Low Voltage Switchgear Market Research Report Information By Protection (Circuit Breaker and Fuse) By Product (Fixed Mounting, Plug In and Withdrawal Unit) By Rated Current (<=1,000 Ampere, 1,000 TO 5,000 Ampere and >5,000 Ampere) By Voltage (UPTO 250V, 251V to 750V and 750v to 1KV) By Installation (Indoor and Outdoor) By Current (AC and DC) By End-User (T&D Utility, Commercial, Industrial, Residential and Others) and By Region - Industry Forecast to 2030
In 2022, the low voltage switchgear market was estimated to be worth USD 43,332.2 million. With a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030, the Low Voltage Switchgear Market is expected to increase from USD 45,174.6 million in 2023 to USD 57890.06 million by 2030.
The market for low voltage switchgear is anticipated to expand over the course of the forecast period, mostly because of the deteriorating infrastructure for electricity distribution. Furthermore, it is anticipated that the introduction of performance-based incentive programs will open opportunities for the companies involved in the low voltage switchgear market. However, during the forecast period, severe weather conditions are anticipated to limit the Low Voltage Switchgear Market's growth to some degree. The secondary (low-voltage) side of a power distribution transformer is often equipped with low-voltage switchgear. This combination of transformer and switchgear is utilized in a substation.
Perspectives on Market SegmentsAccording to protection, the global market for low voltage switchgear has been divided into two segments: circuit breakers and fusers.
The market has been divided into three segments according on the product: Plug-in, Withdrawal Unit, and Fixed Mounting.
The global market for low voltage switchgear has been divided into three segments based on rated current: <=1,000 Ampere, 1,000 TO 5,000 Ampere, and >5,000 Ampere.
The market has been divided into three segments based on voltage: UPTO 250V, 251V to 750V, and 750v to 1KV.
The global market for low voltage switchgear has been divided into two segments based on installation: indoor and outdoor.
The market has been divided into AC and DC segments based on the current.
The market has been divided into T&D Utility, Commercial, Industrial, Residential, and others segments based on the end-user.
Local PerspectivesNorth America, Europe, Asia-Pacific, the Middle East & Africa, and South America make up the regions that make up the Low Voltage Switchgear market. The market for low voltage switchgear in North America has the largest market share and is anticipated to generate a sizable revenue share over the course of the projected period. Due to a rise in the proportion of renewable energy sources and the increasing demand for T&D network upgrades, North America is one of the major regional markets for low voltage switchgear. Because of third-party energy efficiency initiatives and declining technological costs, the region is seeing a significant increase in energy efficiency investment.
Due to rising oil production activities and the growing demand for electricity for commercial and industrial applications, the US low voltage switchgear market is expected to rise significantly. To improve the electrical system, Canada is also investing in the smart grid technologies of Ottawa's net-zero energy neighborhoods. The country's microgrid installation would be fueled by this USD 5 million funding. The need for low-voltage switchgear would increase because of these considerations.
Key PlayersSiemens, ABB, Schneider Electric, Eaton Corporation, Mitsubishi Electric Corporation, General Electric, Hyosung Corporation, Powell Industries, Hyundai Electric & Energy Systems CO, LTD, and others are important players in the low voltage switchgear market.