The report, now available on ASDReports, "Top 10 High & Medium Voltage Products Market HV (Switchgear, HV Cables, Power Transformer, Gas Insulated Switchgear), MV (Ring Main Unit, Recloser, MV Cables, Voltage Regulator, Surge Protection Devices, Disconnect Switch) - Global Forecast to 2021", The top 10 high voltage and medium voltage products market is expected to grow from an estimated USD 214.99 Billion in 2016 to USD 320.53 Billion by 2021. Factors such as modernization of existing power grids, increased investments in renewable energy, adoption of smart grid technology and growth of offshore wind farms are driving the market globally.
Medium voltage cables & accessories market is the largest segment in the medium voltage products category
In terms of market, by type, of medium voltage product, the medium voltage cables and accessories market held the largest market size in 2015. Factors such as government initiatives and policies to expand or upgrade the T & D system, especially in emerging economies such as India, Indonesia, and Brazil, and increasing usage of renewable sources such as wind and solar energy for power generation is positively influencing the market growth of medium voltage cables and accessories.
Switchgear market is the largest segment in the high voltage products category
In terms of market, by type, of high voltage product, the switchgear market held the largest market size in 2015. Factors such as power plant modernization and refurbishment, continued construction and economic development activities (industrial and commercial) across the globe, coupled with rising population, resulting in the increasing demand for electricity and subsequent investments in new transmission and distribution infrastructure, would necessitate growth in the market for switchgears.
Asia-Pacific is the dominant market for the top 10 high voltage and medium voltage products
Asia-Pacific is the largest market for most of the products in high and medium voltage products market. In the Asia-Pacific region, the market growth of top 10 high voltage and medium voltage products can be attributed to factors such as increasing grid investments, especially in developing economies such as China, India, and other South East Asian countries, that focus on rural electrification, transmission and distribution network expansion, large scale industrialization, growing urban population, among others. Factors such as adoption of smart grid and substation automation projects also aids in the market growth.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of companies, namely, ABB Ltd. (Switzerland), Bharat Heavy Electricals Limited (India), Crompton Greaves Ltd. (India), Eaton Corporation Plc. (Ireland), General Cable Corporation (U.S.), General Electric (U.S.), Hitachi Ltd. (Japan), Hyundai Heavy Industries Co. Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Nexans S.A. (France), NKT Cables (Germany), Prysmian S.p.A (Italy), Schneider Electric SE (France), Siemens AG (Germany), and Toshiba Corporation (Japan).
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Source: ASDReports - Market Research
Date: Feb 3, 2017