Low Voltage (LV) and Medium Voltage (MV) Switchgear Market is estimated to be US$ 77.99 billion by 2030 with a CAGR of 5.2% during the forecast period-By PMI

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Prophecy Market Insights latest research report on the Low Voltage (LV) and Medium Voltage (MV) Switchgear Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina, Oct. 05, 2023 (GLOBE NEWSWIRE) — Low Voltage (LV) and Medium Voltage (MV) switchgear are critical components of electrical distribution systems used to control and protect electrical circuits and equipment. They are designed to switch, distribute, and protect electrical power in residential, commercial, industrial, and utility applications.    

Increasing urbanization and infrastructure development projects, especially in emerging economies, drive the demand for LV and MV switchgear in buildings, transportation systems, and utility networks. The trend toward electrification in various industries, such as automotive and transportation, increases the need for low voltage (lv) and medium voltage (mv) switchgear market for charging stations, electric vehicles, and rail systems.

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Key Highlights –

  • In May 2022, Schneider Electric Launches Digitally Enabled SureSeT MV Switchgear and EvoPacT Circuit Breakers. Primary metal-clad, air-insulated switchgear with renowned hoover Best-in-class technology for big and sophisticated medium voltage (MV) power distribution and control is provided by EvoPacT circuit breakers. Integrating new digital features for equipment health monitoring and control, preventive maintenance, and operational effectiveness.

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Segmentation:
The global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market accounted for US$ 47.0 billion in 2020 and is estimated to be US$ 77.99 billion by 2030 and is anticipated to register a CAGR of 5.2%. The global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market is segmented based on voltage, application, insulation and region.

  • On the basis of voltage, the global Low Voltage (LV) and Medium Voltage (MV) Switchgear market is segmented into Less Than 1kV, 1kV – 5kV, 6kV – 15kV, 16kV – 27kV, and 28kV – 38kV
  • On the basis of application, the global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market is segmented into power plants, oil and gas, pulp an paper industry and utilities sector.
  • On the basis of insulation, the global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market is segmented into air insulated switchgear, and gas insulated switchgear.
  • On the basis of region, the global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The key players operating in the Low Voltage (LV) and Medium Voltage (MV) Switchgear Market includes,

  • ABB Ltd.
  • GE Co.
  • Mitsubishi Electric Corp.
  • Crompton Greaves Ltd.
  • Siemens AG
  • Powell Industries Inc.
  • Bharat Heavy Electricals Ltd.
  • Hyosung Corp.
  • Eaton Corp.
  • OJSC Power Machines
  • Schneider Electric SE.

Analyst View –

Aging electrical grids in many regions require upgrades and modernization. This includes the installation of advanced MV switchgear to improve grid reliability and efficiency. Expanding industries, particularly in manufacturing and process industries, necessitate MV switchgear for power distribution and control in large facilities.

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The Low Voltage (LV) and Medium Voltage (MV) switchgear market is a critical component of electrical power distribution systems. Here are some, growth factors, and opportunities in this market:

Growth Factors:

  1. Urbanization and Infrastructure Development: Rapid urbanization and infrastructure development in emerging markets drive the demand for LV and MV switchgear in residential, commercial, and industrial sectors.
  2. Renewable Energy Integration: The growth of renewable energy sources, such as wind and solar, requires advanced switchgear solutions to efficiently integrate these intermittent power sources into the grid.
  3. Electrification Trends: Electrification in various sectors, including transportation and industry, is increasing the need for reliable LV and MV switchgear to manage power distribution.
  4. Grid Modernization: Aging power distribution infrastructure in many regions necessitates grid modernization efforts, creating opportunities for upgrading switchgear systems.

Opportunities:

  1. Smart Grid Integration: The integration of smart grid technologies offers opportunities for LV and MV switchgear manufacturers to provide intelligent and automated solutions that enhance grid efficiency and reliability.
  2. Electrical Vehicle (EV) Charging Infrastructure: The growth of electric vehicles requires the development of EV charging infrastructure, creating a demand for switchgear solutions in this segment.
  3. Energy Storage Systems: The rise of energy storage systems, such as batteries, offers opportunities for LV and MV switchgear in managing and distributing stored energy.
  4. Global Expansion: Expanding into emerging markets with increasing energy needs and infrastructure development can be a lucrative opportunity for switchgear manufacturers.
  5. Customization and Innovation: Customized solutions and innovative product offerings, such as compact and modular switchgear designs, can set manufacturers apart in a competitive market.

FAQs.

  • What challenges does the LV and MV switchgear market face?

Challenges include technological advancements, environmental regulations, cybersecurity concerns, and supply chain disruptions that can affect production and delivery.

  • How do LV and MV switchgear contribute to electrical grid reliability and efficiency?

They play a crucial role in protecting electrical circuits from faults, ensuring continuity of power supply, and improving grid stability and resilience.

  • What role does LV and MV switchgear play in the electrification of transportation and EV charging infrastructure?

Switchgear is essential in managing the distribution and control of electrical power for EV charging stations and supporting the growth of electric vehicles.

  • What are the main components of LV and MV switchgear?

Key components include circuit breakers, disconnectors, fuses, relays, and busbars, among others. These elements work together to control and manage electrical power.

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