Press release
Low Voltage (LV) And Medium Voltage (MV) Switchgear Market Development, Overview and Forecast up to 2025
Many businesses working in the global low voltage (LV) and medium voltage (MV) switchgear market are focusing on mergers and acquisitions as key strategies, in order to gain extensive revenue. Enhancing product portfolio, bringing about geographical expansion, and increasing capacity of low voltage (LV) and medium voltage (MV) switchgear production are other important strategies that are implemented by most organizations operating in the market. ABB Ltd., GE Co. Mitsubishi Electric Corp., Crompton Greaves Ltd., Siemens AG, Powell Industries Inc., Bharat Heavy Electricals Ltd., Hyosung Corp., Eaton Corp., OJSC Power Machines, and Schneider Electric SE, are key companies operating in the global low voltage (LV) and medium voltage (MV) switchgear market.
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Rapid Industrialization and Urbanization Boosting Market's Growth
The global low voltage (LV) and medium voltage (MV) switchgear market is being driven mainly due to a rise in demand for enhanced protection in electricity distribution systems. The demand for switchgear is also expected to increase owing to rapid industrialization and infrastructural development taking place all over the globe. With rural development and urbanization mushrooming rapidly, the construction of electricity transmission lines and distribution networks is highly necessary. Low voltage (LV) and medium voltage (MV) switchgear play a crucial role in setting up these networks, consequently driving the associated market.
High Costs of Manufacturing Equipment Restrains Market's Expansion
However, high costs required for manufacturing low voltage (LV) and medium voltage (MV) switchgear devices makes it substantially expensive for companies having less disposable income to work in this market. This causes them to settle on alternatives, consequently hindering the global low voltage (LV) and medium voltage (MV) switchgear market's growth. Lack of raw materials in several remote and underdeveloped regions needed to produce the switchgear is also restraining the market from a regional perspective. Nevertheless, some organizations are expected to introduce cost effective solutions, which may considerably reduce effects of restraints affecting the global low voltage (LV) and medium voltage (MV) switchgear market in the near future.
This review is based on a new report published by Trends market research titled, "Low Voltage (LV) and Medium Voltage (MV) Switchgear Market (Product Standards - IEC (International Electro technical Commission) standards, ANSI (American National Standards Institute) standards; Application - Power plants, Oil & Gas and Petrochemical Industry, Pulp and paper industry, Utilities sector; Voltage Range - Less than 1kV, 1kV - 5kV, 6kV - 15kV, 16kV - 27kV, 28kV - 38kV; Components - Circuit Breaker, Relays; Insulation type - Air Insulated Switchgear, Gas Insulated Switchgear) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2025."
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The low voltage (LV) and medium voltage (MV) switchgear market has been segmented as follows:
LV and MV switchgear market, by Product Standards:
oIEC (International Electro technical Commission) standards
oANSI (American National Standards Institute) standards
oOther (JIS, NEMA and GOST) standards
LV and MV switchgear market, by Application:
oPower plants
oOil & Gas and Petrochemical Industry
oPulp and paper industry
oUtilities sector
LV and MV switchgear market, by Voltages:
oLess than 1kV
o1kV - 5kV
o6kV - 15kV
o16kV - 27kV
o28kV - 38kV
LV and MV switchgear market, by Components:
oCircuit Breaker
oRelays
oOthers (Enclosure, Fuses, Bus Bars and Switches)
LV and MV switchgear market, by Insulation:
oAir Insulated Switchgear
oGas Insulated Switchgear
oOthers (oil and solid)
LV and MV switchgear market, by Geography:
o North America
The U.S.
Canada
Mexico
o Europe
The United Kingdom
Germany
France
Italy
Russia
Rest of Europe
o Asia Pacific
China
India
Japan
Australia
South Korea
Indonesia
Rest of Asia Pacific
o Middle East & Africa
o Latin America
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