Market Study Report adds 2017-2024 Global Low Voltage Switchgear market report that offers an exhaustive coverage of the industry with brief analysis, data charts, figures, statistics that help take business decisions, company profiles and more.
Selbyville, DE -- (SBWIRE) -- 12/21/2018 -- Market Study Report adds Global Low Voltage Switchgear market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
Global Low Voltage Switchgear Market will exceed USD 22 billion by 2024, according this new research report. The U.S. low voltage switchgear market is set to reach over an annual installation of 1 million units by 2024. Regulatory inclination towards the upgradation and retrofitting of aging distribution networks will escalate the product penetration. Adoption of cost effective units along with the deployment of smart LV control units have instituted a competitive business scenario. In addition, ongoing integration of renewable technologies to supersede the existing conventional electric networks will positively influence the industry dynamics.
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Favorable government norms pertaining to the integration of sustainable energy resources across residential and commercial establishments will fuel the low voltage switchgear market growth. Net metering, Feed in Tariff, subsidies, and tax rebates are some of the key reforms which will stimulate the product demand. Furthermore, rapid expansion of micro-grid networks to cater the increasing off-grid energy demand across emerging markets will further complement the business outlook.
Rising infrastructural investments subject to the indulgence of private and public entities across the real estate sector will drive the low voltage switchgear market growth. Growing electricity demand coupled with the ongoing expansion of utility aided distribution networks will fabricate a sustainable business platform. Furthermore, rapid technological enhancements in line with the development of smart monitoring and control distribution units will further propel the industry outlook.
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Low voltage switchgear market from power factor correction is set to grow over 8% subject to the exponential upsurge in electric load capacity across developing regions adhered by rapid economic proliferation. Expansion of existing electric networks along with the rising peak load demand has instituted a plethora of distribution lines leading to frequent power lags and fluctuations.
Escalating energy demand from remote areas across Asia Pacific and African subcontinents have been among the key parameters driving the low voltage switchgear market share. However, global financial entities including the IFC, ADB and collaborated institutes have been economically assisting the regional power industry. Furthermore, increasing demand for the re-establishment of the impaired distribution networks across war affected Middle East nations including Sudan, Iraq and Syria will augment the industry.
Rapid Industrialization along with ongoing deployment of distributed power generation plants will foster the Germany low voltage switchgear market growth. The nation has been a hub to large scale manufacturing industries being deployed to sustain the rising demand for manufactured products. Thereby, high-end industrial power consumption coupled with increasing electricity demand from commercial and residential establishments will complement the business outlook.
China low voltage switchgear market is set to grow subject to the positive outlook toward clean energy deployments. The nation has witnessed an appreciable growth towards renewable adoption pertaining to its ambitious clean energy targets. Thereby, ongoing adoption of sustainable energy technologies along with large scale energy demand from manufacturing plants will positively influence the product deployment.
Eminent players across the low voltage switchgear market are EATON, GE, Mitsubishi, Hitachi, Schneider, Siemens, Fuji Electric, Hubbell, Rittal, ABB, Hyosung, Powell, Larson & Toubro, Hyundai, Skema, Powertech Switchgear, E+I Engineering, Norelco, START, Al Hassan, and Lucy Electric.
Outside scope of this report Robust infrastructural development spending and rising rural energy demand are the two most pivotal factors that have significantly uplifted the growth statistics of low voltage switchgear market in the recent years. Given the increasing rate of ongoing energy grid reforms and security of energy supply, several industry players in this business sphere are rapidly penetrating the untapped regions. The leading industry players are also trying to bring forth technologically advanced products that could further add to their existing portfolio. Recently, for instance, Schneider Electric has introduced the new GE PowerVAC Direct Replacement switchgear solution with the advanced circuit breaker technology. The new device is designed for both the VB1 and VB generation of GE low and medium voltage circuit breakers.
Another major factor which has taken the low voltage switchgear industry share to new heights is the escalating product demand from the war-prone regions in the Middle East. Constant re-establishment and refurbishment activities of the energy distribution networks have significantly triggered new growth opportunities for low voltage switchgear industry behemoths. To illustrate, the government of Japan funded USD 16.7 million with the UNDP's FFS (Funding Facility for Stabilization) to reform, recover, and promote stabilization in Iraq. The FFS is expected to quickly address the repair and establishment of public infrastructure and give short-term contracts to businesses to boost the community reconciliation. Increasingly catering to the growing product demand from such governmental initiatives and expanding global microgrid networks, the low voltage switchgear market is expected to register itself as one of the lucrative investment hubs of the overall energy cosmos.
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