Wilmington, Delaware, United States, July 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The value of the global low voltage (LV) and medium voltage (MV) switchgear market stood at US$ 49.4 Bn in 2021. The market is anticipated to rise at a CAGR of 5.3% during the forecast period, from 2022 to 2031. The switchgear market size is anticipated to attain valuation of US$ 82.8 Bn by 2031. The need for the deployment of upgraded medium voltage switchgear assembly has been driven by growing concerns over the CO2 emissions of outdated transmission and distribution networks. Electricity supply dependability is directly correlated with low and medium voltage switchgears.
The global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market is likely to be driven by improvements in SF6 switchgear's attributes. This switchgear comes with great interrupting performance, minimal space requirements, environment compatibility, and low level of noise during operation, and lengthy maintenance intervals. It is also envisaged that the market would be stimulated by the upgrading of outdated transmission and distribution facilities.
The global low voltage (LV) and medium voltage (MV) switchgear market is anticipated to be driven by the need to update equipment to increase its lifespan. Power sector equipment makers are benefiting from new regulations that aim to restrict or reduce outages and enhance power distribution networks. One of the main factors likely to propel the global market is the increasing use of this device to make better choices by using real-time data offered by them.
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Key Findings of Market Report
- Rural families have a high rate of grid electrification and adoption; the grid is now the main source of power and illumination for these households. As a result, the need for low voltage and medium voltage switchgear is increasing. In the forthcoming years, it is projected that efforts made by Indian and Chinese governments to completely electrify rural areas are likely to boost revenue-generating opportunities for the low voltage switchgear companies.
- Based on insulation, the air insulated switchgear category maintained a commanding 68.24 % market share in 2021. It is most likely to remain stable and increase at a pace of 5.6% during the projection period. This switchgear is frequently used in rural and favourable offsite terrain, as well as other places where weather, space, seismic activity, and environmental considerations are typically not a problem. Air insulation has a number of benefits, including dependable SF6 gas switching, remote monitoring and control, simple installation, and simplicity of storage and transport. These benefits are likely to drive revenue opportunities for the low voltage switchgear manufacturers in the near future.
- Depending on installation, the indoor low and medium voltage switchgear category held 65.20% share of the global market. Additionally, the market is anticipated to grow at a CAGR of 5.6 % during the forecast timeframe. For voltages under 40 kV, indoor switchgear is ideal. For medium voltage switchgear manufacturers there lies considerable growth opportunities in medium to large size plants or facilities and data centers.
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Global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market: Growth Drivers
- As a result, producers are placing more and more emphasis on the production of air-insulated low and medium voltage switchgears. In order to ensure the secure and dependable functioning of the modernized power network, MITSUBISHI ELECTRIC, for instance, offers a range of medium/low voltage devices. The firm is also concentrating on providing clean surroundings (sf6-free) as well as low lifecycle cost products to society.
- In 2021, the market for low voltage (LV) and medium voltage (MV) switchgear was dominated by Asia Pacific, accounting for 39.12% of the total market. In the fields of technology and the creation of new products, North America and Asia Pacific serve as important centers for research and development. Profitable existence of low voltage switchgear and medium voltage switchgear makers is likely to expand North America switchgear market.
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Global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market: Key Players
Some of the key market players are
- Mitsubishi Electric Corporation
- CG Power & Industrial Solutions Ltd
- Hyosung Heavy Industries
- Schneider Electric SE
- Regal Rexnord Corporation
- Bharat Heavy Electricals Limited
Global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market: Segmentation
Voltage Range
- Less than 1kV
- 1kV – 5kV
- 6kV – 15kV
- 17kV – 27kV
- 28kV – 40kV
Components
- Circuit Breaker
- Relays
- Bus Bars and Switches
- Others
Insulation
- Air Insulated Switchgear
- Gas Insulated Switchgear
- Others
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Installation
- Indoor
- Outdoor
End-Use Industry
- Automotive
- IT and Telecommunication
- Energy & Utility
- Metals & Mining
- Food & Beverages
- Chemicals
- Oil & Gas
- Building & Construction
- Others
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