Low Voltage Switchgear Market Analysis

Global Low Voltage Switchgear Market Overview

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 57890.06 million by 2030, exhibiting a compound annual growth rate (CAGR) of 3.7% during the forecast period (2023 - 2030). 

The Low Voltage Switchgear Market is expected to grow during the forecast period, 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 Low Voltage Switchgear Market. However, harsh environmental conditions are expected to restrict the growth of the Low Voltage Switchgear Market to a certain extent during the forecast period. Low-voltage switchgear is frequently found on a power distribution transformer's secondary (low-voltage) side. A substation is what is used with this transformer and switchgear combo.

Low-voltage switchgear is often used to supply other branch and feeder circuits, low-voltage switchboards, and low-voltage motor control centers (LV-MCC). In heavy industry, manufacturing, mining and metals, petrochemical, pulp and paper, utilities, water treatment, datacenters, and healthcare, it is utilised to provide electricity for critical power and critical process applications. Low voltage switches, earth leakage circuit breakers, HRC fuses, electrical isolators, air circuit breakers (ACB), molded case circuit breakers (MCCB), and micro circuit breakers are all parts of low voltage switchgear that has a 1KV rating. Electrical circuit breakers protect LV switchgear's electrical appliances from short circuits and overload; however, they do not protect the operator from internal failures.

The appliance will be disconnected before any damage is done if an earth leakage circuit breaker is used, which detects leakage current. This study on the Low Voltage Switchgear Market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the Low Voltage Switchgear Market by protection, product, rated current, voltage, installation, current, end user and region/country.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Low Voltage Switchgear Market Trends

REVIVAL OF INVESTMENTS IN THE CONSTRUCTION SECTOR

The term switchgear refers to all the primary and secondary switches and panels required to provide electrical power and distribution on a construction project. The switchgear will accept primary power from the utility and convert it into usable voltage and amperage for the structure to function properly. The market revenue is expected to increase as building construction projects and retrofits resume. New LVSG with monitoring and analytics capabilities for energy management, construction and rural development activities starting in 2022, and technological advancements and innovations such as digital LVSG, smart switchgear, reduced physical footprint, and eco-efficient switchgear. Increased investment in the construction sector and industrial infrastructure has increased demand for switchgear. Governments in developing countries are investing proactively in industrialization, urbanization, and rural development, as well as the renewal of existing transmission and distribution networks, which has boosted the deployment of LV and MV switchgears.

GROWING INVESTMENTS IN RENEWABLE ENERGY

Governments around the world are investing heavily in renewable energy sources, which is expected to drive demand for power transmission and distribution equipment, as well as control equipment like switchgear. Global renewable energy generation is expected to increase from 5,383 TWh in 2016 to 14,271 TWh in 2040, increasing demand for renewable integration. It is estimated that by 2040, renewables will account for about 5% ($0.4 trillion) of global investment in transmission and distribution (T&D). According to the International Energy Agency, nearly three-quarters of global emissions reductions between 2020 and 2025 will occur in the electricity sector, according to the IEA's recent Roadmap to Net Zero by 2050. To achieve this reduction, coal-fired electricity generation must fall by more than 6% per year.

AGING ELECTRICITY DISTRIBUTION INFRASTRUCTURE

The increasing burden on electrical infrastructure has resulted in the need for either replacing or refurbishing the electrical equipment required to ensure a reliable and uninterrupted power supply. As per the Department of Energy Report, uninterrupted power can be ensured only through a system capable of handling sudden power spikes and drops. For instance, the US is driven by the replacements in the grid, therefore providing an opportunity for the utilities to introduce automation-equipped low voltage switchgear in the network leading to a highly modern and automated grid. Moreover, the criticality of the low voltage switchgear market has only increased in the recent past due to rising expenditure in infrastructural expansion. For instance, increasing grid complexity in the grid infrastructure in the developing countries is encouraging the deployment of low voltage switchgear in the distribution grid. Additionally, the energy generation mix is undergoing a drastic transformation due to the roll-out of diverse electrification programs, increasing use of renewable energy sources, rapid digitalization, growing inclination towards smart grid infrastructure, changing regulatory norms, and the emergence of disruptive technologies such as installation of distributed energy resources and microgrid. Thus, the aging electricity distribution infrastructure is expected to drive the growth of the Low Voltage Switchgear Market during the forecast period.

