Global Low-Voltage Oil Insulated Switchgear Market Overview
As per MRFR analysis, the Low-Voltage Oil Insulated Switchgear Market Size was estimated at 10.98 (USD Billion) in 2022.The Low-Voltage Oil Insulated Switchgear Market Industry is expected to grow from 11.6 (USD Billion) in 2023 to 19.0 (USD Billion) by 2032. The Low-Voltage Oil Insulated Switchgear Market CAGR (growth rate) is expected to be around 5.63% during the forecast period (2024 - 2032).
Key Low-Voltage Oil Insulated Switchgear Market Trends Highlighted
The Low-Voltage Oil Insulated Switchgear Market is poised to witness significant growth over the coming years, driven by several key factors. The demand for affordable electricity across sectors is accompanied by an increased need for efficient and dependable power distribution which is fuelling the demand in the market. The demand for oil insulated low voltage. Low-Voltage switchgear is being driven furthermore by wider application of solar and wind energy as these sources integrate with the grid through smaller mass and more adaptable switches. Moreover, the global trend of modernization and upgrading of the grid with advanced infrastructure especially in the under developed regions is further aiding the development of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low-Voltage Oil Insulated Switchgear Market Drivers
Increasing Demand for Reliable and Efficient Power Distribution
The growing demand for reliable and efficient power distribution systems is a key driver for the Low-Voltage Oil Insulated Switchgear Market. As industries and urban areas expand, the need for robust and efficient power distribution networks increases. Low-Voltage oil insulated switchgear plays a crucial role in ensuring the safe and reliable distribution of electricity to end-users. Its ability to handle high currents and provide protection against short circuits and overloads makes it an essential component of modern power distribution systems.The increasing focus on grid modernization and the integration of renewable energy sources further contribute to the demand for Low-Voltage oil insulated switchgear, as it provides the necessary flexibility and reliability to accommodate fluctuating power generation and demand.
Government Regulations and Safety Standards
The Low-Voltage Oil Insulated Switchgear Market is being driven by stringent government regulations and safety standards. Governments all over the world are issuing increasingly strict regulations to ensure that power distribution systems are safe and reliable. These regulations often necessitate the use of premium quality and certified Low-Voltage oil insulated switchgear. These systems are mandated in order to prevent accidents and ensure the safety of the workers and the general public.The rising focus on safety and compliance with industry standards is driving an increase in the demand for Low-Voltage oil insulated switchgear that meets these standards.
Advancements in Technology and Innovation
Technological advancements and innovations are expected to drive the growth of the Low-Voltage Oil Insulated Switchgear Market as well. In a bid to enhance the performance, efficiency, and reliability of their systems, industry players are making investments in research and development. They are also integrating newer technologies into Low-Voltage oil insulated switchgear, including vacuum interrupters and solid insulation. Modern technology facilitates the development of compact and, at the same time, highly efficient and eco-friendly switchgear that makes it easier for the industry to meet its changing needs.
Low-Voltage Oil Insulated Switchgear Market Segment Insights:
Low-Voltage Oil Insulated Switchgear Market Type Insights
Low-Voltage Oil Insulated Switchgear Market is segmented by type into indoor and outdoor. The indoor segment is expected to capture a larger share of the market in 2023, because of the increasing demand for compact and space-saving solutions in industrial and commercial applications. While the outdoor segment is expected to grow at a faster rate over the next decade, because of the increasing demand for reliable and durable solutions in harsh environments, such as substations and power plants. The indoor segment of the Low-Voltage Oil Insulated Switchgear Market is expected to be valued at USD 6.5 billion by 2032, exhibiting a CAGR of 5.2%.The growth of this segment is attributed to the increasing demand for compact and space-saving solutions in industrial and commercial applications . Indoor switchgear is designed to be installed inside buildings or other types of enclosures, providing protection from the elements and unauthorized access. This type of switchgear is typically used in applications where space is limited, such as data centers, hospitals, and office buildings. The outdoor segment of the Low-Voltage Oil Insulated Switchgear Market is expected to be valued at USD 12.5 billion by 2032, growing at a CAGR of 6.0%.The growth of this segment is attributed to the increasing demand for reliable and durable solutions in harsh environments. Outdoor switchgear is designed to be installed outside building, providing protection from the elements and unauthorized access. This type of switchgear is typically used in applications where space is not a consideration, such as in substations, power plants, and industrial facilities. In conclusion, the Low-Voltage Oil Insulated Switchgear Market is expected to grow at a steady pace over the next decade, driven by the increasing demand for reliable and efficient power distribution solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low-Voltage Oil Insulated Switchgear Market Current Rating Insights
The Low-Voltage Oil Insulated Switchgear Market is classified, by current rating, into Up to 1000A, Up to 2000A, Up to 3000A, and More than 3000A. In 2023, the Low-Voltage oil insulated switchgear market for products rated Up to 1000A held the largest share in terms of global revenue, equivalent to approximately 35%. This is attributed to the extensive use of low-power electrical appliances in residential and commercial complexes. Moreover, the Up to 2000A segment is expected to exhibit the highest CAGR throughout the forecast period due to the rising demand for power distribution across a variety of industrial applications.In addition, the Up to 3000A and More than 3000A segments are expected to see steady growth due in part to the increasing zero-emission electric mobility adoption and, in part to the growing reliance on renewable energy sources.
