MV Onshore Accessories Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global MV Onshore Accessories Market size is projected to reach a CAGR of 5.9% from 2023-2030.

The market for MV (Medium Voltage) onshore accessories is the name given to the sector of the economy that deals with the production, distribution, and installation of a wide range of parts and accessories made especially for medium voltage electrical systems used in onshore applications. The secure, dependable, and effective functioning of onshore power networks across many sectors is crucially dependent on these accessories.

A wide variety of goods and services, such as switchgear accessories, transformers, cables, connections, protective devices, and control systems, are available on the market. Circuit breakers, switches, and relays, among other switchgear accessories, are essential for managing electricity flow and safeguarding electrical devices and circuits from overloads and malfunctions. Transformers are used to increase or decrease voltage levels, which facilitates effective power transmission and distribution within onshore networks. Electrical energy must be transmitted between various sites using cables and connectors to make sure connections are dependable and secure.

Surge arresters and fault detectors, for example, protect the power system against voltage spikes, transient events, and faults, reducing the possibility of equipment damage and power outages. The effective supervision and administration of medium voltage onshore networks are made possible by control systems, which include monitoring tools, control panels, and automation solutions. This maximizes operational effectiveness and ensures adherence to safety and regulatory standards.

The COVID-19 pandemic has had a notable impact on the MV onshore accessories market, causing supply chain disruptions, project delays, and reduced demand. The restrictions on international trade and manufacturing shutdowns have led to shortages and delays in the production and delivery of components, affecting the overall availability of accessories. Additionally, the slowdown in construction and infrastructure projects, coupled with economic uncertainties, has resulted in reduced demand for onshore accessories. The industry has faced challenges in adapting to remote work arrangements, implementing safety protocols, and managing project timelines. However, as the situation gradually improves and economies recover, the MV onshore accessories market is expected to regain momentum and witness a rebound in demand.

Delvens Industry Expert's Standpoint

The necessity for dependable and efficient power supply in industries including manufacturing, oil and gas, utilities, commercial buildings, and infrastructure projects is one of the main drivers of the MV onshore accessories market, along with industrial expansion and infrastructure development. The market is expanding as a result of an increasing emphasis on the integration of renewable energy sources as well as the requirement to update aging power infrastructure. Manufacturers, suppliers, distributors, and service providers are some of the major market participants. They supply a vast selection of high-quality accessories that are specifically designed to fulfill the needs of onshore applications. To meet changing consumer expectations, these businesses frequently highlight technical improvements, safety features, and energy efficiency in their product offerings. The medium voltage onshore accessories market is a crucial industry that offers essential parts and services for onshore applications' medium voltage electrical systems. With the ongoing development in demand for dependable and effective power distribution and technological improvements, the market is driven by innovation and competition, guaranteeing the provision of trustworthy and affordable solutions for various onshore industries.

Market Portfolio

Key Findings

• The product type segment is further segmented into Cable Joints & Terminations, Switchgear & Circuit Breakers, Transformers, Surge Arrestors, Insulators, and Others. The demand for cable joints and terminations in the MV onshore accessories market is expected to grow steadily. As infrastructure development continues and the need for reliable power transmission increases, the installation, and maintenance of medium-voltage cables become crucial, driving the demand for cable joints and terminations. Even with the increasing emphasis on grid modernization and the need for efficient power distribution, the demand for switchgear and circuit breakers also in the MV onshore accessories market is projected to witness significant growth. The upgrade and replacement of aging infrastructure, coupled with the integration of smart grid technologies, contribute to the demand for advanced switchgear and circuit breakers.
   
• The voltage rating segment is further fragmented into Home 1 kV to 15 kV, 15 kV to 30 kV to 45 kV, and Above 45 kV. With regard to various voltage ratings, the need for MV onshore accessories differs. The market for accessories that cater to higher voltage ratings, such as those over 45 kV, is predicted to increase strongly as the energy infrastructure is expanded and new projects are launched. Nevertheless, as infrastructure replacement and improvements continue, growth prospects are there across all voltage rating categories.

• The End-User Industry segment is further segmented into Utilities, Industrial, Commercial and Residential, and Renewable Energy. The renewable energy segment is expected to witness the most growth in the MV onshore accessories market. With the global emphasis on increasing renewable energy capacity, investments in wind, solar, and hydroelectric projects are rising. Favorable government policies, such as incentives and targets for clean energy adoption, are driving this growth. As a result, the demand for MV onshore accessories, specifically designed for renewable energy applications, is expected to experience significant growth in the coming years.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia Pacific region is expected to witness the most growth in the geography segment of the MV onshore accessories market. Rapid infrastructure development, driven by growing economies and increasing electricity demand, presents significant opportunities for the market. Additionally, the region is witnessing substantial investments in renewable energy projects, creating a strong demand for MV onshore accessories. Countries such as China, India, Japan, South Korea, and Southeast Asian nations are at the forefront of this growth, positioning the Asia Pacific region as a key market for MV onshore accessories.

Regional Analysis

Asia-Pacific to Dominate the Market

• The Asia-Pacific region is expected to be the largest region in the MV Onshore Accessories market during the forecast period.
   
• The Asia Pacific area is positioned as a significant market for MV onshore accessories because of nations like China, India, Japan, South Korea, and Southeast Asian states that are leading this expansion.

Competitive Landscape

• ABB Ltd.
• Schneider Electric SE
• Siemens AG
• General Electric Company
• Nexans S.A.
• Prysmian Group
• Eaton Corporation
• Legrand SA
• Hitachi, Ltd.
• TE Connectivity Ltd.

Recent Developments

• In 2021, ABB introduced the UniGear Digital switchgear, which incorporates digital technology for enhanced monitoring, control, and maintenance of medium voltage systems.
   
• In 2021, Schneider Electric launched the Premset Live switchgear, featuring embedded digital capabilities for real-time monitoring, predictive maintenance, and energy management.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for MV Onshore Accessories Market so as to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope