Australia And New Zealand Medium Voltage Switchgear Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 136.56 Million |
| Market Size (2029) | USD 169.67 Million |
| CAGR (2024 - 2029) | 4.44 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia And New Zealand Medium Voltage Switchgear Market Analysis
The Australia And New Zealand Medium Voltage Switchgear Market size is estimated at USD 136.56 million in 2024, and is expected to reach USD 169.67 million by 2029, growing at a CAGR of 4.44% during the forecast period (2024-2029).
- Over the medium term, the increasing efforts to upgrade power grid infrastructure and the emergence of new-age technologies such as EVS (electric vehicle station), BESS (battery energy storage system), and renewable energy resources across the region are expected to drive the demand for medium voltage switchgear in the market during the forecast period.
- On the other hand, stringent environmental and safety regulations regarding the use of SF6 gas can significantly restrain the growth of the medium-voltage switchgear market.
- Nevertheless, commercializing alternatives to SF6, such as developing a flagship product called the g3- SF6 option, will create significant growth opportunities in the medium-voltage switchgear market in the near future.
- During the forecast period, Australia is anticipated to be the fastest-growing country due to its rising use of data centers and the energy and utility industries.
Australia And New Zealand Medium Voltage Switchgear Market Trends
Energy and Utility End-user Industries Witness Significant Growth
- Australia and New Zealand are undergoing an energy transformation that is expected to intensify over the coming years. The transformation includes a greater reliance on renewable energy in response to climate mitigation policies. The country is also expected to witness significant investments in smart grid technology during the forecast period, which, in turn, is expected to drive the demand for medium-voltage switchgear.
- Australia is committed to reducing its carbon footprint and transitioning to cleaner energy sources. Large-scale renewable energy projects are expected to play a pivotal role in meeting these dual challenges, and medium-voltage switchgear is essential to ensuring a safe and reliable power supply.
- For instance, according to the International Renewable Energy Agency (IRENA), the installed renewable energy capacity in 2023 in Australia stood at 54.32 GW, registering a growth of 10.2% compared to the previous year. In contrast, for New Zealand, the capacity stood at 8.3 GW, registering a growth of 2% compared to the previous year. Such an increase in renewable energy capacity raises the need for medium-voltage switchgear across the region.
- Further, gas-insulated switchgears are ideally suited for land-based solar PV projects where space is a constraint and floating solar PV projects where the main objective is to minimize the use of large land spaces. The gas-insulated switchgear also significantly reduces the long time required to install an AIS substation for large Solar PV projects or other renewable energy projects.
- Moreover, switchgear is integral to developing smart grid and renewable energy technologies. As renewable energy's share of the country’s electricity generation mix increases, medium-voltage switchgear is expected to play a crucial role in integrating renewable energy into the electricity grid.
- For instance, in February 2024, Amazon and Vena Energy announced the commercial operation of a new 125-MW renewable energy project in Woleebee, Queensland. The project consists of over 250,000 solar photovoltaics. Wandoan solar farm is part of the Wandoan South Project, which has been approved for 650 MW solar and 450 MW battery storage.
- Similarly, in January 2024, New Zealand government-backed utility Genesis Energy and joint venture partner FRV Australia reached financial close on the 47 MW Lauriston Solar Farm developed near Canterbury on New Zealand’s South Island. Genesis Energy confirmed the signing of the USD 97 million project contracts, which will be completed upon the completion of the projects in early 2025.
- Hence, such projects are likely to increase renewable energy production across the region and the rising demand for medium-voltage switchgear during the forecast period.
Australia to Witness Significant Growth
- Over the past few years, Australia has undergone a massive energy transformation, which is expected to intensify over the coming years. The transformation includes a greater reliance on renewable energy in response to climate mitigation policies. With this, the country has been on the verge of an energy storage boom, with prices of battery technologies dropping by over 80% since 2010.
