LV and MV Switchgear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 09/29/2015 -- Recently, a U.S.-based market intelligence company released a report that said that the global market for LV and MV switchgears will reach US$83.28 billion by 2020. Surely, for the LV and MV switchgears market to grow to this size from being about US$47.25 billion in 2013, a number of factors are at play. In terms of volume, the LV and MV switchgear market will register a healthy CAGR of 6.7% through 2014 to 2020. This means that by 2020, 4,195.0 thousand LV and MV switchgear units will constitute the market. As of 2013, this figure was estimated to be 2,668.6 thousand units.
This article explores the biggest opportunities that exist in the global LV and MV switchgears market, and the changes that have opened these growth windows.
Demand for safe and efficient switchgears
This is a very foundational requirement for not just LV and MV switchgears, but just about any electrical product. Products that bring additional safety, failsafe operations and stability to the table will eventually overtake those that don't. Electrical distribution systems could pose the risk of electric shocks to personnel working on such systems; similarly, the risk of overload-related hazards is present too. The greatest trend that is shaping up the LV and MV switchgear market is the demand for safe and secure electrical distribution systems. Switchgears perform the important role of regulating power generation and controlling transmission and distribution networks as well as substations.
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Switchgears are typically of three types depending on the voltage environment they are used in: high voltage, low voltage (LV), and medium voltage (MV). The latter are used in a variety of industries such as power plants, utilities, pulp and paper, oil & gas, and mining. Safety is paramount in all of these industries and hence, the role of reliable and safe switchgears simply cannot be underestimated.
Expansion of construction sector and industrial infrastructure
The second most important growth driver (and opportunity) for the LV and MV switchgear market is the high degree of industrialization that is now being seen in Asian giants such as India and China as well as other countries from the BRICS league such as Russia and Brazil. The growth of industrialization and urbanization—which, in turn fuels new construction projects—will be pivotal to the growing demand for LV and MV switchgears. Electrification is the pillar on which endeavors such as industrialization and urbanization stand. Electrification is synonymous with a spike in demand for components and devices associated with electricity generation, transmission and distribution.
Interestingly, the LV and MV switchgear market will also benefit from the high numbers of upgrades and renovations that are being brought about in electricity transmission and distribution networks that were set up a few decades ago and are now moving past their prime.
Product innovation and safety enhancement
A look at the applications of LV and MV switchgears reveals that a high degree of safety and enhanced functionality is integral to the overall demand for switchgears. Some of the most prominent applications of LV and MV switchgears are petrochemicals, power plants, paper and pulp industries, utilities, and the oil and gas industry. According to estimates going back to 2013, power plants show the highest demand for both LV and MV switchgears. The power sector is witnessing frenzied demand and as is strives to meet this high demand for electricity, it does so by using products such as LV and MV switchgears among others. Thus, the rapid electrification of various towns and villages in developing countries will be the greatest advantage for the global LV and MV switchgear market.
Many of these future opportunities lie in the Asia Pacific region. According to a Transparency Market Research report, APAC accounted for 42.1% of all LV switchgears and 45.1% of the MV switchgear market.
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