Global LV And MV Switchgear Market Size By Voltage, By Application, By Geographic Scope and Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global LV And MV Switchgear Market Size By Voltage, By Application, By Geographic Scope and Forecast
LV And MV Switchgear Market Size And Forecast
LV And MV Switchgear Market size was valued at USD 56.32 Billion in 2024 and is projected to reach USD 80.35 Billion by 2031, growing at a CAGR of 5.01% during the forecasted period 2024 to 2031.
Global LV And MV Switchgear Market Drivers
The market drivers for the LV And MV Switchgear Market can be influenced by various factors. These may include
Urbanisation and Industrialization The need for LV and MV switchgear is being driven by the fast-paced urbanisation and industrialization that are occurring in emerging economies. Reliable electricity distribution infrastructure is becoming more and more necessary as cities and businesses grow.
Integration of Renewable Energy In order to handle the intermittent nature of renewable power generation, improvements to the electrical grid, particularly LV and MV switchgear, are required as we move towards renewable energy sources like wind and solar.
Infrastructure Development The demand for LV and MV switchgear is influenced by government efforts and investments in infrastructure projects, including smart cities, transportation networks, and commercial buildings.
Energy Efficiency Standards and Regulations Strict energy efficiency standards and regulations encourage the use of contemporary LV and MV switchgear that is more ecologically and energy-efficiently friendly.
Electrification Trends The demand for dependable LV and MV switchgear is driven by the growing electrification of numerous industries, including transportation (electric vehicles), heating (electric heat pumps), and industrial operations.
Technological Advancements The efficiency, dependability, and safety of LV and MV switchgear systems are improved by innovations in switchgear technology, including as digitalization, IoT integration, and enhanced monitoring capabilities, which propel market expansion.
Initiatives for Grid Modernization The demand for grid resilience and dependability, along with the ageing infrastructure in industrialised nations, is driving investments in grid modernization projects that incorporate the use of innovative LV and MV switchgear systems.
Demand for continuous Power Supply The need for dependable LV and MV switchgear systems is driven by the need for continuous power supply in industries, businesses, and key infrastructure sectors like data centres and healthcare.
Growth in Electricity Demand As utilities and businesses look to extend and improve their electrical infrastructure, there is a growing need for LV and MV switchgear, especially in emerging nations.
Residential Construction LV switchgear must be installed for the distribution of power within new residential buildings, particularly in developing countries.
Global LV And MV Switchgear Market Restraints
Several factors can act as restraints or challenges for the LV And MV Switchgear Market. These may include
High Initial Investment Potential buyers or investors may be put off by the high initial investment required to establish LV and MV switchgear systems, particularly for large-scale projects.
Installation complexity Installing LV and MV switchgear systems frequently calls for certain training and experience, which raises installation costs and may cause delays.
Regulatory Challenges Manufacturers and consumers of LV and MV switchgear may face difficulties adhering to strict regulatory norms and restrictions, which could raise costs and restrict market access.
Competition from Alternative Technologies The demand for traditional switchgear systems may be impacted by competition from alternatives like decentralised energy solutions and renewable energy sources.
Supply Chain interruptions The LV and MV switchgear industry may be susceptible to interruptions brought on by natural disasters, geopolitical unrest, or changes in the world economy due to its reliance on intricate supply networks for materials and components.
Technological Developments The market’s inclination may be shifted towards more modern solutions by the quick development of technologies like smart grids and digital substations, which could have an effect on the need for conventional switchgear systems.
Environmental Concerns As environmental sustainability becomes more widely recognised, there may be a need for environmentally friendly switchgear systems as an alternative to traditional ones. This could put pressure on manufacturers to develop and adapt.
Infrastructure Restrictions The demand for LV and MV switchgear may be hampered in areas with poor infrastructure or restricted access to electrical grids by things like unstable power supplies or a lack of funding for grid expansion.
Global LV And MV Switchgear Market Segmentation Analysis
The Global LV And MV Switchgear Market are Segmented on the basis of Voltage, Application, and Geography.
LV And MV Switchgear Market, By Voltage
Less than 1KV
1kV – 5kV
6kV – 15kV
16kV – 27kV
>28kV
Based on the voltage, the market is bifurcated into Less than 1KV, 1kV – 5kV, 6kV – 15kV, 16kV – 27kV, and >28kV. The increasing use of renewable energy in the power sector is likely to bolster the market demand for various voltage ranges in the coming years.
LV And MV Switchgear Market, By Application
Power Plant
Oil and gas
Pulp and paper
Utilities Sector
Others
Based on the application, the market is bifurcated into Power Plant, Oil & Gas, Pulp & paper, Utilities Sector, and Others. The Utilities Sector is expected to hold the largest market share. The factors can be attributed to the rising urbanization and industrialization in developing countries.
LV And MV Switchgear Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
Based on regional analysis, The Global LV And MV Switchgear Market are classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market will be dominated by North America owing to the up-gradation of existing electrical infrastructure, the installation of a new substation, and the growing urbanization in countries like India & China.
Key Players
The major players in the LV And MV Switchgear Market are
Fuji Electric
Hyundai Heavy Industries
CHINT Group
ABB Ltd
Powell Industries Inc
Siemens AG
Schneider Electric
Toshiba
Crompton Greaves Ltd.
Eaton Corp
Hyosung Corp
Mitsubishi Electric Corp
General Electric Co.
Report Scope
REPORT ATTRIBUTES
DETAILS
Study Period
2021-2031
Base Year
2024
Forecast Period
2024-2031
Historical Period
2021-2023
Unit
Value (USD Billion)
Key Companies Profiled
ABB Ltd, Powell Industries Inc, Siemens AG, Schneider Electric, Toshiba, Crompton Greaves Ltd., Eaton Corp, Hyosung Corp, Mitsubishi Electric Corp, and General Electric Co.
Segments Covered
By Voltage
By Application
By Geography
Customization Scope
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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