Albany, NY -- (SBWIRE) -- 04/06/2017 -- The highly competitive global market for low voltage (LV) and medium voltage (MV) switchgear holds intense price-based competition, a significant risk of backward integration by big vendors, and a low level of product differentiation, observes a recent report by Transparency Market Research. The global low voltage and medium voltage switchgear market features a relatively fragmented competitive landscape, with Schneider Electric SE accounting for the dominant share in key regional markets such as North America, Europe, and Asia Pacific.

The market presents vast scope for small level companies to penetrate the market, especially in developing economies across Asia Pacific, South America and the Middle East. Dearth of end-to-end aftersales services and increased demand for low cost switchgears, which can be achieved through economies of scale, increase the market attractiveness for new entrants in these regions. However, in order to exploit these opportunities, small vendors need to overcome challenges such as lack of technical expertise to meet stringent quality standards and high initial investment.

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Transparency Market Research estimates that the global low voltage and medium voltage switchgear market will expand at a healthy 6.8% CAGR over the period between 2016 and 2024, rising from US$56.23 bn in 2015 to US$98.80 bn by 2024.

Market to Thrive due to Rising Demand from Power Plants Sector

In terms of application, the power plants sector accounted for the dominant share of contribution in the global LV and MV switchgear market revenue, estimated to be nearly 40%, in 2015. Demand across this sector is, however, envisaged to remain relatively medium over the report's forecast period. Demand will be mostly triggered by the increasing application of renewable energy sources in power plants and the subsequent need to modify transmission and distribution networks.

From a geographical perspective, the Asia Pacific LV and MV market dominated, in terms of both revenue and volume in 2015. The region accounted for a whopping 41.5% of the global market in terms of value and 46.5% in terms of volume in the said year. Market growth in the region is mostly attributable to the vast rise in electrification rate and increased demand for effective electric transmission and distribution products across industrial and construction sectors.

Thriving Construction and Industrial Sectors in Emerging Economies Key to Market Growth

The construction and industrial sectors in emerging economies such as Indonesia, India, and China have witnessed significant expansion in the past few years owing to factors such as population growth, rising rate of urbanization, rising disposable incomes, and extended government support for the development of these sectors. Since LV and MV switchgears find extensive usage across residential as well as commercial construction projects, thus upward trend in the number of construction projects and industrial activities undertaken in these countries are influencing the overall demand for LV and MV switchgears.

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The global LV and MV switchgears market is also expected to be driven by the rising rate of electrification and the advent of smart grid technology, especially in emerging economies. In developed markets, the demand for LV and MV switchgears will be driven by the need for renewal of age old power distribution and transmission infrastructure.

This review of the market is based on a recent TMR report, titled "Low Voltage (LV) and Medium Voltage (MV) Switchgear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."