Low Voltage (LV) and Medium Voltage (MV) Switchgear Market: Vast Rise in Electrification Rates to Drive Market across Emerging Economies
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. The rapid development of industrial infrastructure and expansion witnessed in the construction sector, primarily in the emerging markets, are fuelling demand for low voltage (LV) and medium voltage (MV) switchgear. With governments proactively investing in urbanization and rural development, renewal of existing transmission and distribution networks is on the cards. This is expe...