This industry research report outlines the growth prospects and segmentation of the global LV and MV switchgear market by voltage (LV and MV switchgears) and by end-users (power utilities, industrial, residential and commercials and infrastructure) . It further details the market shares of key regions such as the APAC, North America, Europe and ROW. The report also presents a complete analysis of the top vendors operating in the market, including ABB, Alstom, Eaton, Schneider Electric and Siemens.
Technavio’s market research analysts estimate the global LV and MV switchgear market to grow at a CAGR of more than 10% between 2016 and 2020. The growing trend towards adopting new smart grid technology coupled with the restructuring of existing T&D networks, is fuelling the demand for LV and MV switchgears. APAC dominates the global market for LV and MV switchgears, accounting for 42% of the overall market share. Rising demand for electricity due to rapid industrialization and urbanization is the key factor driving the growth of the LV and MV market in this region. India, China, Japan, and Taiwan are the major revenue generating counties in the region.
The new market research report from Technavio provides a breakdown and analysis of the LV and MV switchgear segments by technology.
“The market is witnessing considerable shift towards modular switchgears, owing to easy installations these provide resulting in less operational expenses. These switchgears integrate all the functions into the breaking chamber of the circuit breaker. For instance, ABB has come up with high-voltage switchgears, which have gained immense popularity especially in the electric utility and non-utility generation sectors,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
Power utilities is the major end-user of switchgears, accounting for 34% of the overall market share. Increased industrialization and urbanization in developing countries have resulted in the high demand for energy, thereby rendering power utilities an important market for switchgears. This segment is expected to generate revenues worth $34 billion during the forecast period.
The leading vendors in the global LV and MV switchgear market include ABB, Alstom, Eaton, Schneider Electric and Siemens. Intense competition prevails in the market as there are only a few major vendors. Vendors are trying to offer switchgears with high functional competency. The probability of new players entering the market is low because of the strong positions held by the leading players in the market.
A more detailed analysis is available in the Technavio report, Global LV and MV Switchgear Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Switchgear Market in China 2015-2019
- Global Switchgear Market 2015-2019
- LV and MV Switchgear Market in India 2014-2018
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