Power Plants Lead Demand from Global Lv and Mv Switchgear Market; Global Market to Reach Us$83.28 Bn by 2020

According to a research report released by Transparency Market Research, the global LV and MV switchgear market is growing at a CAGR of 8.50% from 2014 to 2020. The market was valued at US$47.45 bn in 2013 and is expected to reach US$83.28 bn by 2020. The research report, titled “LV and MV Switchgear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, covers all aspects of the market in order to derive an accurate forecast for it.

Browse the full LV and MV Switchgear Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 report at http://www.transparencymarketresearch.com/lv-mv-switchgear-industry.html


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.

The global LV and MV switchgear market is also expected to receive large-scale attention due to the rapid urbanization and electrification of rural and urban areas in many developing nations. The report suggests that this rate of urbanization will be a strong driver for the global LV and MV switchgear market within the given forecast period.The global LV and MV switchgear market will also receive rising demand from developed economies that are looking to expand their urban and industrial infrastructure.

In terms of applications, the global LV and MV switchgear market is dominated by the power plants segment. The power plant segment held a share of 40.50% in LV...