Low Voltage Switchgear Market Size, Share, Industry Report, Growth, Analysis, Price, Outlook And Forecast 2024-2032
Low Voltage Switchgear Market Outlook
According to the report by Expert Market Research (EMR), the global low voltage switchgear market size is projected to grow at a CAGR of 7.70% between 2023 and 2028. Aided by the rising demand for electricity and the growing applications of low voltage switchgears across various industries, the market is expected to grow significantly by 2028.
Low voltage switchgear is an essential component of electrical installations in industries, buildings, and infrastructure, used to control, protect, and isolate electrical equipment. These systems play a crucial role in maintaining electrical safety, regulating power control, and ensuring efficient power distribution. Apart from this, low voltage switchgears offer benefits such as high reliability, easy replacement, and enhanced safety features, making them valuable assets in various industrial applications.
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The increasing global demand for electricity is one of the primary drivers of the global low voltage switchgear market. With urbanisation and industrialisation gaining momentum, there has been a surge in power consumption, leading to an increased demand for efficient and safe power distribution systems like low voltage switchgears. Furthermore, the shift towards renewable energy sources has led to the installation of new power generation units, thereby fuelling the demand for these systems.
The broadening applications of low voltage switchgears across different industries is contribute significantly to the low voltage switchgear market expansion. In industries such as oil and gas, power generation, and manufacturing, these systems are used to ensure safe and reliable power supply. Moreover, they are employed in residential and commercial buildings to protect electrical circuits from damage due to overload or short circuit.
The development of smart grids and the rising trend of automation in the power industry have also helped to strengthen the low voltage switchgear market. An increased emphasis has been placed on using intelligent low voltage switchgear systems, which include capabilities like enhanced load management, fault detection, and self-healing of network failures. This is due to the integration of information technology into power grid networks.
Furthermore, the usage of dependable and effective switchgear systems in electrical installations has been mandated by strict government rules addressing electrical safety in numerous countries. These regulations aim to minimise electrical accidents, protect infrastructure, and ensure the safe operation of electrical equipment, thereby further augmenting the low voltage switchgear market growth.
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Low Voltage Switchgear Market Segmentation
The market can be divided based on product, installation, voltage rating, application, end use, and region.
Market Breakup by Product
- Fixed Mounting
- Plug-In
- Withdrawable Unit
Market Breakup by Installation
- Indoor
- Outdoor
Market Breakup by Voltage Rating
- Less than 250V
- 250-750V
- 751-1000V
Market Breakup by Application
- Substation
- Distribution
- Power Factor Correction
- Sub Distribution
- Motor Control
- Others
Market Breakup by End Use
- Residential
- Commercial
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Low Voltage Switchgear Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global low voltage switchgear companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ABB Ltd
- Al Hassan Engineering Co. S.A.O.G
- Eaton Corporation plc
- Vertiv Group Corporation
- Hubbell Incorporated
- Hyosung Heavy Industries
- Fuji Electric Co., Ltd.
- Others
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