Low-Voltage Oil Insulated Switchgear Market Rated Short-Circuit Current Insights
The Low-Voltage Oil Insulated Switchgear Market is segmented based on Rated Short-Circuit Current into Up to 10kA, Up to 20kA, Up to 30kA, and More than 30kA. In 2023, the Up to 10kA segment accounted for the largest share of the market, with a revenue of 4.2 billion USD. The Up to 20kA segment is expected to grow at the highest CAGR of 6.5% during the forecast period, reaching a revenue of 5.8 billion USD by 2032. The growth of this segment can be attributed to the increasing demand for switchgear with higher short-circuit current ratings in power distribution networks.The Up to 30kA and More than 30kA segments are also expected to witness significant growth, driven by the rising adoption of oil-insulated switchgear in industrial and commercial applications.
Low-Voltage Oil Insulated Switchgear Market Application Insights
The Low-Voltage Oil Insulated Switchgear Market is segmented into Utilities, Industrial, Commercial, and Renewable Energy. Among these segments, Utilities held the largest market share in 2023, accounting for around 45% of the Low-Voltage Oil Insulated Switchgear Market revenue. This dominance is attributed to the increasing demand for reliable and efficient power distribution systems in the utilities sector. The Industrial segment is anticipated to exhibit significant growth during the forecast period due to the rising adoption of Low-Voltage oil insulated switchgear in industrial applications such as manufacturing, mining, and processing.Additionally, the Commercial segment is expected to witness a steady growth rate owing to the increasing demand for Low-Voltage oil insulated switchgear in commercial buildings, offices, and shopping malls. Furthermore, the Renewable Energy segment is projected to gain traction over the forecast period, driven by the growing adoption of renewable energy sources such as solar and wind power.
Low-Voltage Oil Insulated Switchgear Market Regional Insights
Regionally, North America is expected to account for the largest share of the market in 2023, followed by Europe, APAC, South America, and MEA. The growth in North America is primarily attributed to the increasing demand for Low-Voltage oil insulated switchgear in the power generation and distribution industries. Europe is expected to witness a steady growth rate during the forecast period, driven by the growing demand for renewable energy sources and the need to upgrade aging electricity infrastructure. APAC is expected to be the fastest-growing region, owing to the increasing investment in power generation and distribution networks, particularly in emerging economies such as China and India.South America and MEA are expected to witness moderate growth rates, driven by the increasing demand for reliable and efficient power distribution systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low-Voltage Oil Insulated Switchgear Market Key Players And Competitive Insights:
Low-Voltage Oil Insulated Switchgear Market major players include Siemens, ABB, Schneider Electric and Eaton. These companies represent major market share, as well as product range. Leading Low-Voltage Oil Insulated Switchgear Market players invest large amounts in research and development to expand their product range and increase their presence in the market.Siemens is the leader in Low-Voltage Oil Insulated Switchgear Market worldwide, and the company offers a wide range of Low-Voltage Oil Insulated Switchgear products. These products include circuit breakers, contactors, and switch-disconnectors. The company invests large amounts in novel technologies as well as process improvements, and the main characteristic of the company is that it offers worldwide customer support.An important competitor of the company is ABB, which offers a wide range of Low-Voltage oil insulated switchgear products. ABB’s product listing includes switchboards, motor control centers or MCCs as well as power distribution systems. ABB invests in novel and sustainable solutions with top of the line technological characteristics. The company also invests large amounts in R as a strong R team is trying to offer quality solutions. ABB’s worldwide presence and quality focus make the company an important Siemens competitor.
