Market outlook of the LV and MV switchgear market
Technavio’s research analyst predicts the global LV and MV switchgear market to grow steadily at a CAGR of around 10% during the forecast period. Expansion and renovation of T&D projects globally are the primary growth drivers for this market. The growing demand for electricity has resulted in a manifold increase in the number of new T&D setups.
Currently, the market is witnessing a shift from conventional to innovative modular switchgear devices. The conventional air-insulated switchgear (AIS) consists of components such as circuit breakers, disconnectors, and current transformers that are difficult to install as they require individual installation spaces. On the other hand, modular switchgear integrates all the functions into the breaking chamber of the circuit breaker. Further product innovation and ease of installation are likely to provide a significant impetus to this market over the next four years.
Product segmentation and analysis of the LV and MV switchgear market
- LV switchgear
- MV switchgear
The LV switchgear segment dominated the market in 2015. Aging infrastructure, capacity expansion, and demand for energy-efficient switchgear are the main factors fueling the demand for LV switchgear among consumers. LV switchgear has a load-bearing capacity of less than 1.1 kV, and it is used in infrastructure, power and energy, T&D, and other industrial, commercial, and residential sectors. In addition, the affordable pricing of LV switchgear makes it a preferred choice among end-users.
Segmentation by end-users and analysis of the LV and MV switchgear market
- Power utilities
- Industrial sector
- Residential sector
- Commercial and infrastructure sector
The power utility segment accounted for almost 34% of the market share during 2015. The demand for electricity owing to an increase in industrialization and urbanization in developing countries will continue to drive the market for LV and MV switchgear in power utilities.
Geographical segmentation and analysis of the LV and MV switchgear market
- APAC
- North America
- Europe
- ROW
The increased scale of power grid construction and the expansion of renewable energy capacity in the emerging countries of the APAC region has increased the sale and future demand for switchgear. It is expected to have a positive impact on the growth of the LV and MV switchgear market during the forecast period.
Competitive landscape and key vendors
The global LV and MV switchgear market is capital-intensive with the presence of many global and local manufacturers. The vendors in the market compete on the basis of price, quality, innovation, service, distribution, and customization.
The leading vendors in the market are -
- ABB
- Alstom
- Eaton
- Schneider Electric
- Siemens
Other prominent vendors in the market include BHEL, Crompton Greaves, GE, Hyosung Power and Industrial Systems, Mitsubishi Electric, OJSC Power, and Xian XD.
Key questions answered in the report include
- What will the LV and MV switchgear market size and the growth rate be in 2020?
- What are the key factors driving the global LV and MV switchgear market?
- What are the key LV and MV switchgear market trends impacting the growth of the market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global LV and MV switchgear market?
- Trending factors influencing the market shares of the APAC, North America, Europe, and the ROW.
- What are the key outcomes of the five forces analysis of LV and MV switchgear market?
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Table of Contents
PART 01: Executive summary
PART 02: Scope of the report
- Market overview
- Top-vendor offerings
PART 03: Market research methodology
- Research methodology
- Economic indicators
PART 04: Introduction
PART 05: Market landscape
- Market overview
- Five forces analysis
PART 06: Global LV and MV switchgear market by voltage
- Global LV switchgear market
- Global MV switchgear market
PART 07: Market segmentation by end user
- Global LV and MV switchgear market by power utilities
- Global LV and MV switchgear market by industrial segment
- Global LV and MV market by residential segment
- Global LV and MV switchgear market by commercial segment
PART 08: Geographical segmentation
- LV and MV switchgear market in APAC
- LV and MV switchgear market in North America
- LV and MV switchgear market in Europe
- LV and MV switchgear market in ROW
PART 09: Market drivers
- Rise in T&D expansion and renovation projects
- Growing investment in smart grid networks
- Expansion of power capacities
PART 10: Impact of drivers
PART 11: Market challenges
- Lack of product differentiation
- Rise in R&D expenditure
- Government regulations and industry standards
PART 12: Impact of drivers and challenges
PART 13: Market trends
- Shift from conventional to innovative modular switches
- Decreasing prices of raw materials
- Increase in offshore wind energy generation
PART 14: Vendor landscape
PART 15: Key vendor analysis
- ABB
- Alstom
- Eaton
- Schneider Electric
- Siemens
PART 16: Appendix
PART 17: Explore Technavio