Transparency Market Research has published a new report titled "LV and MV Switchgear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 04/13/2015 -- Market was valued at USD 47.25 billion in 2013, which is expected to reach USD 83.28 billion by 2020, growing at a CAGR of 8.5% from 2014 to 2020. By volume, global LV and MV switchgear market is expected to grow at a CAGR of 6.7% during the forecast period from 2014 to 2020 to reach a market size of 4,195.0 thousand units by 2020. In 2013, volume of the market was 2,668.6 thousand units.
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Increasing demand for safety and protection in electrical distribution systems is the major factor driving the LV and MV switchgear market. Switchgears are the switching devices designed to protect, regulate and control power generation, transmission and distribution network and substations. By voltage, switchgears are classified as low voltage (LV), medium voltage (MV), and high voltage. LV and MV switchgears are used in different industry including power plants, oil & gas, pulp and paper, utilities sectors and mining among others. Expansion of industrial infrastructure and construction sectors are expected to have positive impact on demand for LV and MV switchgears during the forecast period from 2014 to 2020. In addition, rapid electrification in urban and rural areas in emerging market is estimated to drive demand for LV and MV switchgears during the forecast period, i.e., from 2014 to 2020. Renewal of older transmission and distribution networks is expected to drive future demand for LV and MV switchgears during the forecast period.
The global LV and MV switchgear market by application is divided into four segments: power plants, oil & gas and petrochemical industry, pulp and paper industry and utilities sector. Both by revenue and volume, power plants are the largest contributor in the LV and MV switchgear market in 2013 and accounted for a market share of 40.50% and 40.39% respectively. Rapid electrification and increasing demand for safety aspects of power plants are driving the demand of LV and MV switchgears in power plants. However, when it comes to application of LV and MV switchgears, utilities sector will remain one of the fastest growing sector during the forecast period.
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The global LV and MV switchgear market by voltages is divided into five voltage ranges: less than 1kV, 1kV - 5kV, 6kV - 15kV, 16kV - 27kV and 28kV - 38kV. Both by revenue and volume, switchgears in the voltage range less than 1kV are the largest contributor in the LV and MV switchgear market in 2013 and accounted for a market share of 49.26% and 65.80% respectively. Growth of switchgears in the voltage range less than 1kV is driven by rising application of low voltage switchgears in real estate sector and in electrification projects in emerging market.
The global LV and MV switchgear market has been segmented into four broad regions: North America, Europe, Asia Pacific and RoW. Both by revenue and volume, Asia Pacific is the global market in 2013, accounting for 42.1% and 45.1% of the overall market respectively. The growth is attributed to an increased degree of electrification and increase in demand for electric transmission & distribution solutions in Asia Pacific.
Some of the leading players in the market are ABB Ltd. (Switzerland), Powell Industries Inc (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Bharat Heavy Electricals Ltd. (India), Crompton Greaves Ltd. (India), Eaton Corp. (Ireland), Hyosung Corp.(South Korea), Mitsubishi Electric Corp.(Japan), GE Co. (U.S.) and OJSC Power Machines (Russia) among others. The report studies the global LV and MV switchgear market, and provides estimates in terms of revenue (USD Million) and volume (thousand units) from 2014 to 2020. 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.
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The report segments the global LV and MV switchgear market as:
LV and MV switchgear market, by product standards:
LV and MV switchgears follow IEC (International Electrotechnical Commission) standards
LV and MV switchgears follow ANSI (American National Standards Institute) standards
LV and MV switchgears that follow other (JIS, NEMA and GOST) standards
LV and MV switchgear market, by Application:
Oil & Gas Industry
Pulp and paper industry
LV and MV switchgear market, by Voltages:
Less than 1kV
1kV - 5kV
6kV - 15kV
16kV - 27kV
28kV - 38kV
LV and MV switchgear market, by Components:
Others (Enclosure, Fuses, Bus Bars and Switches)
LV and MV switchgear market, by Insulation:
Others (oil and solid)
LV and MV switchgear market, by geography: The market is segmented on the basis of geography into North America, Europe, Asia Pacific and Rest of the World (RoW).
Rest of the World (Latin America, Middle East and Africa)
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