Low Voltage (LV) and Medium Voltage (MV) Switchgear Market to Develop Rapidly by 2024

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.

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“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.

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.

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