Low Voltage Switchgear Market Segment Insights

Low Voltage Switchgear by Protection Insights

The Low Voltage Switchgear Market segmentation, based on the protection, the global Low Voltage Switchgears market has been bifurcated into Circuit Breaker and Fuse. In 2022, the Circuit Breaker segment drove the Low Voltage Switchgear Market by holding a substantial market share. It is projected to register a CAGR of 3.1% during the projected timeframe. An electrical circuit breaker is a switching device that can be used to control and protect an electrical power system both manually and automatically. Because the modern power system deals with high currents, special care should be taken when designing a circuit breaker to ensure that it can safely interrupt the arc produced when a circuit breaker is closed. A Circuit Breaker in Low voltage switchgear can be classified into: ACB, MCB, MCCB, MSP and MPCB. The second dominant segment is Fuse. A fuse is an electrical safety device that protects an electrical circuit from overcurrent. Its primary component is a metal wire or strip that melts when too much current flows through it, stopping or interrupting the current flow. It is a sacrificial device; once a fuse has blown, the circuit is open and must be replaced or rewired, depending on the type.

Fuses have been used as critical safety devices since the beginning of electrical engineering. Depending on the application, a variety of fuse designs with varying current and voltage ratings and response times are available. Fuses' time and current operating characteristics are chosen to provide adequate protection while avoiding unnecessary interruption. Wiring codes typically specify a maximum fuse current rating for circuits. The primary causes of fuse operation are short circuits, overloading, mismatched loads, or device failure

Analyst Review: The Low Voltage Switchgear Market is evolving in respect of the infusion of new technologies that offer better operational efficiency, safety, and digital integration. Interest in energy efficiency and integration with renewable sources is driving demand for advanced switchgear solutions to handle fluctuating loads and optimize energy usage. Moreover, interest in modular and customized designs is picking up due to their flexibility.

Low Voltage Switchgear By Product Insights

Based on the Product, the global Low Voltage Switchgears market has been bifurcated into Fixed Mounting, Plug In and Withdrawal Unit. In 2022, the Fixed Mounting segment drove the Low Voltage Switchgear Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2022 and is expected to remain dominant during the forecast period. GGD low-voltage switchgear, also known as GGD fixed cabinet, is an AC low-voltage power distribution cabinet of the GGD type that is used for fixed wiring low-voltage power distribution cabinets. There are three types: GGD1, GGD2, and GGD3. These types are available in a variety of segment current capacities. AC 50-60Hz, used in power distribution systems with rated operating currents up to 3150A, for power users such as power plants, substations, factories, and mines. Power conversion, distribution, and control equipment for power, lighting, and power distribution. The second dominating segment is Plug In. The plug-in design combines maximum operational safety with cost-effectiveness, allowing for easy and quick retrofit while maintaining operation. It has the most flexibility motor starters in plug-in design up to 200 kW, fixed-mounted motor starters up to 250 kW, plug-in design combined with fixed mounting, and frequency converters.

Low Voltage Switchgear By Rated Current Insights

Based on the Rated Current, the Global Low Voltage Switchgears market has been bifurcated into <=1,000 Ampere, 1,000 TO 5,000 Ampere and >5,000 Ampere. In 2022, the <=1,000 Ampere segment drove the Low Voltage Switchgear Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The multiple occupancy distribution equipment (MODE) range provides a point of distribution, with or without fused incoming isolation, to tariff meters serving multiple occupancy residences, commercial buildings, and offices. MODE is an elegant example of this approach for distribution network operators (DNOs) since its design makes use of proven and widely used Merlin Gerin products which are available in 13 variants as standard and supply current up to 500A. Miniature circuit breaker (MCB) rated current is not more than 100 A.

