LV and MV Switchgear – 3 Changes that Have Opened the Growth Window for It’s Market
Switchgears are the switching devices designed to protect, regulate and control power generation, transmission and distribution equipment and electric motor control systems. Switchgears are located on both the low-voltage and high-voltage side of large power transformers in substations.Growing demand for safety and protection in electric transmission and distribution in industrial infrastructure and construction sectors in developing nations has triggered the demand for LV and MV switchgear.
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The market of LV and MV Switchgear was valued at US$47.45 bn in 2013 and is expected to reach US$83.28 bn by 2020.According to the report, the rising industrialization has stimulated the pace of electrification in developing economies across the world, thereby significantly fueling demand from the global market for LV and MV switchgear.
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.
Demand for safe and efficient switchgears
This is a very foundational requirement for not just LV and MV switchgears, but just about any electrical product. Products that bring additional safety, failsafe operations and stability to the table will eventually overtake those that don’t. Electrical distribution systems could pose the risk of electric shocks to personnel working on such systems; similarly, the risk of overload-related hazards is present too. The greatest trend that is shaping up the LV and MV switchgear market is the demand for safe and secure electrical distribution systems. Switchgears perform the important role of regulating power generation and controlling transmission and distribution networks as well as substations.
Switchgears are typically of three types depending on the voltage environment they are used in: high voltage, low voltage (LV), and medium voltage (MV). The latter are used in a variety of industries such as power plants, utilities, pulp and paper, oil & gas, and mining. Safety is paramount in all of these industries and hence, the role of reliable and safe switchgears simply cannot be underestimated.
According to estimates going back to 2013, power plants show the highest demand for both LV and MV switchgears. The power sector is witnessing frenzied demand and as is strives to meet this high demand for electricity, it does so by using products such as LV and MV switchgears among others. Thus, the rapid electrification of various towns and villages in developing countries will be the greatest advantage for the global LV and MV switchgear market.
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