Theglobal low voltage (LV) and medium voltage (MV) switchgear market depicts the presence of a highly competitive and dynamic vendor landscape, finds Research Report Insights on the basis of a newly published report.
With the entry of new players on a regular basis, the level of competition is expected to dramatically increase during the forthcoming years.Many businesses working in the global low voltage (LV) and medium voltage (MV) switchgear market are focusing on mergers and acquisitions as key strategies, in order to gain extensive revenue.
Enhancing product portfolio, bringing about geographical expansion, and increasing capacity of low voltage (LV) and medium voltage (MV) switchgear production are other important strategies that are implemented by most organizations operating in the market.
ABB Ltd., GE Co. Mitsubishi Electric Corp., Crompton Greaves Ltd., Siemens AG, Powell Industries Inc., Bharat Heavy Electricals Ltd., Hyosung Corp., Eaton Corp., OJSC Power Machines, and Schneider Electric SE, are key companies operating in the global low voltage (LV) and medium voltage (MV) switchgear market.Request For Report Sample: https://www.researchreportinsights.com/report/sample/110114904/Low-Voltage-(LV)-and-Medium-Voltage-(MV)-Switchgear-Market In 2015, this market had registered revenue worth US$56.23 bn, which is further expected to record a valuation of US$98.90 bn by the end of 2024.
This growth is projected to occur at a strong CAGR of 6.8% between 2016 and 2024, which is the forecast period covered in the report.Rapid Industrialization and Urbanization Boosting Market’s GrowthThe global low voltage (LV) and medium voltage (MV) switchgear market is being driven mainly due to a rise in demand for enhanced protection in electricity distribution systems.
With rural development and urbanization mushrooming rapidly, the construction of electricity transmission lines and distribution networks is highly necessary.