Albany, NY, Jan. 28, 2016 (GLOBE NEWSWIRE) -- According to a research report released by Transparency Market Research, the global LV and MV switchgear market is growing at a CAGR of 8.50% from 2014 to 2020. The market was valued at US$47.45 bn in 2013 and is expected to reach US$83.28 bn by 2020. The research report, covers all aspects of the market in order to derive an accurate forecast for it.
In terms of volume, the global LV and MV switchgear market is growing at a CAGR of 6.7% within the report’s forecast period from 2014 to 2020. At this growth rate, the global LV and MV switchgear market, which was at 2,668.6 thousand units in 2013, will reach 4,195.0 thousand units in 2020.According to the report, the key driving factor for the global LV and MV switchgear market is the growing demand for protection and safety in electrical distribution systems. By design, a switchgear is used to control, regulate, and protect power generation. A switchgear finds use in power transmission and distribution networks as well.
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The global LV and MV switchgear market is also expected to receive large-scale attention due to the rapid urbanization and electrification of rural and urban areas in many developing nations. The report suggests that this rate of urbanization will be a strong driver for the global LV and MV switchgear market within the given forecast period.The global LV and MV switchgear market will also receive rising demand from developed economies that are looking to expand their urban and industrial infrastructure.
In terms of applications, the global LV and MV switchgear market is dominated by the power plants segment. The power plant segment held a share of 40.50% in LV switchgears and 40.39% in MV switchgears in 2013. The fastest growing application segment of the global LV and MV switchgear market for the given forecast period is utilities.In terms of voltages, the global LV and MV switchgear market is led by switchgears of less than 1kV in terms of both revenue and volume. This segment of voltage held 49.26% of the LV switchgears market and 65.80% of the MV switchgear market in 2013.
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Geographically, the global LV and MV switchgear market is dominated by Asia Pacific in terms of both revenue and volume. In 2013, the region held 42.10% of the global LV switchgear market and 45.1% of the HV switchgear market. The growth of the market is primarily attributed to the heavy industrialization rates of countries in the Asia Pacific region.The report details key players in the global LV and MV switchgear market, including OJSC Power Machines, GE Co., Mitsubishi Electric Corp., Hyosung Corp., Eaton Corp., Crompton Greaves Ltd., and ABB Ltd.
Key segments of the Global LV and MV Switchgear Market
LV and MV switchgear market, by product standards:
- LV and MV switchgears follow IEC (International Electrotechnical Commission) standards
- LV and MV switchgears follow ANSI (American National Standards Institute) standards
- LV and MV switchgears that follow other (JIS, NEMA and GOST) standards
LV and MV switchgear market, by Application:
- Power plants
- Oil & Gas Industry
- Petrochemical industry
- Pulp and paper industry
- Utilities sector
LV and MV switchgear market, by Components:
- Circuit Breaker
- Others (Enclosure, Fuses, Bus Bars and Switches)
- LV and MV switchgear market, by Insulation:
- Others (oil and solid)
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research