LV And MV Switchgear Market
LV And MV Switchgear Market Global Industry Assessment & Forecast
- By Product Less than 1kV, 1kV - 5kV, 6kV - 15kV, 16kV - 27kV
- By Application Residential, Industrial Manufacturing, Others
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||5.74 Billion|
|Revenue 2028:||8.45 Billion|
|Revenue CAGR (2022 - 2028):||6.23|
|Fastest Growing Region (2022 - 2028)||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global LV And MV Switchgear market was valued at USD 5.74 Billion in 2020 and is projected to reach USD 8.45 Billion by 2028, growing at a CAGR of 6.23% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||8.45 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||6.23%|
Overview and Description
Switchgear is composed of electrical disconnect switches, fuses or circuit breakers used to control, protect and isolate electrical equipment. Switchgear is used both to de-energize equipment to allow work to be done and to clear faults downstream.
The global LV And MV Switchgear market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 Impact Analysis
COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
The increasing demand from emerging economies, rapid urbanization owing to the increase in population along with aging power infrastructure is expected to fuel the growth of the LV And MV switchgear market in the years to come.
The increasing peak load demand and expansion of micro-grid networks coupled with increasing demand from power industry and integration of a sustainable energy infrastructure is also expected to support the growth of the market in near future.
The slow paced technological evolution across developing regions and high dependency on imports is expected to hamper the growth of the LV And MV switchgear market during the forecast period.
Global LV And MV Switchgear Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Product, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Toshiba, ABB, SENTEG, Eaton, Mitsubishi, HYUNDAI, GE, Fuji, Schneider, Siemens|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Global LV And MV Switchgear Market: Product Segment Analysis
- Less than 1kV
- 1kV - 5kV
- 6kV - 15kV
- 16kV - 27kV
Global LV And MV Switchgear Market: Application Segment Analysis
- Industrial Manufacturing
Regional Analysis: Preview
Based on region, the global LV And MV Switchgear market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global LV And MV Switchgear market are Toshiba, ABB, SENTEG, Eaton, Mitsubishi, HYUNDAI, GE, Fuji, Schneider, Siemens. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
Market Size, 2021 (USD Billion)
Global LV And MV Switchgear Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Key Highlights – Global LV And MV Switchgear Market
- Global LV And MV Switchgear Market is projected to reach USD 8.45 Billion by 2028
- North America held the highest share of the LV And MV Switchgear market
- Less than 1kV held the largest share of the product segment in the LV And MV Switchgear market
- Residential held the major share of the application segment in the LV And MV Switchgear market
Frequently Asked Question
The global LV And MV Switchgear valued at 5.74 Billion in 2020 and is expected to reach 8.45 Billion in 2028 growing at a CAGR of 6.23%.
The prominent players in the market are Toshiba, ABB, SENTEG, Eaton, Mitsubishi, HYUNDAI, GE, Fuji, Schneider, Siemens.
The market is project to grow at a CAGR of 6.23% between 2021 and 2028.
The driving factors of the LV And MV Switchgear include
- The increasing demand from emerging economies, rapid urbanization owing to the increase in population along with aging power infrastructure is expected to fuel the growth of the LV And MV switchgear market in the years to come.
- The increasing peak load demand and expansion of micro-grid networks coupled with increasing demand from power industry and integration of a sustainable energy infrastructure is also expected to support the growth of the market in near future.
North America was the leading regional segment of the LV And MV Switchgear in 2020.