- February 01, 2016
- Transparency Market Research
Rising industrialization has stimulated the pace of electrification in developing economies across the world, thereby significantly fueling demand from the global market for LV and MV switchgear.T
Transparency Market Research (TMR) has published a market study on the global LV and MV switchgear market, estimating it to report a CAGR of 8.50% during the period from 2014 to 2020 and reach a value of US$83.2 bn by the end of the forecast period.The market report, titled “LV and MV Switchgear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, states that the worldwide market for LV and MV switchgear stood at US$47.4 bn in 2013.
According to the report, the rising industrialization has stimulated the pace of electrification in developing economies across the world, thereby significantly fueling demand from the global market for LV and MV switchgear.The global LV and MV switchgear market has been analyzed on the basis of product standard, component, insulation, voltage, application, and its regional spread in this market study.
Regionally, the report identifies North America, Asia Pacific, Europe, and the Rest of the World as the key regional markets for LV and MV switchgear. Asia Pacific currently dominates the global LV and MV switchgear market. It accounted for a share of 42.1% in the global LV switchgear market and a share of 45.1% in the global MV switchgear market in 2013.
The growing electricity access in rural and urban areas in this region is the key driving force behind the remarkable growth of the Asia Pacific LV and MV switchgear market. Analysts at TMR foresee heavy investments in this regional market over the forecast period.The industries of petrochemicals, utilities, pulp and paper, and oil and gas, as well as various power plants, are the prime application areas for LV and MV switchgear in the global arena. Among these, the power plant segment accounted for a share of 40.5% and 40.39% in the overall demand for LV switchgear and MV switchgear in 2013, respectively. The utilities segment is likely to register the fastest growth during the forecast period, states the research report.
Based on voltage, the global market for LV and MV switchgear has been segmented into the markets for switchgear of less than 1kV, switchgear of 1kV - 5kV power, switchgear of 6kV - 15kV power, switchgear of 16kV - 27kV power, and switchgear of 28kV - 38kV power.The switchgear of less than 1kV segment leads the global market. In 2013, it held a share of 49.26% and 65.8% in the global LV switchgear market and the global MV switchgear market, respectively.
By product standard, the report has classified the worldwide LV and MV switchgear market into three segments: switchgear following IEC standards, switchgear following ANSI standards, and switchgear following other standards such as NEMA, JIS, and GOST.The report identifies air, gas, oil, and solid insulators as major segments of this market on the basis of insulation. Relays, circuit breakers, fuses, enclosures, switches, and bus bars have been determined as major components of LV and MV switchgear in this study.
Mitsubishi Electric Corp., Siemens AG, ABB Ltd., Powell Industries Inc., Alstom SA, Bharat Heavy Electricals Ltd., Schneider Electric SE, Crompton Greaves Ltd., Hyosung Corp., Eaton Corp Plc., OJSC Power Machines, and General Electric Co. are some of the major manufacturers of LV and MV switchgear across the world, states the research report.Learn More
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