Market outlook of the LV and MV switchgear market
Technavio research analyst predicts the global LV and MV switchgear market to grow steadily at a CAGR of around 10% during the forecast period. Expansion and renovation of T&D projects globally are the primary growth drivers for this market. The growing demand for electricity has resulted in a manifold increase in the number of new T&D setups.
Currently, the market is witnessing a shift from conventional to innovative modular switchgear devices. The conventional air-insulated switchgear (AIS) consists of components such as circuit breakers, disconnectors, and current transformers that are difficult to install as they require individual installation spaces. On the other hand, modular switchgear integrates all the functions into the breaking chamber of the circuit breaker. Further product innovation and ease of installation are likely to provide a significant impetus to this market over the next four years.
Product segmentation and analysis of the LV and MV switchgear market
The LV switchgear segment dominated the market in 2015. Aging infrastructure, capacity expansion, and demand for energy-efficient switchgear are the main factors fueling the demand for LV switchgear among consumers. LV switchgear has a load-bearing capacity of less than 1.1 kV, and it is used in infrastructure, power and energy, T&D, and other industrial, commercial, and residential sectors. In addition, the affordable pricing of LV switchgear makes it a preferred choice among end-users.
Segmentation by end-users and analysis of the LV and MV switchgear market
Commercial and infrastructure sector
The power utility segment accounted for almost 34% of the market share during 2015. The demand for electricity owing to an increase in industrialization and urbanization in developing countries will continue to drive the market for LV and MV switchgear in power utilities.
Geographical segmentation and analysis of the LV and MV switchgear market
The increased scale of power grid construction and the expansion of renewable energy capacity in the emerging countries of the APAC region has increased the sale and future demand for switchgear. It is expected to have a positive impact on the growth of the LV and MV switchgear market during the forecast period.
Competitive landscape and key vendors
The global LV and MV switchgear market is capital-intensive with the presence of many global and local manufacturers. The vendors in the market compete on the basis of price, quality, innovation, service, distribution, and customization.
The leading vendors in the market are -
Other prominent vendors in the market include BHEL, Crompton Greaves, Hyosung Power and Industrial Systems, Mitsubishi Electric, OJSC Power, and Xian XD.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global LV and MV switchgear market?
What are the key market trends impacting the growth of the LV and MV switchgear market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global LV and MV switchgear market?
Trending factors influencing the market shares of the APAC, North America, Europe, and the ROW.
What are the key outcomes of the five forces analysis of LV and MV switchgear market?
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