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Low Voltage and Medium Voltage Switchgear Market: Evolving Technology, Trends and Industry Analysis

Press Release   •   Jan 16, 2018 04:35 EST

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.

“Owing to the prevalence of intense price-based competition, the bottom line growth of enterprises will remain more or less stagnant despite them witnessing persistent top line growth at an individual level,” says a lead analyst at TMR.

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Urban Sprawl Augurs Well for LV and MV Switchgear Sales

The rising demand for enhanced protection in electricity distribution systems makes the deployment of advanced LV and MV switchgear imperative.

Besides this, the demand for switchgear is also expected to increase in response to the rapid urbanization and infrastructural development witnessed worldwide. “With governments of emerging nations such as Indonesia, India, and China increasingly investing in rural development and urbanization, the construction of electricity transmission and distribution networks and upgrades on existing ones are on the cards. This will stimulate the demand for LV and MV switchgear in the short term,” added an analyst at TMR.

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Increasing Price-based Competition Puts Pressure on Revenue Stream

Despite the growth witnessed by the market being largely positive, the prevalence of intense price-based competition between local and established players creates a major bottleneck. This is particularly true in case of emerging economies, where local players give tough competition to their established counterparts by providing quality products at affordable price. The prevalence of such intense competition is likely to negatively influence the trajectory of the switchgear market.

Furthermore, the easy availability of substitutes is also holding back the market’s growth. The rampant counterfeiting of the low voltage switchgear technology creates major challenges for the market. These items are generally available in the market at cheaper prices, which in turn adversely impacts the market’s growth trajectory.

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Asia Pacific Emerges as Leading Market for LV and MV Switchgear

Accounting for a dominant share of 41.5% in 2015, Asia Pacific emerged as the leading market for LV and MV switchgear globally in 2015. North America followed APAC in 2015. With countries in North America increasingly focusing on renewable energy to curb carbon emissions, the demand for LV and MV switchgear is expected to remain high through the forecast period. Based on application, the power and utilities sectors accounted for the leading share in the global market.

The global LV and MV switchgear market stood at US$56.23 bn in 2015. The market is expected to reach US$98.80 bn by the end of 2024. This translates to a CAGR of 6.8% by value between 2016 and 2024. By volume, the market is expected to rise at a CAGR of 5.7% during the forecast period to reach 3,874.2 thousand units by 2024. 

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