PUNE, India -- The new market research report "North America Low Voltage Industrial Controls Market by Products (MCB, MCCB, Contactors and Relays, Motor starters, Thermal Overload Relays and Others), Applications (Process Industry, Manufacturing Industry, Transportation (Railways), Aerospace & Defense, Commercial, Residential, Telecom & Renewable Energy), and by Country - Analysis & Forecast to 2014 - 2020", published by marketsandmarkets, The North America Low Voltage Industrial Controls Market was valued at USD 4.94 Billion in 2014 and is projected to reach USD 6.30 Billion by 2020, at a CAGR of 4.04% from 2015 to 2020.
The North America Low Voltage Industrial Controls Market is a very dynamic market and that entails a great potential across many industry verticals. Industrialization and urbanization across most of countries in North America is major element behind rising demand of low voltage industrial control in most industry sectors. This include the power transmission & distribution sector and associated segments. Most of developing economies are currently increasing their power generation capacity to fulfill the growing energy demands. The circuit breakers and smart grid has major role to play in this sector due to the cost effective matrix and leads to longer life cycle of devices and systems with greater reliability. The highlighting features of low voltage industrial controls devices includes, the high efficiency, use of smart meter and further reduction in its price that is best suited for commercial, residential and renewable energy applications.
The report mainly focuses on North America with a detailed view of the market across geographies - U.S, Canada and Mexico. Though U.S has the largest market share in terms of value Canada has been identified as the fastest growing region and will lead the market in coming years in the lv industrial controls. Canada has a very promising market with increase in adoption of different application to reduce carbon footprints and reduce the risks while Mexico is also impetus to the growth.
The competitive landscape of the market presents a very interesting picture, where a large number of small players have become a force to reckon with. The market is witnessing a large scale collaboration and partnership across the value and supply chain with number of tier-one players around the globe.
Major players discussed in LV industrial controls electronics market report include Rockwell Automation Inc. (U.S), ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric (France), WEG SA (Brazil), General Electric (U.S.), Mitsubishi Electric (Japan), Fuji Electric corp. of America (Japan) and CHINT Group (China).
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