Low Voltage (LV) Switchgear Market Size By Protection (Circuit Breakers {ACB, MCCB, MCB, MSP, MPCB}, Fuse {Fuse-Switch Disconnector, Switch Disconnector With Fuse}), By Product (Fixed Mounting, Plug-In, Withdrawable Unit), By Rated Current (≤ 1000 A

Low Voltage (LV) Switchgear Market Size By Protection (Circuit Breakers {ACB, MCCB, MCB, MSP, MPCB}, Fuse {Fuse-Switch Disconnector, Switch Disconnector With Fuse}), By Product (Fixed Mounting, Plug-In, Withdrawable Unit), By Rated Current (≤ 1000 Ampere, > 1000 Ampere to ≤ 5000 Ampere, > 5000 Ampere), By Voltage Rating (≤ 250 Volts, > 250 Volts to ≤ 750 Volts, > 750 Volts), By Current (AC, DC), By Application (Substation, Distribution, Power Factor Correction, Sub Distribution, Motor Control), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The low voltage switchgear market is slated to record lucrative growth through 2028 owing to rising demand for electricity across the globe. Additionally, favorable government regulations for the integration of sustainable energy resources and development of new technology, coupled with increasing investments towards renewable energy generation, are foreseen to greatly influence the growth of the market over the forecast timeline.

Over the years, measures have been taken to revamp the aging energy infrastructure, augmenting product uptake. Moreover, industry players and leaders are focusing on partnerships and collaborations as well as product launches to improve their business presence, which has been favorable for industry expansion. For instance, in January 2020, Siemens, an electric services expert, signed a deal to acquire C&S Electric Limited, an Indian switchgear and power equipment provider, to strengthen its position as a key supplier of low voltage power distribution & electrical installation tech in the country.

Overall, the low voltage switchgear market has been bifurcated in terms of protection, rated current, product, voltage rating, current, application, and region. With reference to protection, the market has been divided into circuit breakers and fuse. Under circuit breakers, the market has been further bifurcated into ACB, MCCB, MCB, MSP, and MPCB.

Out of these, the MCCB segment is projected to grow at a robust pace over the analysis timeframe due to widespread adoption across industrial establishments, including power generation, commercial buildings, food & beverage, marine, and others. The MSP segment is likely to exhibit significant expansion with a growth rate of over 7% by 2030. The MPCB segment is speculated to expand at a rate of approximately 9% by 2030.

Under fuse, the low voltage switchgear market has been divided into fuse-switch disconnector and switch disconnector with fuse. In 2021, the fuse-switch disconnector segment surpassed USD 11 billion in revenue and is set to record notable growth over the review period. The switch disconnector with fuse segment is anticipated to exhibit substantial growth at a rate of nearly 7% by 2030.

Based on rated current, the market has been classified into ≤ 1000 ampere, > 1000 ampere to ≤ 5000 ampere, and > 5000 ampere. The > 5000 ampere segment is expected to record a CAGR of roughly 7.0% by 2030.

On the basis of voltage rating, the low voltage switchgear market has been segregated into ≤ 250 volts, > 250 volts to ≤ 750 volts, and > 750 volts. The > 250 volts to ≤ 750 volts segment is projected to witness sizable expansion over the forecast timeline on account of upgradation of T&D electrical infrastructure.

From the regional standpoint, the North America low voltage switchgear industry is slated to register considerable gains through the study timeframe due to increasing adoption of advanced technologies and deployment of smart grids. Meanwhile, the Latin America low voltage switchgear market is primed to exhibit prominent growth up to 2030 owing to growing focus on the refurbishment of existing energy networks, along with rising energy demand across the commercial and residential sectors in LATAM.