Technavio Expects the Global Medium and Low Voltage Switchgear Market to Exceed USD 101 Billion by 2020
According to the latest market research study released by Technavio,
the global
medium and low voltage switchgear market is expected to
exceed USD 101 billion by 2020, growing at a CAGR of over 10% during the
forecast period.
This research report titled ‘Global
Medium and Low Voltage Switchgear Market 2016-2020’, provides an
in-depth analysis of the market in terms of revenue and emerging market
trends. This market research report also includes an up to date analysis
and forecast for various market segments and all geographical regions.
Request sample report: http://goo.gl/iLVuDC
The report segments the global MV and LV switchgear market by end-user
and can be divided into four broad categories which are:
-
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
Global LV and MV switchgear market by power utilities
The global LV and MV switchgear market by power utilities is expected to
generate revenue exceeding 34 billion by 2020, growing at a CAGR of over
10%.
According to Anju Ajaykumar, lead analyst at Technavio for power
research, “Increased industrialization and urbanization in developing
countries has resulted in the high demand for energy, thereby rendering
power utilities an important market for switchgears. Intense competition
between industrial and non-utility generators has compelled electric
power utilities to replace old and outdated equipment to increase
operational efficiency, thus, leading to a growth for the switchgear
market.”
According to statistics from the US Energy Information Administration,
the global consumption of energy is projected to rise to 630 quadrillion
BTU by 2020 owing to strong economic growth and rising population in
developing countries. Growing investments to meet this increase in
energy demands in countries such as China, India, the UAE, and Brazil
will also drive the demand for LV and MV switchgears.
Global LV and MV switchgear market by industrial segment
The global LV and MV switchgear market by industrial segment is likely
to exceed USD 29 billion in 2020, growing at a CAGR of over 11%.
Industries use either process manufacturing or discrete manufacturing in
the production of goods. Process manufacturing is used in industries
such as oil and gas and chemical, while discrete industries include the
automotive, consumer durables, and foods and beverages. These industries
have their own captive power plants. As these industries increase and
expand worldwide, their growth is expected to drive the global demand
for LV and MV switchgears.
Global LV and MV market by residential segment
The global LV and MV switchgear market by residential segment is
expected to reach USD 23 billion in 2020, growing at a CAGR of over 11%.
Rapid urbanization in major developing countries such as India and China
is fueling the growth of the residential segment. The residential
segment is a major end-user of LV switchgears. These devices are
increasingly used in this segment to protect household appliances
against electricity fluctuations and hazards caused by faulty surges in
power.
“In China, one of the fastest-growing economies, construction activity
is contributing significantly to the demand for LV and MV switchgears,
mainly due to the growth of the residential construction market,” says
Anju.
Global LV and MV switchgear market by commercial segment
The global LV and MV switchgear market by commercial segment is expected
to generate revenue of over USD 14 billion in 2020, growing at a CAGR of
almost 8%.
The growing use of computer technology across various sectors has led to
an increase in the development of data centers, IT, and telecom — all of
which use switchgears in their operations. Servers, computers, and
peripherals such as printers and other electronic equipment require an
adequate and uninterrupted power supply. These equipment may get damaged
due to voltage fluctuations and power surges in the power grid.
Therefore, switchgears play a crucial role in providing protection
against such power grid issues. The need for increased protection and
network stability will propel the growth of the global LV and MV
switchgear market.
Technavio analysts highlight the following five vendors as the top
contributors to the global medium and low voltage switchgear market:
-
ABB
-
Alstom
-
Eaton
-
Schneider Electric
-
Siemens
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at media@technavio.com.
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