Press release
Upswing in Infrastructural Development to Boost Demand for LV and MV Switchgear in Emerging Economies, reports TMR
Transparency Market Research says that the global LV and MV switchgear market will exhibit a CAGR of 6.8% between 2016 and 2024. The market had a valuation of US$56.23 bn in 2015 and is expected to reach US$98.80 bn by the end of the forecast period. Growth witnessed by the market in developing countries such as Indonesia, India, and China in particular has been strong due to the accelerated electrification witnessed across these nations.
The lack of adequate electrification has been inhibiting the growth of the industrial sector across emerging economies. To counter the situation, governments in India and China have adopted several approaches to improve grid connectivity in remote locations. A significant portion of the budget for such improvement plans has been allocated to urbanization, thus fuelling the deployment of smart grid technology. This subsequently translates into greater opportunities for sales of LV and MV switchgear in these countries.
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This report provides strategic analysis of the global LV and MV switchgear market, and the market growth forecast for the period 2016 to 2024. The scope of the report includes competitive analysis of various market segments based on the product standards, components, voltage ranges, insulation, applications and in-depth cross sectional scrutiny of the LV and MV switchgear market across different geographic segments.
Growing demand for safety and protection regarding electric transmission and distribution in power, industrial infrastructure, real estate, utilities and construction sectors has fuelled the growth of LV and MV switchgear market. Increasing adaptation smart grid technology in power sector of both developed and developing countries will fuel the growth of LV and MV switchgear market during the forecast for the period 2016 to 2024. Rapid electrification in rural and urban areas of countries from Asia Pacific and Africa has triggered the growth of LV and MV switchgear market. In developed market, renewal of old and faulty transmission and distribution network has estimated to boost up demand for LV and MV switchgear market during the forecast for the period 2016 to 2024. Power plants fed with renewable energy sources are connected to 11kV lines or 33kV lines. In such context, increasing demand for integration of renewable energy sources in power sectors has positively impacted the demand for MV switchgears that are being used for safety and protection of electric transmission and distribution network. Installation of new electrical substations in power, utilities and oil and gas sectors is driving the demand for LV and MV switchgear in Middle East. However, bottom line growth of switchgear manufacturers has been negatively affected due to increase in extent of price-based competition in LV and MV switchgear manufacturer.
Report Link: http://www.transparencymarketresearch.com/lv-mv-switchgear-industry.html
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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