- Further, the country’s federal, state, and territory governments and a range of private companies, along with a range of private companies, are investing in various energy storage solutions, especially grid-scale batteries and pumped hydro. This scenario is likely to continue during the forecast period.
- In Australia, renewable energy sources accounted for about 39.4% of the country’s electricity generation in 2023, increasing by 9.7 percentage points on the share in 2022. Total electricity generation in Australia remained steady in 2023, with 273,106 gigawatt hours (GWh) of electricity generated, with renewable sources contributing to 95,963 GWh. The largest source of renewable generation was solar (16% of total generation), followed by wind (12%) and hydro (6%).
- According to Australia's Clean Energy Council, in 2023, the rooftop solar energy capacity was 3,100 MW, an increase of 13,05% compared to 2022 and 41.56% compared to 2019. The capacity is expected to rise significantly in the coming years as the government announced several initiatives to boost the country's renewable energy capacity.
- Additionally, the medium voltage switchgear plays an integral part in the electrification of railway networks. The growth of the switchgear market in the railway sector has been driven by ongoing government investment in infrastructure projects, including railway network expansions and upgrades. For instance, in May 2024, the Australasian Railway Association (ARA) welcomed over USD 1 billion in critical investment from the Australian Government and the Australian Rail Track Corporation (ARTC) to improve the resilience and reliability of essential national rail infrastructure.
- Australia’s mining industry is a significant contributor to the Australian economy, with the country being one of the world’s most extensive exporters of coal, bauxite, iron ore, alumina, and many other resources. The growth in Australia's mining industry is driving an increased demand for medium-voltage switchgear. Medium voltage switchgears are critical for managing and distributing power safely and efficiently across these sectors.
- In March 2024, the federal government announced backing a rare earth mine and processing facility in Central Australia with an AUD 840 million loans and grants package amid heightened global competition for critical minerals. The money will go to the Gina Rinehart-backed mining company Arafura to further develop its Nolans Project, a rare earth mine 125 kilometers north of Alice Springs, with the government saying the project will set Australia as a leader in ethical and sustainable manufacturing of rare earth. Thus, such commitments prove the prowess of the mining industry, which is expected to contribute significantly to the Australian medium voltage switchgear market share during the forecast period.
- Such projects and investments are likely to increase the use of medium-voltage switchgear across the region during the forecast period.
Australia And New Zealand Medium Voltage Switchgear Industry Overview
The market is semi-consolidated. Some key players (not in particular order) are ABB Ltd, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, and Eaton Corporation PLC.
Australia And New Zealand Medium Voltage Switchgear Market Leaders
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ABB Ltd
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Mitsubishi Electric Corporation
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Schneider Electric SE
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Siemens AG
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Eaton Corporation PLC
*Disclaimer: Major Players sorted in no particular order
Australia And New Zealand Medium Voltage Switchgear Market News
- April 2024: HV Power Ltd, one of the leading medium-voltage switchgear, automation, and protection relay providers in New Zealand, became a long-standing preferred distributor of Siemens’ electrification and automation products and was appointed as Siemens’ first value-added reseller for the medium-voltage portfolio in New Zealand.
- December 2023: ACCIONA, along with Genus, announced that it had been selected by Trans grid for the EUR 850 million project to build the eastern section of the HumeLink electric power transmission line, which is one of the largest energy infrastructure initiatives in Australia.
Australia And New Zealand Medium Voltage Switchgear Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumption
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
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 Efforts To Upgrade Power Grid Infrastructure
