February 28, 2020
According to the research report titled ‘North America LV Switchgear Market Size By Product, Voltage Rating, Installation, Current, Application, Rated Current, Protection, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available at MarketStudyReport.com, North America LV switchgear market is set to acquire commendable gains by the year 2026.
According to the report, North America low voltage switchgear industry is estimated to register spiraling growth owing to the escalating energy consumption in rural areas and amplifying expenditure for infrastructural expansion. Development of smart grid networks and refurbishment of existing grid structures will amplify market growth. Several positive norms & regulations are introduced for the advancement of sustainable energy technologies and electricity demand is amplifying, which is further influencing business trends.
Circuit breaker integrated low voltage switchgear industry has gained traction from wide product application in industrial & utility-based installations and capability to reset in accordance with operational safety in networks having outages and current faults. The product offers less unit cost, low maintenance, and quick reaction time. Also, North America low voltage switchgear market size is likely to record significant growth due to the introduction of subsidies & tax rebates, net metering, and feed-in tariff.
A series of investments on development of distribution & transmission systems and establishment of numerous manufacturing units for considerable power generation, will induce DC low voltage switchgear industry demand in North America. A marked rise in consumer awareness regarding quick fault clearance facilities and availability of operational support for AC circuits due to minimal operational losses are likely to play a major role in spurring North America low voltage switchgear market growth.
In terms of installation, rapid urbanization & industrialization and massive incorporation of distribution power generation technologies will offer an impetus to outdoor low voltage switchgear industry growth. Extensive growth of utility aided power distribution infrastructure, rising construction activities across the commercial & industrial sector, and intensifying adoption of clean & sustainable energy will generate lucrative opportunities for North America low voltage switchgear market.
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A few of the notable players present in North America low voltage switchgear industry are Hyundai Electric & Energy Systems, ABB Limited, Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, Fuji Electric, Hitachi Limited, and Hubbell Power systems among others.
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