Low Voltage Switchgear Market size to grow at a CAGR of around 9% from 2016 to 2023

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Low Voltage Switchgear market size expected to
grow at a CAGR of around 9 from 2016 to 2023
Global Market Insights, Inc.
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Regional Analysis of Low Voltage Switchgear
Market

• Asia Pacific low voltage switchgear market size
  was the largest in 2015, followed by North
  America and Europe. In terms of revenue, China is
  dominating the industry and it likely to observe
  significant growth over the forecast period.
• This can be mainly attributed to extensive
  upgrade of electrical infrastructure. Rapid
  growth in BRIC nations of India, Brazil, Russia
  and China is expected to be the prime driving
  factor.
• These products are extensively used in the novel
  electrical distribution and transmission networks
  which are further anticipated to ensure
  uninterrupted power supply as well as minimum
  losses.

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• Application Analysis of Low Voltage Switchgear
  Market
• The global low voltage switchgear market growth
  has been sluggish in past few years and is
  expected to flourish over the forecast period
  owing to rising need for transformers. The
  providers are increasing their focus on
  technology development in order to augment
  efficiency and reliability of equipment. The
  above mentioned factors are expected to propel
  demand over the forecast period.
• LV switchgears include fuse gear, switches,
  enclosures, cable distribution cabinets and
  connection devices. These products offer power
  distribution functionality and reliable motor
  control for industrial as well as commercial
  installations. The main function includes
  electrical protection, local and remote
  switching, and electric isolation.
• It is ideally used to reduce electric failures
  and consequences of fault currents that run all
  the way through the circuit. In addition, it is
  primarily employed for applications where the
  delivery of electrical energy is important, such
  as pharmaceuticals, food and beverage, pulp and
  paper, infrastructure, mining and steel
  industries, industrial facilities, and commercial
  buildings

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Competitive Market Share of Low Voltage
Switchgear Market

• Major competitors that hold majority of the low
  voltage switchgear market share include ABB Ltd.,
  GE, and Siemens AG. Other prominent vendors
  include Alstom, Hyosung, Mitsubishi Electric,
  Crompton Greaves, Xian XD Switchgear Electric,
  Eaton, OJSC Power Machines, and Bharat Heavy
  Electricals.

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