Dallas, Texas (PRWEB) July 31, 2014
The transition from conventional switchgears to modular switchgears is one of the major trends in the Global Low-voltage Switchgear market. Conventional low-voltage, air-insulated switchgears have various components such as circuit breakers, current transformers, and disconnections. These components need more installation space, increasing the cost of installation. However, modular low-voltage switchgear overcomes these issues by integrating these functions into the breaking chamber of the circuit breaker. This results in easy installation and optimization of the overall operational cost. This trend is expected to augur well for the growth of the market during the forecast period.
Analysts forecast the Global Low Voltage Market to grow at a CAGR of 8.89 percent over the period 2013-2018. According to the report, one of the main drivers in this market is the increased demand for renewable sources of energy. Several developed and developing countries such as India, the US, Germany, Japan, Brazil, Taiwan, and China are experiencing rapid industrialization and are making huge investments in renewable sources of energy. This is driving the demand for switchgear products worldwide.
Low Voltage Switchgears are a combination of several components such as circuit breakers, lightning arrestors, current transformers, protection panels, and disconnections. They are used to effectively control and distribute electric power across residential, commercial and industrial premises in order to protect electrical circuits and equipment from unregulated power spikes. Low Voltage switchgear products mainly include panel boards, distribution switchboards and switches.
Global Low Voltage Market 2014-2018 has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, EMEA and the APAC regions; it also covers the Global Low Voltage market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
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The report recognizes the following companies as the key players in the Global Low Voltage Switchgear Market: ABB Ltd., GE, Siemens AG, Bharat Heavy Electricals, Eaton, Mitsubishi Electric, OJSC Power Machines.
Global low voltage switchgear market demands for renewable sources of energy and the transition from conventional to modular switchgears is a key trend.
Further, the report states that one of the main challenges in this market is the increase in the cost of raw materials. The manufacturing cost of switchgears has increased in the past few years because of the high cost of raw materials such as copper, aluminum, and steel.
Key Questions Answered in this Report