Tuesday 17 February 2015, Amsterdam
The new 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.
Commenting on the report, an analyst from the report's team said: “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 disconnectors. 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.”
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.
Further, the report states that o0ne 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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.