Low Voltage (LV) and Medium Voltage (MV) Switchgear Market Poised to Register 6.8% CAGR through 2024

The global low voltage (LV) and medium voltage (MV) switchgear market depicts the presence of a highly competitive and dynamic vendor landscape, finds Research Report Insights on the basis of a newly published report. The intense competition has made most players in the market to take part in mergers and acquisitions in the form of prime strategies to induce growth in their organizations. With the entry of new players on a regular basis, the level of competition is expected to dramatically increase during the forthcoming years.

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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In 2015, this market had registered revenue worth US$56.23 bn, which is further expected to record a valuation of US$98.90 bn by the end of 2024. This growth is projected to occur at a strong CAGR of 6.8% between 2016 and 2024, which is the forecast period covered in the report.

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.

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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 Research Report Insights 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 2016 – 2024.”

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