Low Voltage Switchgear By Voltage Insights

Based on the Voltage, the Global Low Voltage Switchgears market has been bifurcated into UPTO 250V, 251V to 750V and 750v to 1KV. In 2022, the upto 250V segment drove the Low Voltage Switchgear Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Switchgear included in the range less than 250V is generally considered as low voltage switchgear. The main functions of low voltage switchgear are electrical protection, remote switching, and electrical isolation of circuits and electrical installation. These switchgears are used in low voltage power distribution applications. The second dominant segment is 251V to 750V. Switchgear included in the range from 251V to 750V is generally considered as low voltage switchgear. The major components of switchgear falling into this category are circuit breakers. These switchgears are used in applications such as power distribution networks and motor control centers, where they are used to connect power and automation for end users in the process, power, and infrastructure verticals.

Low Voltage Switchgear By Installation Insights

Based on the Installation, the Global Low Voltage Switchgears market has been bifurcated into Indoor and Outdoor. In 2022, the Outdoor segment drove the Low Voltage Switchgear Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Outdoor switchgear is typically installed where space is not an issue and can operate efficiently in extreme climatic conditions. This is seen as a primary factor driving up demand for outdoor switchgear. Fuse, reclosures, arrestors, transformers, and protective relays are among the devices used to protect and switch this switchgear. They must be installed on a level solid surface. This switchgear cannot be installed directly in the ground. The outdoor section is similar to the indoor section, with the exception of a structure provided around it for weatherproofing.

Low Voltage Switchgear By Current Insights

Based on the Current, the Global Low Voltage Switchgears market has been bifurcated into AC and DC. In 2022, the AC segment drove the Low Voltage Switchgear Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Low-voltage AC switchgear has many applications in low-voltage distribution systems. This new type of low voltage draw-out switchgear is designed with safety and economics in mind. The product has a high breaking and switching ability, good thermostability, a flexible electric project, a convenient combination, strong practicability, a newly designed structure, and a high protection degree. AC LV Switchgear is available in capacities up to 6300 A and includes all of the necessary breaking devices, protection and control, measurement, and communication devices to meet project requirements. To provide system protection, AC LV Switchgear is installed in the photovoltaic system between the inverter and the photovoltaic transformer.

Low Voltage Switchgear By End-User Insights

Based on the End-User, the Global Low Voltage Switchgears market has been bifurcated into T&D Utility, Commercial, Industrial, Residential and Others. In 2022, the Residential segment drove the Low Voltage Switchgear Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Switchgears are installed in residential areas in a weatherproof cabinet mounted vertically either in front gardens or in boundary walls in residential complexes. They are safety equipment for homes that save electronic devices from breaking down due to power fluctuations, protecting the electric system from unnecessary short circuits. The second dominating segment is T&D Utility.

Switchgears are an integral part of utilities for supplying electricity to end users. Low voltage switchgear is installed in transmission and distribution lines. Switchgear is considered an important piece of equipment in electric grids to connect power generation sources to a single electricity line. Switchgear and its components help protect, control, and isolate electrical equipment in case of any electrical faults in the power system. The increasing focus on upgrading T&D systems across the globe is driving the demand for switchgear in the region. Moreover, switchgear is extensively used for renewable power generation. For instance, with the continuous increase in wind farms and wind turbine capacity, switchgear is designed to keep power transmission losses as low as possible.

Low Voltage Switchgear Regional Insights

Based on Region, the Low Voltage Switchgear market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North America Low Voltage Switchgear market held the maximum market share and is also expected to account for the significant 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.

