- The LV and MV Switchgear market in India is expected to grow at a CAGR of 12.05 percent during the period 2013-2018
London, 12 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report LV and MV Switchgear Market in India 2014-2018. One of the predominant trends in the market is the replacement of old switchgear with innovative switchgear across industries. Increased demand for LV switchgear from the Commercial sector is also prompting market growth.
The Switchgear market is one of the major revenue contributors to the Electrical Equipment market in India. An increased demand for continuous power supply across the country is one of the major growth drivers in the LV and MV Switchgear market. A rapid rate of urbanization and growth in the commercial, industrial, and residential sectors in India has also led to an increased demand for switchgear. The use of switchgear enables the continuous transfer of electric current and protection against current overload, short circuit, and insulation failure. It provides safe isolation from current-driven parts and modifies a load-carrying system at each level of installation.
“The rise in the construction of hotels, warehouses, storage facilities, retail stores, hospitals, and colleges has led to an increased demand for power, and in turn LV switchgear, across the Commercial sector,” says Faisal Ghaus, Vice President of TechNavio Research.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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