Key Companies in the Low-Voltage Oil Insulated Switchgear Market Include:
- Delixi Electric
- Chint Group
- Hitachi
- Kaifa Electric
- Eaton
- ABB
- Mitsubishi Electric
- Panasonic
- Schneider Electric
- General Electric
- Toshiba
- LS Electric
- Siemens
- Hyundai Electric
- Crompton Greaves
Low-Voltage Oil Insulated Switchgear Market Industry Developments
The Low-Voltage Oil Insulated Switchgear Market is poised to grow from an estimated USD 11.6 billion in 2023 to USD 19.0 billion by 2032, exhibiting a CAGR of 5.63% during the forecast period. The rising demand for reliable and efficient power distribution systems, coupled with increasing investments in infrastructure and renewable energy projects, is driving the market growth. Furthermore, government initiatives to modernize aging electrical grids and enhance grid resilience are contributing to the market expansion. Key market players are focusing on research and development to introduce innovative products with advanced features, such as compact designs, improved insulation materials, and enhanced safety mechanisms. These advancements are expected to further fuel market growth in the coming years.
Low-Voltage Oil Insulated Switchgear Market Segmentation Insights
- Low-Voltage Oil Insulated Switchgear Market Type Outlook
- Low-Voltage Oil Insulated Switchgear Market Current Rating Outlook
- Up to 1000A
- Up to 2000A
- Up to 3000A
- More than 3000A
- Low-Voltage Oil Insulated Switchgear Market Rated Short-Circuit Current Outlook
- Up to 10kA
- Up to 20kA
- Up to 30kA
- More than 30kA
- Low-Voltage Oil Insulated Switchgear Market Application Outlook
- Utilities
- Industrial
- Commercial
- Renewable Energy
- Low-Voltage Oil Insulated Switchgear Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
10.98 (USD Billion) |
| Market Size 2023 |
11.6 (USD Billion) |
| Market Size 2032 |
19.0 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.63% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Delixi Electric, Chint Group, Hitachi, Kaifa Electric, Eaton, ABB, Mitsubishi Electric, Panasonic, Schneider Electric, General Electric, Toshiba, LS Electric, Siemens, Hyundai Electric, Crompton Greaves |
| Segments Covered |
Type, Current Rating, Rated Short-Circuit Current, Application, Regional |
| Key Market Opportunities |
Growth in renewable energy Increasing demand in developing countries Technological advancements Smart grid development Industrial automation |
| Key Market Dynamics |
Rising electricity demand Industry automation Urbanization Smart grids Strict regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Low-Voltage Oil Insulated Switchgear Market is expected to reach a valuation of 19.0 Billion USD by 2032, growing at a CAGR of 5.63% from 2023.
The market is segmented into North America, Europe, Asia-Pacific, and Rest of the World, with Asia-Pacific holding the largest market share.
Key applications include power distribution, industrial facilities, commercial buildings, and renewable energy sources.
Key competitors include Schneider Electric, Siemens, ABB, Eaton, and General Electric.
Growth is driven by increasing demand for reliable and efficient power distribution systems, as well as government regulations promoting the adoption of low-voltage switchgear.
Challenges include fluctuating raw material prices, intense competition, and the need for continuous innovation to meet evolving industry standards.
The market is expected to witness steady growth over the next decade, driven by rising urbanization, industrialization, and the integration of renewable energy sources.
Key trends include the adoption of smart grid technologies, increasing demand for compact and modular switchgear, and the growing emphasis on sustainability.
Growth opportunities lie in emerging economies, the development of new technologies, and the increasing focus on energy efficiency.
Challenges include supply chain disruptions, regulatory changes, and the need for skilled labor.
