysis
Europe's medium voltage switchgear market is projected to register a CAGR of 7% during the forecast period.
- COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels. Over the medium term, the increasing investment in the electricity sector and increasing adaption of renewable energy sources are expected to drive the Europe Medium Voltage Switchgear Market.
- On the other hand, high operations and maintenance costs are expected to hinder the market growth. Nevertheless, the increasing technological investments in the market to produce efficient switchgear are expected to create huge opportunities for the Europe Medium Voltage Switchgear Market. Germany is expected to dominate the market during the forecasted period due to the increasing demand for electricity and the increasing adaption of renewable energy source.
Europe Medium Voltage Switchgear Market Trends
Industrial and Commercial Segment to Dominate the Market
- The industrial and commercial segment comprises businesses, organizations, and industries that consume large amounts of electrical energy. This segment includes various types of businesses, such as factories, manufacturing plants, data centers, office buildings, hospitals, and other large-scale facilities requiring significant electricity.
- With increasing industrialization and urbanization, various commercial and industrial entities have started operations in Europe in recent years. Industries like manufacturing sectors, data centers, and various other industries have grown significantly in recent years, and the trend is likely to continue during the forecasted period.
- The FLAP regions, which stand for Frankfurt, London, Amsterdam, and Paris, remain the most significant data center markets, with the majority of the demand coming from these areas. Frankfurt is leading the way in growth and is considered the top data center market among the FLAP regions.
- For instance, in January 2023, Vantage Data Centers, a prominent provider of hyperscale data center campuses worldwide, revealed its plans to enter the London market by constructing a EUR 500 million (USD 680 million) campus capable of delivering 48 MW of power. The company has also launched a second data center capable of providing 40 MW of power on its existing campus in Cardiff.
- According to Eurostat, the consumption of electricity has increased significantly in the industrial sector. In 2021 the total electricity consumption was 928.43 TWh, an increase of almost 5% compared to 2020. The consumption is likely to increase in the forecasted period.
- Therefore due to the abovementioned points, the industrial and commercial sectors are likely to dominate the medium voltage switchgears market.
Germany to Witness Significant Growth
- Being the largest country in Europe in terms of size and population, Germany is also the biggest energy consumer in the region. In 2021, renewable energy sources contributed around 37% of the country's total electricity generation, aligning with the German government's target of increasing the share of renewables to a minimum of 40% of electricity production by 2050.
- International Renewable Energy Agency (IRENA) reports that Germany saw a 7% year-on-year increase in the total installed capacity of renewable energy, with nearly 9.81 GW installed in 2022. The country is expected to experience exponential growth in installed capacity for solar, onshore, and offshore wind, positioning it as one of the world's most significant markets for solar and wind EPC (engineering, procurement, and construction) services.
- In 2022, renewable energy was the primary power source in Germany's electricity industry, with coal and natural gas thermal power plants following closely behind. Of the total 576.6 billion kWh of electricity generated in the country, approximately 44.3% came from renewable sources, 45.9% from thermal sources, and the remaining percentage came from nuclear energy.
- The renewable energy industry is expected to increase significantly in Germany during the forecasted period due to carbon emission targets and reduced reliance on Russian Gas. This increase in renewables is expected to create significant demand for medium voltage switchgear.
- In June 2022, Vestas AS secured a contract to provide EnBW's He Dreiht offshore wind project with 64 V235-15.0 MW wind turbines, generating a capacity of 900 MW. Additionally, Vestas has inked a deal with Cadeler for the transportation and installation of the turbines, slated to begin in the second quarter of 2025.
- Therefore, due to the abovementioned points, Germany is expected to dominate the market during the forecasted period.
Europe Medium Voltage Switchgear Industry Overview
The Europe medium voltage switchgear market is fragmented. Some of the key players in this market (in no particular order) are ABB Ltd, Schneider Electric, Siemens AG, Eaton Corporation, and Mitsubishi Electric Corporation., among others.
Europe Medium Voltage Switchgear Market Leaders
ABB Ltd
Schneider Electric
Siemens AG
Eaton Corporation
Mitsubishi Electric Corporation.
*Disclaimer: Major Players sorted in no particular order
Europe Medium Voltage Switchgear Market News
- March 2023: Schneider Electric began constructing its new smart factory in Dunavesce, Hungary. The new site will span 25,000 m2 and employ 500 people, with a proposed expenditure of USD 42 million. The plant will manufacture main and secondary switchgear, low voltage cabinets and components, and a state-of-the-art SF6-free medium voltage switchgear line, all to unique customer specifications.
- March 2023: Siemens announced investing USD 31.5 million to expand its switchgear manufacturing facility in Frankfurt-Fechenheim. The expanded production space will enable a third switchgear assembly line, bolstering the site and providing new jobs in the region. The plant's environmentally friendly medium-voltage switchgear manufacturing is expanding, and the two new buildings will feature photovoltaic roofs.
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
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces 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
5.1 Application
5.1.1 Residential
5.1.2 Commercial and Industrial
5.1.3 Utility
5.2 Installation
5.2.1 Outdoor
5.2.2 Indoor
5.3 Insulation
5.3.1 Air
5.3.2 Gas
5.3.3 Oil
5.3.4 Other Insulations
5.4 Geography [Market Size and Demand Forecast till 2028 (for regions only)]
5.4.1 Germany
5.4.2 France
5.4.3 United Kingdom
5.4.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd.
6.3.2 Rockwell automation
6.3.3 Schneider Electric
6.3.4 Siemens AG
6.3.5 Toshiba International Corporation
6.3.6 Hitachi, Ltd.
6.3.7 Eaton Corporation
6.3.8 Mitsubishi Electric Corporation
6.3.9 HD Hyundai Electric
6.3.10 Fuji Electric Co., Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Medium Voltage Switchgear Industry Segmentation
Medium voltage switchgear is electrical equipment used to control, protect, and isolate electrical power systems operating at voltages ranging from 1 kV to 35 kV. They are typically installed in power distribution networks such as commercial buildings, industrial facilities, and utility substations. Medium voltage switchgear serves as a central point for power distribution, allowing for the efficient and safe operation of the electrical system. They consist of various components such as circuit breakers, fuses, disconnect switches, relays, and transformers and are designed to provide reliable and secure switching and protection of electrical equipment and circuits.
The Europe medium voltage switchgear market is segmented by application, installation, insulation, and geography. By application, the market is segmented into residential, industrial, commercial, and utility. By installation, the market is segmented into indoor and outdoor. By insulation, the market is segmented into air, gas, oil, and other insulations. The report also covers the market size and forecasts for the medium voltage switchgear market across countries in the regions.
For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Application | |
| Residential | |
| Commercial and Industrial | |
| Utility |
| Installation | |
| Outdoor | |
| Indoor |
| Insulation | |
| Air | |
| Gas | |
| Oil | |
| Other Insulations |
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | |
| Germany | |
| France | |
| United Kingdom | |
| Rest of Europe |
Frequently Asked Questions
What is the current Europe Medium Voltage Switchgear Market size?
The Europe Medium Voltage Switchgear Market is projected to register a CAGR of 7% during the forecast period (2023-2028).
Who are the key players in Europe Medium Voltage Switchgear Market?
ABB Ltd, Schneider Electric, Siemens AG, Eaton Corporation and Mitsubishi Electric Corporation. are the major companies operating in the Europe Medium Voltage Switchgear Market.
Europe Medium Voltage Switchgear Industry Report
Statistics for the 2023 Europe Medium Voltage Switchgear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Medium Voltage Switchgear analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
