Top 10 HV and MV products market to reach $320B by 2021
A new research report on top 10 HV and MV products market has been published by MarketsandMarkets, titled “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”.
According to the report, the top 10 high voltage and medium voltage products market is expected to grow from an estimated $215 billion in 2016 to $320.5 billion by 2021.
The main factors driving the global market are modernization of existing power grids, increased investments in renewable energy, adoption of smart grid technology and growth of offshore wind farms.
The top 10 high voltage and medium voltage products market starts with the manufacturing of equipment such as power transformers, switchgears and cables, among others.
ABB, General Electric, and Siemens are among the leading equipment and service providers profiled in the report.
The report also covers application in the end-use industries such as transmission & distribution utilities, manufacturing & process industries, and commercial & residential infrastructure, among others.