February 28, 2020
According to the research report titled ‘North America MV Switchgear Market Size By End-Use, Application, Component, Voltage, Installation, Insulation, Enclosure, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available at MarketStudyReport.com, North America MV switchgear market is set to acquire commendable gains by the year 2026.
As per the report, North America medium voltage switchgear market is likely to chart out lucrative growth due to the incorporation of energy-efficient transmission networks and rising demand for electricity. Additionally, diversified product applications in transformer units and power stations along with high adoption of innovative technologies will boost product sales in the region.
Canada medium voltage switchgear market size is expected to record substantial growth stemming from the expansion of micro grids and refurbishment of conventional electrical networks. Heightening electrification rate has attracted new investments for developing transmission and distribution sector will fuel North America medium voltage switchgear business growth. Governments are introducing strict norms for enhancing security, reliability, and grid stability and inducing demand for cost-competitive products, thereby influencing regional business in a positive manner.
Increasing infrastructural investments and growing commercialization across developing countries, such as Mexico will foster North America medium voltage switchgear market growth. The product is used widely in arc furnace, conventional & digital substations, and railway traction, which will generate profit-making opportunities for North America medium voltage switchgear industry.
Extensive incorporation of power generation technologies and advancement of utility aided distribution network will escalate outdoor medium voltage switchgear market size. Development and refurbishment of small-scale industries will drive North America outdoor medium voltage switchgear industry demand. The product offers several benefits, including versatility, aesthetic proximity, and secure operation which are projected to amplify its adoption in the coming years.
Residential establishments are witnessing robust expansion and people are becoming more concerned about uninterrupted power supply & voltage fluctuation. The public and private organizations are outlaying heavy amounts for refurbishment and expansion of electricity network, resulting in towering growth of North America medium voltage switchgear market size.
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Some of the major North America medium voltage switchgear industry participants are ABB Group, Siemens, Crompton Greaves, Mitsubishi Corporation, General Electric, Schneider Electric, Chint Group, BHEL, Ormazabal, Lucy electric, Hyosung, Hyundai Heavy Industries, Eaton, Powell, and Toshiba. Companies are prioritizing business strategies, such as geographical expansion, acquisition, and new product development to enhance their market position.
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