Top Trends in the Global LV and MV Switchgear Market

The global LV (low voltage) and MV (medium voltage) switchgear market is expected to demonstrate good growth in the coming years. According to Transparency Market Research (TMR), the global LV and MV switchgear market was worth US$47.25 billion in 2013 and with a CAGR of 8.5% during the forecast period of 2014 to 2020, the market will be worth US$83.28 billion by the end of 2020. Volume-wise, the global LV and MV switchgear market is projected to expand at a CAGR of 6.7% during the forecast period and reach a market size of 4,195.0 thousand units by 2020. Let us look at the trends that will shape the dynamics of the global LV and MV switchgear market in the coming few years.

Browse Full LV and MV Switchgear Markett Report at-
http://www.transparencymarketresearch.com/lv-mv-switchgear-industry.html

Expanding Construction and Industrial Sector to Drive the Market
The rising demand for safety in electrical transmission and distribution in the power, real estate, industrial infrastructure, construction, and utilities sectors is fueling the demand for LV and MV switchgears. The utilities segment is projected to be the fastest growing sector in the LV and MV switchgear market during the forecasting horizon.

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.

Players to Benefit from Rising Demand in Renewable Energy Sector
The expanding renewable energy industry is fueling the demand for LV and MV switchgears. According to a TMR analyst, the rising demand for integration of renewable energy sources in the power sector will continue to drive the demand for switchgears to ensure safety and protection of electric transmission and distribution networks.

Untapped Emerging Markets Providing Good Opportunity for Companies
Players in the global LV and MV switchgear market are increasingly investing in the Asia Pacific and Africa markets due to the escalating electrification in rural and urban areas in these regions. On the other hand, the renewal of old transmission and distribution networks is projected to boost the demand for LV and MV switchgears substantially.

Rise in Price-based Competition to Suppress the Market
Expansion of switchgear vendors has been negatively impacted as a result of the increasing price-based competition between the LV and MV switchgear manufacturers. This trend will suppress the global LV and MV switchgear market till 2020.

Counterfeit Products and Components to Pose a Threat to the Market
The global LV and MV switchgear market is suppressed by the rising number of counterfeit switchgear products and related components. Counterfeit products carry multiple risks and several players in the market are collaborating against counterfeit electrical products.

These were the top trends that are expected to shape the global LV and MV switchgear market. Asia Pacific is expected to experience high growth in the global LV and MV switchgear market due to the accelerating installed capacity of transmission and distribution networks in countries such as China and India. Due to this, players in the global LV and MV switchgear market are increasingly investing in the Asia Pacific market.

Browse Press Release Report at -
http://www.transparencymarketresearch.com/pressrelease/lv-mv-switchgear-industry.htm

Some of the key players operating in the global LV and MV switchgear market are ABB Ltd., Powell Industries, Hyosung Corp. GE Co., Crompton Greaves Ltd., Schneider Electric SE, and OJSC Power Machines.