Report Details:
15 Companies Covered
128 Pages
Market Research Future (MRFR) has published a cooked research report on the “global Low voltage switchgear market” that contains the information from 2019 to 2030. The Low voltage switchgear market is estimated to register a CAGR of 3.7% during the forecast period of 2022 to 2030.
MRFR recognizes the following companies as the key players in the global Low voltage switchgear market— Siemens, ABB, Schneider Electric, Eaton Corporation, Mitsubishi Electric Corporation, General Electric (GE), Hyosung Corp., Hyundai Electric & Energy Systems Co, Ltd., Powell Industries and others.
Low Voltage Switchgear Market Statistics
The Global Low voltage switchgear Market Size was valued at USD 43,332.2 million in 2022. The Low voltage switchgear Market industry is projected to grow from USD 45,174.6 million in 2023 to USD 57,890.1 million by 2030, exhibiting a compound annual growth rate (CAGR) of 3.7% during the forecast period (2023 - 2030).
The primary force behind the growth of the Low voltage switchgear market worldwide is primarily due to the aging electricity distribution infrastructure. Moreover, the implementation of performance-based incentive schemes is expected to create an opportunity for the players operating in the global low voltage switchgear market. However, harsh environmental conditions are expected to restrict the growth of the global low voltage switchgear market to a certain extent during the forecast period.
Segment Analysis
The global Low voltage switchgear market has been segmented based on protection, product, rated current, voltage, installation, current, end user and region/country.
The global Low voltage switchgear Market segmentation, based on protection, the low voltage switchgear market has been divided into circuit breaker and fuse. The circuit breaker segment dominated the market in 2021 and is estimated to remain the same during the review period, whereas the fuse segment is expected to register the highest CAGR during the forecast period from 2022 to 2030. The global Low voltage switchgear market revenue through the projected period as estimated by MRFR analysts.
Based on the end user, the low voltage switchgear market has been divided into T&D utilities, commercial, industrial, and residential. The T&D utilities segment dominated the market in 2021 whereas residential is anticipated to exhibit the highest CAGR during the assessment period.
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Regional Analysis
By Region, the study segments the Low voltage switchgear market into North America, Europe, Asia-Pacific, Middle East & Africa and South America. The North America Low voltage switchgear market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period. North America is one of the prominent regional markets for low voltage switchgear, owing to an increase in the share of renewable energy sources and a growing need for upgrading the T&D networks in the region.
The region is experiencing high investment in energy efficiency due to decreasing technology prices and third-party energy efficiency programs. According to the North American Energy Efficiency Program Implementation, annual energy efficiency spending is expected to reach USD 11.3 billion by 2030, driving the market for power T&D equipment. The US low voltage switchgear market is projected to witness significant growth due to increased power demand for commercial and industrial applications and increasing oil production activities. Moreover, Canada is investing in the smart grid technology of Ottawa's net-zero energy communities to enhance the electricity grid. This investment is worth USD 5 million and would also drive the installation of microgrids in the country. Such factors would boost the demand for low-voltage switchgear. Furthermore, data centers require a continuous and reliable power supply for the effective and uninterrupted functioning of computing and networking equipment in the data center, which leads to an increase in the demand for power T&D equipment in data centers. Hence, the significant increase in power demand and the increasing number of data centers lead to a demand for power T&D equipment in this region during the forecast period.
Key Findings of the Study
- The global Low voltage switchgear market is expected to reach USD 57,890.1 million by 2030, at a CAGR of 3.7% during the forecast period.
- The North America region accounted for the fastest-growing global market.
- Based on Product, the Fixed mounting segment was attributed to holding the largest market in 2022.
- Based on application, the Residential segment was attributed to holding the largest market in 2022.
- Siemens, ABB, Schneider Electric, Eaton Corporation, Mitsubishi Electric Corporation, General Electric (GE), Hyosung Corp., Hyundai Electric & Energy Systems Co, Ltd., Powell Industries are the key market players.