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LV and MV Voltage Switchgear Market To Reach US$98.80 Bn By 2024 Technology Articles | August 22, 2016

Low voltage and Medium voltage switchgear market is driven by development of industrial infrastructure and expansion witnessed in construction sector, demand for safety from electric transmission and distribution fuels lv and mv switchgear market Camiseta Vitolo , Asia Pacific dominates lv and mv switchgear market



The rapid development of industrial infrastructure and expansion witnessed in the construction sector, primarily in the emerging markets, are fuelling demand for low voltage (LV) and medium voltage (MV) switchgear. With governments proactively investing in urbanization and rural development, renewal of existing transmission and distribution networks is on the cards. This is expected to create attractive opportunities for the LV and MV switchgear market.


Transparency Market Research says that the global LV and MV switchgear market will exhibit a CAGR of 6.8% between 2016 and 2024. The market had a valuation of US$56.23 bn in 2015 and is expected to reach US$98.80 bn by the end of the forecast period. Growth witnessed by the market in developing countries such as Indonesia Camiseta Lucas Hernandez , India, and China in particular has been strong due to the accelerated electrification witnessed across these nations.


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The lack of adequate electrification has been inhibiting the growth of the industrial sector across emerging economies. To counter the situation, governments in India and China have adopted several approaches to improve grid connectivity in remote locations. A significant portion of the budget for such improvement plans has been allocated to urbanization, thus fuelling the deployment of smart grid technology. This subsequently translates into greater opportunities for sales of LV and MV switchgear in these countries.


In the last few years Camiseta Juanfran , the market has witnessed positive growth globally. However, intense price-based competition between established and local players has been creating bottlenecks for the market. Besides this, the easy availability of substitutes for switchgear might also hinder sales of LV and MV switchgear. Nevertheless, in the near future Camiseta Diego Costa , several countries located in the African and Asian sub-continent are expected to provide lucrative opportunities for the market. Furthermore, the increasing demand for renewable energy will also bolster sales of LV and MV switchgear in the forthcoming years.


Asia Pacific Held Over 40% of Global LV and MV Switchgear Market in 2015


Regionally, Asia Pacific led the global LV and MV switchgear market in 2015, holding a share of 41.5% in terms of value. The rising demand for electricity transmission and distribution products in the industrial and construction sectors will boost the sales of LV and MV switchgear in the region. The high demand for switchgear and increasing price-based competition will seal Asia Pacific’s position as the key region in the global LV and MV switchgear market.


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In the same year North America emerged as the second-leading market for LV and MV switchgear. The region is currently witnessing increasing concerns related to greenhouse gas emissions Camiseta Gelson Martins , which has compelled North America to focus on renewable energy more than ever before. The increasing use of energy derived from renewable sources for electricity transmission and distribution in the region will fuel the demand for LV switchgear market in the near future.


utilities sector held the second largest share in the market.


Some of the leading players in the market are ABB Ltd. (Switzerland), Powell Industries Inc (U.S.) Camiseta Rodri , Siemens AG (Germany), Sch. Wholesale Jerseys China Wholesale New NHL Jerseys Wholesale Custom College Jerseys Wholesale Jerseys Wholesale Jerseys Wholesale Jerseys Cheap Wholesale Jerseys Wholesale Jerseys From China Wholesale Soccer Jerseys China Wholesale Hockey Jerseys