Some of the key players operating in the market include ABB Ltd. (Switzerland), Bharat Heavy Electricals Limited (India), in the Top 10 High & Medium Voltage Products Market
The market growth in the top 10 high voltage and medium voltage products market is primarily driven by factors such as modernization of existing power grids, increased investments in renewable energy, adoption of smart grid technology and growth of offshore wind farms. Asia-Pacific was estimated to be the largest market for most of the products in 2016, and the trend is projected to continue till 2021, followed by North America and Europe, respectively.
The top 10 high voltage and medium voltage products market includes both global and small regional players. Some of the key players operating in the market include 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).
Growth strategies adopted by key players in the top 10 high voltage and medium voltage products market include mergers & acquisitions, new product launches, contracts & agreements, and expansions. Contracts and agreements was the most commonly adopted strategy, constituting more than fifty percent of the total development share. The industry also adopted new product launches as the second most popular strategy in past 5 years (2012–2016).
ABB Ltd. (Switzerland) and Siemens AG (Germany) were among the leading players in the top 10 high voltage and medium voltage products market. ABB is adopting almost all strategies, right from expansions and product launches to global ventures in order to grow and sustain in the market. For instance, ABB has opened new production facilities in Brazil, China, Bulgaria, Czech Republic, and the U.S., to serve growing demand for its top 10 high voltage and medium voltage products in these countries. It has a wide range of products catering to the specific needs of its customers. It is trying to establish a significant position in the entire power value chain. ABB has designed the “Next Level Strategy”, a corporate plan for next five years to make it more agile, strengthen customer focus, and expand in attractive markets through forged partnerships and ground-breaking technologies.
Siemens, a leading German multinational conglomerate, is another leading global player in the top 10 high voltage and medium voltage products market. It is trying to position itself as a pioneer along the entire electrification value chain with its respective business units. It has designed a comprehensive strategic framework “Vision 2020” and is planning to follow it to improve its business, management, and customer focus. The objective of this strategy includes implementing stringent corporate governance, executing financial targeting system, and expanding global management. Siemens is also expanding its global presence and upgrading its existing products through constant innovation in order to meet the demand and expectation as well as sustain in the market. For instance, it has expanded its presence in countries such as Brazil, India, Mexico, Russia, among others.
Other prominent players in the top 10 high voltage and medium voltage products market include General Electric Company (U.S.), Eaton Corporation Plc (Ireland) and Schneider Electric SE (France), among others.
Related Reports:
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
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