4.5.1.2 Emergence Of New-age Technologies Such As EVs, Bess, And Renewable Energy Resources
4.5.2 Restraints
4.5.2.1 Stringent Environmental And Safety Regulations Regarding The Use Of Sf6 Gas
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
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 By Voltage
5.1.1 3.3 KV to 11 KV
5.1.2 17.5 KV to 22 KV
5.1.3 Upto 33 KV
5.2 By Insulation
5.2.1 Gas-insulated Switchgear (GIS)
5.2.2 Air-insulated Switchgear (AIS)
5.3 By Installation
5.3.1 Indoor
5.3.2 Outdoor
5.4 By End-user Industry
5.4.1 Data Centers
5.4.2 IT and Telecommunication
5.4.3 Energy and Utility
5.4.4 Metals and Mining
5.4.5 Oil and Gas
5.4.6 Building and Construction
5.4.7 Other End-user Industries (Food and Beverage, Chemicals, Etc.)
5.5 By Geography
5.5.1 Australia
5.5.2 New Zealand
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 Mitsubishi Electric Corporation
6.3.3 Schneider Electric SE
6.3.4 Siemens AG
6.3.5 Eaton Corporation PLC
6.3.6 Tamco Switchgear Malaysia SDN BHD
6.3.7 Switchgear Company NV
6.3.8 RPS Switchgear limited
6.3.9 Fuji Electric Co. Ltd
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Commercializing Alternatives To SF6
Australia And New Zealand Medium Voltage Switchgear Industry Segmentation
Medium voltage switchgear is a critical component of electrical power systems. It protects and controls electrical equipment and circuits in the voltage range of 3kV to 36kV. It typically consists of circuit breakers, disconnectors, fuses, relays, and other accessories housed within a metal enclosure.
The Australia and New Zealand medium voltage switchgear market is segmented into voltage, insulation, installation, end-user industry, and geography. By voltage, the market is segmented into 3. 3 KV to 11 KV, 17. 5 KV to 22 KV, and upto 33 KV. By insulation, the market is segmented into gas-insulated switchgear (GIS) and air-insulated switchgear (AIS). By installation, the market is segmented into indoor and outdoor. By end-user industry, the market is segmented into data centers, IT and telecommunication, energy and utility, metals and mining, oil and gas, building and construction, and other end-user industries (food and beverage, chemicals, etc.). The report also covers the market size and forecasts for the Australia and New Zealand medium voltage switchgear market across major countries in terms of revenue (USD) for all of the above segments.
| By Voltage | |
| 3.3 KV to 11 KV | |
| 17.5 KV to 22 KV | |
| Upto 33 KV |
| By Insulation | |
| Gas-insulated Switchgear (GIS) | |
| Air-insulated Switchgear (AIS) |
| By Installation | |
| Indoor | |
| Outdoor |
| By End-user Industry | |
| Data Centers | |
| IT and Telecommunication | |
| Energy and Utility | |
| Metals and Mining | |
| Oil and Gas | |
| Building and Construction | |
| Other End-user Industries (Food and Beverage, Chemicals, Etc.) |
| By Geography | |
| Australia | |
| New Zealand |
Australia And New Zealand Medium Voltage Switchgear Market Research FAQs
How big is the Australia And New Zealand Medium Voltage Switchgear Market?
The Australia And New Zealand Medium Voltage Switchgear Market size is expected to reach USD 136.56 million in 2024 and grow at a CAGR of 4.44% to reach USD 169.67 million by 2029.
What is the current Australia And New Zealand Medium Voltage Switchgear Market size?
In 2024, the Australia And New Zealand Medium Voltage Switchgear Market size is expected to reach USD 136.56 million.
Who are the key players in Australia And New Zealand Medium Voltage Switchgear Market?
ABB Ltd, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG and Eaton Corporation PLC are the major companies operating in the Australia And New Zealand Medium Voltage Switchgear Market.
What years does this Australia And New Zealand Medium Voltage Switchgear Market cover, and what was the market size in 2023?
In 2023, the Australia And New Zealand Medium Voltage Switchgear Market size was estimated at USD 130.50 million. The report covers the Australia And New Zealand Medium Voltage Switchgear Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia And New Zealand Medium Voltage Switchgear Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia And New Zealand Medium Voltage Switchgear Industry Report
Statistics for the 2024 Australia And New Zealand Medium Voltage Switchgear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia And New Zealand Medium Voltage Switchgear analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
