The South America Low Voltage Switchgear Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 2.29 billion by 2029, growing at a CAGR of 8.19% during the forecast period (2024-2029).
Among all the South American countries, Brazil is anticipated to pick up the steam in the low-voltage switchgear market, basically due to the escalating power distribution investments in the region and the growing electricity consumption in the country.
The commercial sector witnessed the highest increase in electricity consumption. It was recorded that in 2022, the electricity consumption in the commercial sector was 61.2TWh, from 56.7TWh in the year 2021, the highest increase among all the sectors. The power distribution sector was continually expanding and rejuvenating to meet customer demand. The country has even more plans to improve the power distribution sector.
In November 2022, one of the representatives of Abradee, a local association for the power sector in Brazil, disclosed that the power discoms in the country are expected to invest around USD 20 billion between 2023 and 2026, keeping in sight the resumption of economic growth and technological evolution in the country. It will be utilized to expand, improve, and renew power distribution grids in Brazil.
Moreover, in March 2023, the same association announced that the power distribution concessions would get renewals, as many of them are about to expire by 2031. The companies like EDP, Enel, Elektro, Celpe, CPFL Piratininga, and CPFL Paulista, Energisa, will resume the distribution activity again with new network establishments and brownfield developments.
Such developments are expected to bolster the country's low-voltage switchgear market.
The South America Low Voltage Switchgear Market is moderately consolidated. Some key players (in no particular order) include ABB Ltd., Siemens AG, Havells Group, Eaton Corporation Plc., and Schneider Electric, among others.
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