Transparency Market Research delivers key insights on the global low voltage (LV) and medium voltage (MV) switchgear market. In terms of revenue, the global low voltage and medium voltage switchgear market is estimated to expand at a CAGR of 6.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global low voltage and medium voltage switchgear market.
The global low voltage and medium voltage switchgear market is broadly affected by several factors, including surge in demand of LV & MV switchgears from power and utilities sectors due to the rapid development of industrial infrastructure and expansion of the construction sector.
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Low Voltage (LV) and Medium Voltage (MV) Switchgear Market: Dynamics
Switchgears refer to the centralized collection of circuit breakers, fuses, and switches that are used to protect, control, and isolate electrical equipment. These circuit protection devices are mounted in metal structure and collection of one or more these structures is known as switchgear assembly. Low voltage & mid voltage switchgears are mostly utilized in electric utility transmission and distribution systems as well as in medium to large sized commercial and industrial facilities. The basic standards for these switchgears are IEC (International Electro technical Commission) standards, and ANSI (American National Standards Institute), which are deployed across the globe.
Increase in investments in the construction sector and industrial infrastructure has boosted the demand for switchgear. Governments of developing countries are proactively investing in industrialization, urbanization, and rural development as well as renewal of existing transmission and distribution networks, which has provided positive impetus to the deployment of LV and MV switchgears.
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Lack of adequate electrification has been hindering the industrial sector & development of rural areas across emerging economies. Governments of China and India are adopting several strategies to improve grid connectivity in remote locations in order to counter the situation. A significant portion of the budget for such improvement plans has been allocated to urbanization, thus fuelling the deployment of power grids. This factor substantially translates into greater opportunities for sales of LV and MV switchgear in these countries.
Low Voltage (LV) and Medium Voltage (MV) Switchgear Market: Prominent Regions
The low voltage (LV) and medium voltage (MV) switchgear market in Asia Pacific is projected to expand significantly during the forecast period, owing to the presence of key market players and countries such as China, India, and Japan, which, in turn, are offering significant opportunities for manufacturers of LV and MV switchgear. China and India are prominent countries and account for a prominent share of the market in the region.
The rise in demand for electricity transmission and distribution products in industrial & construction sectors is projected to drive the LV and MV switchgear market in the region. High demand for switchgear and increase in price-based competition are estimated to propel Asia Pacific’s position as a key region in the global LV and MV switchgear market. The rapid adoption of advanced technologies as well as numerous government policies is expected to boost the sales for LV and MV switchgear.
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North America is anticipated to emerge as the second-leading market for LV and MV switchgear. Increasing concerns about greenhouse gas emissions has led to emphasis on renewable energy and hence, rising focus on energy derived from renewable sources for electricity transmission and distribution. This factor is projected to provide significant opportunities for manufacturers of the LV & MV switchgears in the region.
Low Voltage (LV) and Medium Voltage (MV) Switchgear Market: Key Players
Key players operating in the global low voltage (LV) and medium voltage (MV) switchgear market are Eaton Corporation PLC, Siemens AG, Powell Industries, ABB Ltd., Hitachi Energy Ltd., Schneider Electric SE, Bharat Heavy Electricals Ltd., Crompton Greaves Ltd., Hyosung Corp., Mitsubishi Electric Corp., and Fuji Electric Co., Ltd.
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