Albany, NY -- (SBWIRE) -- 06/15/2017 -- 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.

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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.

Based on product standards, the LV and MV switchgear market is segmented into IEC (International Electro technical Commission) standards, ANSI (American National Standards Institute) standards and Other (JIS, NEMA and GOST) standards. By voltages, the market is divided into less than 1kV,

1kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 38kV. Based on components, the LV and MV switchgear market is segmented into circuit breaker, relays and others (enclosure, fuses, bus bars and switches). By insulation, the market is divided into air insulated switchgear, gas insulated switchgear and others (oil and solid). Based on application, the LV and MV switchgear market is segmented into power plants, oil & gas and petrochemical industry, pulp and paper industry and utilities sector. Based on geography, the market is segmented in to North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America. The scope of the report offers an insight into LV and MV switchgear market in these regions based on revenue (USD billion) and volume (thousand units).

To aid in strategic decision making, the report also includes competitive profiling of leading players in the industry, their market share in different geographic regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America). Moreover, various business strategies adopted by leading players has also been discussed in the report. The market attractiveness analysis and Porter's Five Forces analysis included in the report provide insight into market dynamics and industry competition.

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The report also provides breakdown and review of various factors affecting the market growth, which are appropriately described as market drivers, restraints, and opportunities. These factors determine various existing trends and their impact on market growth. In all, the report includes a holistic analysis of the global LV and MV switchgear market, and provides an estimate of growth for the period 2016 to 2024, keeping in mind the various factors affecting the market.