Sellbyville, Delaware, Feb. 19, 2019 (GLOBE NEWSWIRE) --
Metal enclosed medium voltage switchgear market is projected to exceed an annual deployment of 5 million units by 2025. Reliable & safe operations, unique design & construction, suitable interlocking arrangement within various components and easy replacement are the few indispensable features amplifying the product demand. Moreover, rising measures to curb short circuits, electricity supply faults and fire hazards have further escalated the industry growth.
Global Medium Voltage Switchgear Market is projected to surpass USD 50 billion by 2025, as reported in the latest study by Global Market Insights, Inc. The MV switchgear market has gained an upsurge on account of rising electricity demand coupled with increasing need for effective T&D control systems. Accruing concerns associated with health, electricity supply faults, fire and other related hazards in line with lack of efficient electrical network across emerging regions will boost the industry landscape. Furthermore, ease of installation, cost effectiveness, safe and reliable operations are few prominent parameters favoring the business outlook.
Voltage ratings prove to be a standard industry protocol for the installation of switchgear units across utilities, large-scale industries and residential peripherals. In the recent years, 9 kV to 15 kV MV switchgear market has witnessed a growth owing to refurbishment & retrofitting of small-scale industries and large-scale commercial establishments. In addition, the rising demand for energy favored by positive consumer inclination to infuse renewable electricity infrastructure will complement the industry landscape.
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Diverse applicability, aesthetic proximity and product versatility are essential factors swaying the demand for circuit safety equipment including switches, disconnectors and circuit breakers. Utility and industrial deployments integrate electrical lines with extra high voltages which require efficient electrical devices to avoid short fluctuations and faults which in turn will stimulate the global market.
Browse key industry insights spread across 1400 pages with 2934 market data tables & 40 figures & charts from the report, “Medium Voltage Switchgear Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medium-voltage-switchgear-market
Ongoing suburban migration coupled with positive government regulations to ensure a healthy & safe livelihood for residents have further led to commercial expansion and urbanization expansion globally. The incessant growth in peak load demand across developing countries has compelled installers and utilities to upscale and upgrade to flexible electricity supply components to reinforce grid security & reliability. Henceforth, increasing energy demand supported by rising need for efficient power distribution infrastructure will favor the market share.
Increasing demand for refurbishment & restoration of ageing electrical setup in line with growing fund allocation across the power sector will boost the North America market. Reliability & longevity, operational flexibility coupled with economical costs are key factors predicted to thrust the business outlook. In 2018, the U.S. Government introduced schemes to invest USD 10,000 million to enhance its inter-regional electrical network with an aim to limit the curtailment rate across the Western T&D Network.
Prominent medium voltage switchgear market players include Siemens, ABB, GE, Mitsubishi, Ormazabal, Schneider, BHEL, Chint Group, Crompton Greaves, Hyosung, Eaton, Lucy electric, Hyundai Heavy Industries, Toshiba and Powell.
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Browse Related Reports:
- Global Switchgear Market Size Forecast 2018 – 2024
Global Switchgear Market in 2017 was valued at over USD 90 Billion and is estimated to witness growth over 6% by 2024 as increasing expenditure toward infrastructural development along with regulatory measures for the expansion of power grid in rural areas will propel the industry growth.
https://www.gminsights.com/industry-analysis/switchgears-market
- Low Voltage Switchgear Market Size Outlook 2019 – 2025
The Low Voltage (LV) Switchgear Market in 2018 exceeded an annual installation of 30 million units and is anticipated to exceed USD 80 billion by 2025 propelled by increasing expenditure towards infrastructural expansion.
https://www.gminsights.com/industry-analysis/low-voltage-lv-switchgear-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.