ALBANY, New York, August 1, 2016 /PRNewswire/ --

The global low voltage (LV) and medium voltage (MV) switchgear market is characterized by intense price-based competition. As per a new study by Transparency Market Research (TMR), competition is expected to intensify further as local players aim for a larger presence in developed markets by providing affordable and efficient LV and MV switchgear. In Asia Pacific, which is an attractive market for LV and MV switchgear, Schneider Electric SE held a dominant share of 16.1% in terms of value in 2015, reports TMR. The top three players in Asia Pacific cumulatively held more than 37% of the market.  

"Owing to the prevalence of intense price-based competition, the bottom line growth of enterprises will remain more or less stagnant despite them witnessing persistent top line growth at an individual level," says a lead analyst at TMR.

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," added an analyst at TMR.

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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.

Increasing Price-based Competition Puts Pressure on Revenue Stream  

Despite the growth witnessed by the market being largely positive, the prevalence of intense price-based competition between local and established players creates a major bottleneck. This is particularly true in case of emerging economies, where local players give tough competition to their established counterparts by providing quality products at affordable price. The prevalence of such intense competition is likely to negatively influence the trajectory of the switchgear market.

Furthermore, the easy availability of substitutes is also holding back the market's growth. The rampant counterfeiting of the low voltage switchgear technology creates major challenges for the market. These items are generally available in the market at cheaper prices, which in turn adversely impacts the market's growth trajectory.

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.

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Asia Pacific Emerges as Leading Market for LV and MV Switchgear  

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."

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

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)

LV and MV switchgear market, by geography: 

North America 

• The U.S.
• Canada
• Mexico

Europe 

• The United Kingdom
• Germany
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific 

• China
• India
• Japan
• Australia
• South Korea
• Indonesia
• Rest of Asia Pacific
• Middle East & Africa
• Latin America

Browse Other Research Report:  

• Large Power Transformers Market: http://www.transparencymarketresearch.com/power-transformer-market.html
• Power Distribution Unit (PDU) Market: http://www.transparencymarketresearch.com/power-distribution-unit-market.html

About TMR 

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.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research