Technavio recognizes the following companies as the key players in the global low and medium voltage switchgear market: ABB, GE, Mitsubishi Electric, Schneider Electric, and Siemens.Other Prominent Vendors in the market are: Bharat Heavy Electricals Limited, CG, CHINT Group, Eaton, ELEKTROBUDOWA, ELECTROALFA, Hyosung, Hyundai Heavy Industries, Lucy Electric, Main Systems, OJSC Power Machines, Powell Industries, SKEMA, and Toshiba.
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Commenting on the report, an analyst from Technavios team said: One trend in the market is evolution of smart grids. A smart grid system delivers a sustainable, secure, and economical electricity supply by intelligently assimilating the actions of all users whether they are consumers, generators, or those capable of both in a well-organized manner.
Smart grids provide a convergence of an analog or digital information and computer-based remote control and automation to electric networks.According to the report, one driver in the market is capacity expansion for renewable power generation.
The US and China together accounted for about one-fifth of the global power generation capacity in 2014. China's capacity is expected to grow by single digits until 2035.
Most of the significant expansion activities are happening in the renewable energy sector. Globally, as more and more countries are becoming aware of the depleting fossil fuel resources (and the associated carbon emission regulations), they are gradually adopting renewable energies such as wind and solar.
This transition is aiding them to achieve their carbon emission goals and reduce dependency on fossil fuels.
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Further, the report states that one challenge in the market is high electrical equipment imports by India. The growing demand for power in the country has led to the development of large T&D projects in India.
Though India has a huge scope of T&D investments, the R&D spending is less than 1% of sales compared with 6% of sales in large companies in other countries such as Europe and the US. In India, 90% of T&D equipment manufacturers are small and medium enterprises (SME) sectors and are incapable of upgrading the existing technology and improve their products.The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry.
The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
About Low and Medium Voltage SwitchgearSwitchgear form an important T&D equipment. They are used to control safety and reliability of networks for ensuring smooth flow of electric power.
Switchgears are segmented as per the arc-quenching medium that is used such as air, SF6 gas, and oil. With the advent of hybrid switchgear technology in the late 1990s, the equipment combined two different technologies in its operation: Gas-insulation technology for arc-quenching purpose, and Air-insulation technology for bus bars to be connected to other equipment present in a substation.Technavios analysts forecast the global low and medium voltage switchgear market to grow at a CAGR of 6.46% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the Global Low and Medium Voltage Switchgear Market for 2017-2021. To calculate the market size, the report considers new installations, shipments, sales, volume, and value.The market is divided into the following segments based on geography:
EMEATechnavio's report, Global Low and Medium Voltage Switchgear Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
The report also includes a discussion of the key vendors operating in this market.
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SiemensOther prominent vendors
Bharat Heavy Electricals Limited
Hyundai Heavy Industries
OJSC Power Machines
Capacity expansion for renewable power generation
For a full, detailed list, view our report Market challenge
High electrical equipment imports by India
For a full, detailed list, view our report Market trend
Evolution of smart grids
For a full, detailed list, view our report Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
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