Low Voltage (LV) And Medium Voltage (MV) Switchgear Finds Huge Application In Smart Grid Technology,Schneider Electric To Lead Market
Urban Sprawl Augurs Well for LV and MV Switchgear Sales
The rising demand for enhanced protection in electricity distribution
systems makes the deployment of advanced LV and MV switchgear
imperative. Besides this, the demand for switchgear is also expected
to increase in response to the rapid urbanization and infrastructural
development witnessed worldwide. With governments of emerging nations
such as Indonesia, India, and China increasingly investing in rural
development and urbanization, the construction of electricity
transmission and distribution networks and upgrades on existing ones
are on the cards. This will stimulate the demand for LV and MV
switchgear in the short term.
Across several nations worldwide, obsolete transmission and
distribution networks have emerged as a major concern. Policy makers
are thus compelled to focus on renewing the old transmission networks
for better performance. This in turn boosts opportunities for the LV
and MV switchgear market.
Advent
of Smart Grid Technology to Benefit the Market
The accelerating trend of electrification, along with the advent of
smart grid technology in emerging and developed countries, is
expected to drive the global LV and MV switchgear market. The global
smart grid market is projected to soar at a marked CAGR of 18.2%
during the forecast period between 2013 and 2019.
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Growing Investment in Infrastructure to Boost Sales of LV and MV
Switchgear
Nevertheless, countries located in the Asian sub-continent and Africa
will create new opportunities for companies to explore in the near
future. The increasing investment in infrastructural and industrial
development in these countries will accelerate the demand for LV and
MV switchgear. The sale of LV and MV switchgear is also expected to
increase due to the rising demand for renewable energy in developed
economies.
Asia Pacific Emerges as Leading Market for LV and MV Switchgear
The lack of adequate electrification has been inhibiting the growth
of the industrial sector across emerging economies. To counter the
situation, governments in India and China have adopted several
approaches to improve grid connectivity in remote locations. A
significant portion of the budget for such improvement plans has been
allocated to urbanization, thus fuelling the deployment of smart grid
technology. This subsequently translates into greater opportunities
for sales of LV and MV switchgear in these countries.
Accounting for a dominant share of 41.5% in 2015, Asia Pacific
emerged as the leading market for LV and MV switchgear globally in
2015. North America followed APAC in 2015. With countries in North
America increasingly focusing on renewable energy to curb carbon
emissions, the demand for LV and MV switchgear is expected to remain
high through the forecast period. Based on application, the power and
utilities sectors accounted for the leading share in the global
market.
The global LV and MV switchgear market stood at US$56.23 bn in 2015.
The market is expected to reach US$98.80 bn by the end of 2024. This
translates to a CAGR of 6.8% by value between 2016 and 2024. By
volume, the market is expected to rise at a CAGR of 5.7% during the
forecast period to reach 3,874.2 thousand units by 2024.
This review is based on a new report published by Transparency Market
Research titled, “Low Voltage (LV) and Medium Voltage (MV)
Switchgear Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2016 - 2024.”
The
market has been segmented as follows:
LV
and MV switchgear market, by product standards:
IEC (International Electro technical Commission) standards
ANSI (American National Standards Institute) standards
Other (JIS, NEMA and GOST) standards
LV
and MV switchgear market, by Application:
Power plants
Oil & Gas and Petrochemical Industry
Pulp and paper industry
Utilities sector
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:
Circuit Breaker
Relays
Others (Enclosure, Fuses, Bus Bars and Switches)
LV
and MV switchgear market, by Insulation:
Air Insulated Switchgear
Gas Insulated Switchgear
Others (oil and solid)
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