October 05, 2023 13:30 ET | Source: PMI PMI
Covina, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Low Voltage (LV) and Medium Voltage (MV) switchgear are critical components of electrical distribution systems used to control and protect electrical circuits and equipment. They are designed to switch, distribute, and protect electrical power in residential, commercial, industrial, and utility applications. Fast Fuse
Increasing urbanization and infrastructure development projects, especially in emerging economies, drive the demand for LV and MV switchgear in buildings, transportation systems, and utility networks. The trend toward electrification in various industries, such as automotive and transportation, increases the need for low voltage (lv) and medium voltage (mv) switchgear market for charging stations, electric vehicles, and rail systems.
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Segmentation: The global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market accounted for US$ 47.0 billion in 2020 and is estimated to be US$ 77.99 billion by 2030 and is anticipated to register a CAGR of 5.2%. The global Low Voltage (LV) and Medium Voltage (MV) Switchgear Market is segmented based on voltage, application, insulation and region.
The key players operating in the Low Voltage (LV) and Medium Voltage (MV) Switchgear Market includes,
Aging electrical grids in many regions require upgrades and modernization. This includes the installation of advanced MV switchgear to improve grid reliability and efficiency. Expanding industries, particularly in manufacturing and process industries, necessitate MV switchgear for power distribution and control in large facilities.
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The Low Voltage (LV) and Medium Voltage (MV) switchgear market is a critical component of electrical power distribution systems. Here are some, growth factors, and opportunities in this market:
Challenges include technological advancements, environmental regulations, cybersecurity concerns, and supply chain disruptions that can affect production and delivery.
They play a crucial role in protecting electrical circuits from faults, ensuring continuity of power supply, and improving grid stability and resilience.
Switchgear is essential in managing the distribution and control of electrical power for EV charging stations and supporting the growth of electric vehicles.
Key components include circuit breakers, disconnectors, fuses, relays, and busbars, among others. These elements work together to control and manage electrical power.
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