Low Voltage Switchgear Key Market Players & Competitive Insights

The competitive landscape of the Low Voltage Switchgear market is influenced by several key players who offer products for various applications. Major market participants, including Schneider Electric, General Electric, Hyosung Corporation, Hyundai Electric & Energy Systems Co, Ltd, Fuji Electric Co Ltd, among others. Siemens aims to strengthen the growth of its business segments through contracts, agreements, and mergers & acquisitions. Furthermore, its strong alliances with several large multinational companies in the global market enable it to accelerate its growth. The company is expanding its presence in the global market by providing software and related solutions and adding new technologies to its portfolio to capture new markets. It aims to enhance its product portfolio through innovation and investments, which will help the company take advantage of new opportunities in the energy management industry.

ABB is focused on product development strategies to integrate automation in its industrial automation division. Moreover, its long-term growth strategy involves expanding its core business operations through acquisitions, ensuring its financial stability. The Low Voltage Switchgear Market comprises various global, regional, and local service providers that are continuously evolving to enhance their market position. Expansion of smart grid networks and integration of sustainable energy infrastructure are the key factors that aid market growth. The service providers compete based on cost, efficiency, and reliability of low voltage switchgears to stay relevant in the competitive market.

Siemens.: Siemens is a global engineering and manufacturing company specializing in electrification, automation, digitalization, innovation, and technology. It provides automation and control, power, transportation, and medical diagnosis engineering solutions. The company offers various products and services in drive technology, energy, financing, healthcare, industrial automation, mobility, services, software, and consumer products sectors. It is the world's largest producer of energy-efficient and resource-saving technologies and a leading provider of power generation, transmission systems, and medical diagnostic equipment. Siemens has a global presence in about 200 countries worldwide and operates through 289 production houses, manufacturing facilities, and R&D centers.

Eaton Corporation.: Eaton Corporation (Eaton) is a global power management company. It provides energy-efficient solutions for effectively managing electrical, hydraulic, and mechanical power systems efficiently, safely, and sustainably. The company operates through six business segments: electrical products, electrical systems and services, vehicles, hydraulics, aerospace, and e-mobility. It offers its products and solutions for applications in various industrial verticals, including aviation, data centers, food & beverage, healthcare, oil & gas, mining, metals & minerals, machine building, rail, utility, transportation, and government & military. The company offers a wide range of products and solutions, such as circuit breakers, fuses, solar switches, inverters, switch disconnectors, vacuum interrupters, distribution boards, switchgear, relays, busways, sensors, and power management solutions.

Key Companies in the Low Voltage Switchgear Market includes.

• Siemens


• ABB


• Schneider Electric


• Eaton Corporation


• Mitsubishi Electric Corporation


• General Electric


• Hyosung Corporation


• Powell Industries


• Hyundai Electric & Energy Systems CO, LTD


• Others

Low Voltage Switchgear Market Segmentation

Low Voltage Switchgear Protection Outlook

• Circuit Breaker


• Fuse

Low Voltage Switchgear Product Outlook

• Fixed Mounting


• Plug In


• Withdrawal Unit

Low Voltage Switchgear Rated Current Outlook

• <=1,000 Ampere


• 1,000 TO 5,000 Ampere


• >5,000 Ampere

Low Voltage Switchgear Voltage Outlook

• UPTO 250V


• 251V to 750V


• 750v to 1KV

Low Voltage Switchgear Installation Outlook

• Indoor


• Outdoor

Low Voltage Switchgear Current Outlook

• AC


• DC

Low Voltage Switchgear End-User Outlook

• T&D Utility


• Commercial


• Industrial


• Residential


• Others

Low Voltage Switchgear Regional Outlook

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    Rest of Europe

    
    
  
  
  
  


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  Latin America

  
  
  
  
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  Middle East & Africa

  
  
  
  
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    GCC Countries

    
    
  
  
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    South Africa

    
    
  
  
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    Rest of Middle East & Africa