Global Low Voltage Protection and Control Market is Expected to Reach USD 20.42 Billion by 2025 : Fior Markets

Global Low Voltage Protection and Control Market by Product Type (Protection Equipment, Switching Equipment, Monitoring Devices), End Use, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025

| Source: Fior Markets Fior Markets

New Jersey, NJ, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Rising worldwide demand for safe and secure power systems, increasing power consumption and growth of the renewable energy sector are the factors driving the for low voltage protection and control market. The low voltage protection and control market is expected to grow from USD 12.78 Billion in 2017 to USD 20.42 Billion by 2025, at a CAGR of 6.03% during the forecast period 2018-2025, according to the new report published by Fior Markets.

Low voltage protection and control device is a device or group of components which ensure that if the input voltage drops below a certain value, it will be cut-off completely. As most of the circuits have a range of input voltage within which they operate as designed, lower voltages can be problematic for certain types of circuits. Low Voltage may result in oscillations, malfunctions, and various other undesired outcomes. To avoid this, low-voltage protection and control devices are used to cleanly cut the voltage once it drops below the threshold limit.

Global emphasis on installing safe and secure electricity distribution systems and rising consumption of electrical energy and arrival electric cars are the factors that are driving the global low voltage protection and control market. Whereas aggressive competition among market peers and the presence of low-quality counterfeit products are anticipated to hamper the market growth. However, the advent of electric cars, as well as an increase in a number of data centers, is anticipated to create new opportunities for the global low voltage protection and control market expansion in the upcoming years.

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Key players operating in the global low voltage protection and control market include ABB, Eaton, Fuji Electric co. ltd, Hitachi, Rockwell Automation, Schneider Electric, Siemens, Yaskawa, CHINT Group, WEG SA, Legrand, Toshiba, Mersen, L & T, General Electric Co. among others. To enhance their market position in the global low voltage protection and control market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

  • For instance, in July 2019, Power management company Eaton completed the acquisition of Innovative Switchgear Solutions, Inc. (ISG), a specialty manufacturer of medium-voltage electrical equipment serving the North American utility, commercial and industrial markets. Terms of the transaction were not disclosed.
  • For instance, in 2018, ABB announced that it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. This acquisition strengthens ABB’s #2 global position in electrification market with expanding access to attractive North American market.
  • For instance, in 2016, Schneider Electric announced the launch of Masterpact MTZ, the ‘future-ready’, high power, low-voltage circuit breakers. The key benefits of the Masterpact MTZ include improved metering to save saving project time and energy usage; improved mechanical and electrical performance, even in harsh environments; and the ability to monitor and control the circuit breaker with a smartphone, even in power outage.

Protection device segment had a market value of USD 6.22 billion in 2017

The product type segment is divided into protection equipment, switching equipment, and monitoring devices. Rapid urbanization and rising use of electrical and electronic devices, as well as the increasing consumption of electrical energy, led to protection devices segment emerge as a dominant segment with USD 6.22 billion revenue in 2017. Switching equipment segment is anticipated to attain a significant market share over the forecast period.

Residential segment is forecasted to grow at a CAGR of 8.21% in 2018-2025

End-use is segmented into residential, commercial and industrial. Increase in the global number of solar and wind energy installations, data centers and electric vehicle charging stations propelled industrial segment to emerge as the largest segment with USD 5.47 billion revenue in 2017. Residential segment is projected to grow at the highest CAGR of 8.21% over the forecasted period. This increase in growth can be attributed to growing urbanization and surge in the number of rooftop solar installations in tropical countries around the world.

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Regional Segment Analysis of the Low voltage protection and control Market

  • North America (U.S. , Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
  • Asia-Pacific (China, Japan India, Rest of APAC)
  • South America (Brazil and Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific region emerged as the largest market for the low voltage protection and control devices with a 32.83% share of revenue in 2017. Huge ongoing investment in the development of power generation projects in China and India coupled with the rapid pace of urbanization and industrialization are driving the growth of the Asia Pacific region. Increasing focus on renewable energy in the region is also anticipated to boost the Asia Pacific region to grow at the highest CAGR of 8.34% over the forecast period. North America region contributed a robust market share in 2017, owing to the huge demand for power from its well-developed industrial and residential sector.

About the report:

The global low voltage protection and control market is analysed on the basis of value (USD Billion), volume (Units), consumption (Units), import (Units), and export (Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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