NEW YORK , June 22, 2023 /PRNewswire/ -- As per Facts and Factors study, the global low-voltage switchgear market size was nearly $94 billion in 2022 and is predicted to surge to about $133 billion by 2030 along with recording the highest CAGR of 5.1% from 2023 to 2030.
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Low-voltage switchgear offers short-circuit as well as overload protection through low-voltage power circuit breakers. Apart from this, low-voltage circuit breakers are deployed through the door and draw-out equipment. Furthermore, low-voltage switchgear is a three-stage switchgear that is utilized to effectively supply nearly 1000 volts and 6000 amperes of electric energy. The most common utility of low-voltage switchgear is in sub-comer, feeders, distribution boards, and incomers. It helps in protecting personnel from electrical hazards including arc blasts.
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As per the analysis shared by our research analyst, the global low-voltage switchgear market is projected to expand annually at the annual growth rate of around 5.1% over the forecast timespan (2023-2030)
In terms of revenue, the global low-voltage switchgear market size was evaluated at nearly $94 billion in 2022 and is expected to reach $133 billion by 2030.
The global low-voltage switchgear market is anticipated to record massive growth over the forecast period owing to a rise in construction activities and growing renewable energy trends.
Based on protection, the circuit breaker segment is predicted to contribute majorly towards the global market share over the forecast timeline.
In terms of product, the plug-in segment is projected to account for a major share of the global market in 2023-2030.
On the basis of installation, the outdoor segment is set to register the highest CAGR over the period from 2023 to 2030.
Based on application, the smartphone segment is predicted to record massive growth over the forecast period.
Region-wise, the Asia-Pacific low-voltage switchgear market is projected to register the highest CAGR during the assessment period.
Facts and Factors published the latest report titled "Low-Voltage Switchgear Market Size, Share, Growth Analysis Report By Protection (Circuit Breaker and Fuse), By Product (Fixed-Mounting, Withdrawable Unit, and Plug-In), By Voltage (Low, Medium, and High), By Installation (Indoor and Outdoor), By Application (Smartphone and Lighting as a service), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.
Global Low-Voltage Switchgear Market: Growth Drivers
The thriving construction sector and preference for sustainable power will expedite the global market landscape.
The flourishing construction sector and the deployment of solar panels for generating renewable energy for reducing carbon emissions are likely to pave the way for the growth of the low-voltage switchgear market globally. Rapid infrastructural growth in the commercial and industrial sectors is predicted to steer the expansion of the market across the globe.
In addition to this, a rise in the demand for distributed energy resources is anticipated to embellish the expansion of the global market. Humungous use of portable multifunctional modules in railways, offshore wind farms, and digital substations will steer the global market demand.
Nonetheless, an increase in the costs of raw components and the growing need to import these components will hinder the expansion of the global low-voltage switchgear industry. However, an increment in the renovation of old electric grids and rapidly expanding microgrid network facilities along with a surge in demand for power supply will open new growth avenues for the industry across the globe. This will also offset the hindrance to global industry expansion.
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Global Low-Voltage Switchgear Market: Segmentation
The global low-voltage switchgear market is segregated into protection, product, installation, voltage, application, and region.
The protection segment of the low-voltage switchgear market is subdivided into the circuit breaker and fuse segments. Furthermore, the circuit breaker segment, which contributed to over three-fifths of the global market share in 2022, is anticipated to retain its segmental dominance in the upcoming years.
The growth of the segment in the years ahead can be credited to the demand for lesser space along with the strong non-conductive properties of the product. A rise in investment in renewable energy projects will further spearhead the segmental expansion.
On the basis of installation, the low-voltage switchgear industry across the globe is divided into indoor and outdoor segments. The outdoor segment, which held a major share of the global industry in 2022, is anticipated to record the fastest CAGR in the years ahead.
The segmental expansion in the analysis period can be owing to the large-scale demand for the deployment of solar and wind panels. Apart from this, the escalating need for infrastructural development in developed economies can contribute lucratively towards segmental growth.
In terms of application, the low-voltage switchgear market across the globe is segmented into smartphone and lighting as a service segments. Furthermore, the smartphone segment, which led the segmental expansion in 2022, is anticipated to record humungous growth during the forecast period of 2023-2030. The segmental growth over the forecast timeframe can be due to the surge in the switchgear application in smartphones.
Based on technology, the low-voltage switchgear industry across the globe is divided into fixed-mounting, withdrawable unit, and plug-in segments. In addition to this, the plug-in segment, which accounted for nearly one-third of the global industry share in 2022, is estimated to dominate the global industry in the coming years.
The segmental surge in the ensuing years can be owing to ease of installation and mechanical stability. Apart from this, the growing penetration of low-voltage switchgear in industrial and commercial sectors is predicted to embellish the global industry trends.
On the basis of voltage, the low-voltage switchgear market across the globe can be segmented into low, medium, and high segments.
In the second quarter of 2019, Eaton Corporation plc, a power management firm headquartered in Ireland , acquired more than 80% of a stake in Ulusoy Electrik, a firm in the business of producing low-voltage switchgear, cable systems, and medium-voltage distribution transformers. The acquisition will assist the firm in entering new markets along with augmenting the growth of the low-voltage switchgear business of the latter.
In the first half of 2019, Schneider Electric SE, a France -based firm specializing in online automation & energy management, introduced Masterpact MTZ in India , a high-powered low voltage circuit breaker. Furthermore, the product offers safe performance and improves reliability.
In the first quarter of 2022, Siemens acquired Russelectric Inc, a firm manufacturing high-integrity on-site power control systems including parallel switchgear and automatic transfer switches & power control systems. The move will boost the growth of the low-voltage switchgear business globally.
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List of Key Players in Low-Voltage Switchgear Market:
Al Hassan Engineering Co. SAOG (AHEC)
Key questions answered in this report:
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By Protection, Installation, Voltage, Product, Application, and Region
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2023 to 2030
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Hyosung Corporation, ABB Ltd., Al Hassan Engineering Co. SAOG (AHEC), Mitsubishi Corporation, L&T, Schneider Electric SE, Lucy Electric, Hubbell Incorporated, Siemens AG, Hitachi Ltd, Fujifilm Holdings Corporation, Rockwell Automation Inc., Norelco START, Hyundai Electric, General Electric Company, Eaton Corporation, Zhujiang Low Voltage Switchgear, Toshiba Corporation, E+I Engineering., and others.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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Asia-Pacific to contribute a major revenue share to the global Low-Voltage Switchgear market in the coming years.
Moreover, North America , which contributed the highest share towards the global low-voltage switchgear industry in 2022, is slated to continue its dominance in the projected years. The regional market surge in the forecasting years can be owing to the presence of giant industry participants such as Microsoft Corporation, Amazon, Inc., Google LLC, and IBM Corporation in the countries such as the U.S.
Furthermore, the blending of the smart home equipment with voice assistants will foster the expansion of the industry in North American region. Moreover, the growing demand for voice assistants in the countries such as Canada and the U.S. will spike the expansion of the industry in the sub-continent.
Global Low-Voltage Switchgear Market is segmented as follows:
Low-Voltage Switchgear Market: By Protection Outlook (2023-2030)
Low-Voltage Switchgear Market: By Installation Outlook (2023-2030)
Low-Voltage Switchgear Market: By Voltage Outlook (2023-2030)
Low-Voltage Switchgear Market: By Product Outlook (2023-2030)
Low-Voltage Switchgear Market: By Application Outlook (2023-2030)
Low-Voltage Switchgear Market: By Region Outlook (2023-2030)
Rest of Middle East & Africa
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