Data Centers, Charging Infrastructure, and Residential Projects as Key Prospects for Vertical Expansion
In this study, Frost & Sullivan examines the market of low voltage switchgear (LVSG) components that include protection and switching devices such as air circuit breakers (ACB), molded case circuit breakers (MCCB), miniature circuit breakers (MCB), residual current circuit breakers (RCCB), contactors, and other surge protection and control devices used inside the LVSG assembly with ratings below 1 kilovolt (kV). The study does not include the LVSG assembly’s outer panels and structure; it is limited to the components available inside the assembly. Revenue is measured in terms of manufacturer’s earnings from regional demand for LVSG components. This study excludes revenue generated through installation, commission, and value-added services from distributors and panel builders.
In 2022, the global LVSG market registered a slim growth rate of 0.8% due to post-pandemic effects on the economy, such as material shortages, cost inflation, and logistics issues. The slow growth of building construction will continue in 2023, with minimal expansion, and this will adversely affect the LVSG market, which will show modest recovery of above 3% revenue growth from 2024 onward. In 2022, the Asia-Pacific (APAC) LVSG market accounted for 36.7% of the global market revenue. With the second-highest CAGR globally, APAC will remain the largest LVSG market in the world in 2028. The Latin American LVSG market reported market share of 3.6% in 2022. It is the smallest regional market but is on course to have the highest CAGR of 4.6% from 2022 to 2028.
Key growth drivers for LVSGs include the advancement of electricity infrastructure, installation of heat pumps and retrofit of energy-efficient equipment (e.g., HVAC, lighting, and metering systems), adoption of distributed energy and microgrids, and the rise of IoT and digital applications in building systems. Frost & Sullivan has also identified four major growth opportunity areas, which are data centers, electrification, residential heat pumps, and building construction.
Strategic Imperatives
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8
The Impact of the Top Three Strategic Imperatives on the Low Voltage Switchgear (LVSG) Industry
Growth Opportunities Fuel the Growth Pipeline Engine
Growth Opportunity Analysis
Scope of Analysis
Segmentation by Product
Segmentation by End User
Segmentation by Region
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Assumptions
Revenue Forecast
Table LVSG: Revenue Forecast, Global, 2020-2028
Revenue Forecast by Product
Table LVSG: Revenue Forecast by Product, Global, 2020-2028
Revenue Forecast by Region
Table LVSG: Revenue Forecast by Region, Global, 2020-2028
Revenue Forecast Analysis
Revenue Forecast and Analysis by End User
Competitive Environment
Competitive Framework
Key Participant Profile-ABB
Key Participant Profile-Eaton
Key Participant Profile-Legrand
Key Participant Profile-Schneider Electric
Key Participant Profile-Siemens
Regional Outlook-Europe
Region Snapshot-Europe
Revenue Forecast by Country-Europe
Table LVSG: Revenue Forecast by Country, Europe, 2020-2028
Revenue Forecast by Product-Germany
Table LVSG: Revenue Forecast by Product, Germany, 2020-2028
Revenue Forecast by Supporting Industry-Germany
Revenue Forecast by Product-UK
Table LVSG: Revenue Forecast by Product, UK, 2020-2028
Revenue Forecast by Supporting Industry-UK
Revenue Forecast by Product-France
Table LVSG: Revenue Forecast by Product, France, 2020-2028
Revenue Forecast by Supporting Industry-France
Revenue Forecast by Product-Italy
Table LVSG: Revenue Forecast by Product, Italy, 2020-2028
