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Growing Distributed Energy Resources, Rapid Urbanisation and Commercial Expansion will Drive the Demand
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Switchgear is an integral part of the electrical power value chain. Increase in power demand and replacement of aged equipment in the Transmission and Distribution (T&D) grid infrastructure is driving the demand for switchgears globally. Need for continuous, uninterrupted power supply and to protect the electrical equipment from fault currents, switchgears are employed. Further, they are also a key component to modernise the grid network and to integrate distributed energy sources. This study provides a market analysis of the global Low-voltage Switchgear (LVSG) market for the calendar year 2017 and uses insights from manufacturers, channel partners, and end users to identify drivers and restraints for the market for the next 5 years. Market analysis includes revenue forecasts, discussion on the competitive structure, and market share analysis. The base year of the study is 2017 with forecast period from 2018 to 2025. The global LVSG market is set for steady growth across the globe, driven by factors such as replacement of aged infrastructure, rising power demand, and increasing Distributed Energy Resources (DERs) and industrial establishments. Increased government spending on infrastructure projects and emerging new segments (renewable and metro rail) are expected to drive the demand for LVSG products. Market Drivers:• Infrastructure developments in the commercial and industrial segments boost the demand for LV switchgear components• The dynamic growth of the construction sector in some regions creates significant demand for LV switchgear components• Growth of DERs is likely to drive LVSG market growthMarket Restraints:• The uncertain economic climate in some regions significantly affects the commercial and industrial segments• Low-cost Chinese and South Korean products challenge the overall business revenueStrategic Imperatives for Success and Growth:• Big Data analytics has the potential to create new growth opportunities and transform the competitive landscape.• Traditional T&D equipment companies may not be capable of handling such large volumes of data; hence, they should partner with such solution providers to stay ahead of the competition.• Building the capability to offer end-to-end solutions through acquisition helps companies to expand their market reach in developing markets. • Increasing investments, infrastructure developments, government mandates and support in terms of electrification and smart grid initiatives are likely to drive the demand for LVSG products mainly in emerging economies.The companies mentioned include: GE, ABB, Siemens, Eaton, Schneider, Havells, CHINT Group, WEG, COELME s.p.a, Hyundai Heavy Industries, Fuji Electric, L&T, Hitachi, BCH Electric, HPL India, C&S Electric, Huyu Group Corporation, Hangzhou Zhijiang Switchgear, Guangdong Zhujiang Switchgear, Alfanar, Mitsubishi Electric Corporation, Legrand, Hager, Rockwell Automation, Terasaki,LSIS,Hyosung, and Toshiba Corporation.
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