Revenue Forecast by Supporting Industry-Italy
Revenue Forecast by Product-Spain
Table LVSG: Revenue Forecast by Product, Spain, 2020-2028
Revenue Forecast by Supporting Industry-Spain
Revenue Forecast by Product-Benelux
Table LVSG: Revenue Forecast by Product, Benelux, 2020-2028
Revenue Forecast by Supporting Industry-Benelux
Revenue Forecast by Product-The Nordics
Table LVSG: Revenue Forecast by Product, The Nordics, 2020-2028
Revenue Forecast by Supporting Industry-The Nordics
Regional Outlook-North America
Region Snapshot-North America
Revenue Forecast by Country-North America
Table LVSG: Revenue Forecast by Country, North America, 2020-2028
Revenue Forecast by Product-US
Table LVSG: Revenue Forecast by Product, US, 2020-2028
Revenue Forecast by Supporting Industry-US
Revenue Forecast by Product-Canada
Table LVSG: Revenue Forecast by Product, Canada, 2020-2028
Revenue Forecast by Supporting Industry-Canada
Regional Outlook-APAC
Region Snapshot-APAC
Revenue Forecast by Country-APAC
Table LVSG: Revenue Forecast by Country, APAC, 2020-2028
Revenue Forecast by Product-China
Table LVSG: Revenue Forecast by Product, China, 2020-2028
Revenue Forecast by Supporting Industry-China
Revenue Forecast by Product-India
Table LVSG: Revenue Forecast by Product, India, 2020-2028
Revenue Forecast by Supporting Industry-India
Revenue Forecast by Product-Japan
Table LVSG: Revenue Forecast by Product, Japan, 2020-2028
Revenue Forecast by Supporting Industry-Japan
Revenue Forecast by Product-South Korea
Table LVSG: Revenue Forecast by Product, South Korea, 2020-2028
Revenue Forecast by Supporting Industry-South Korea
Revenue Forecast by Product-ANZ
Table LVSG: Revenue Forecast by Product, ANZ, 2020-2028
Revenue Forecast by Supporting Industry-ANZ
Revenue Forecast by Product-Southeast Asia
Table LVSG: Revenue Forecast by Product, Southeast Asia, 2020-2028
Revenue Forecast by Supporting Industry-Southeast Asia
Regional Outlook-MEA
Region Snapshot-MEA
Revenue Forecast by Country-MEA
Table LVSG: Revenue Forecast by Country, MEA, 2020-2028
Revenue Forecast by Product-UAE
Table LVSG: Revenue Forecast by Product, UAE, 2020-2028
Revenue Forecast by Supporting Industry-UAE
Revenue Forecast by Product-Saudi Arabia
Table LVSG: Revenue Forecast by Product, Saudi Arabia, 2020-2028
Revenue Forecast by Supporting Industry-Saudi Arabia
Revenue Forecast by Product-Qatar
Table LVSG: Revenue Forecast by Product, Qatar, 2020-2028
Revenue Forecast by Supporting Industry-Qatar
Revenue Forecast by Product-South Africa
Table LVSG: Revenue Forecast by Product, South Africa, 2020-2028
Revenue Forecast by Supporting Industry-South Africa
Revenue Forecast by Product-Egypt
Table LVSG: Revenue Forecast by Product, Egypt, 2020-2028
Revenue Forecast by Supporting Industry-Egypt
Revenue Forecast by Product-Nigeria
Table LVSG: Revenue Forecast by Product, Nigeria, 2020-2028
Revenue Forecast by Supporting Industry-Nigeria
Regional Outlook-LATAM
Region Snapshot-LATAM
Revenue Forecast by Country-LATAM
Table LVSG: Revenue Forecast by Country, LATAM, 2020-2028
Revenue Forecast by Product-Brazil
Table LVSG: Revenue Forecast by Product, Brazil, 2020-2028
Revenue Forecast by Supporting Industry-Brazil
Revenue Forecast by Product-Mexico
Table LVSG: Revenue Forecast by Product, Mexico, 2020-2028
Revenue Forecast by Supporting Industry-Mexico
Revenue Forecast by Product-Argentina
Table LVSG: Revenue Forecast by Product, Argentina, 2020-2028
Revenue Forecast by Supporting Industry-Argentina
Revenue Forecast by Product-Chile
Table LVSG: Revenue Forecast by Product, Chile, 2020-2028
Revenue Forecast by Supporting Industry-Chile
Revenue Forecast by Product-Colombia
Table LVSG: Revenue Forecast by Product, Colombia, 2020-2028