New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Low Voltage Switchgear Market Research Report Information By Protection, By Product, By Installation, By Application, And By Region – Market Forecast Till 2030”, the global low voltage switchgear market is expected to garner USD 132.01 billion by 2030, expanding at a 5% CAGR during the assessment period (2022-2030).
Low Voltage Switchgear Market Overview
The low voltage switchgear market is likely to grow steadily in the years to come. Ongoing digital transformation and growing automation in energy sectors worldwide will drive market growth. Low-voltage (LV) switchgears ensure a continuous flow of the electricity required to power business operations and support hybrid workforces. LV switchgears are usually custom-built to suit site requirements using a configurable modular design. Low voltage switchgears are used in power distribution and continuity solutions. They also find applications in digital substations, railway infrastructures, and offshore wind farms.
The low voltage switchgear industry is expanding rapidly, mainly due to the wide range of commercial and small-scale industrial applications of this type of switchgears. Product penetration will further aid in integrating mobile multipurpose modules in various commercial and industrial applications. Besides, the growing installations of outdoor circuit breakers due to rising infrastructure improvements influence the market value.
Leading low voltage switchgear market players are
- General Electric (US)
- Eaton Corporation Plc. (Ireland)
- Mitsubishi Motors Corporation (Japan)
- Schneider Electric SE (France)
- Hitachi Ltd. (Japan)
- Siemens AG (Germany)
- Hubbell Incorporated (US)
- Fuji Electric Co. Ltd. (Japan)
- Rittal (Germany)
- ABB (Switzerland)
- Among others.
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Rising investments in renewable energy sources lead to the construction of new substations and upgrades existing ones. As the number of renewable energy projects increases, the number of substations installations is expected to increase further. Rising power generation capacity additions and investments in transmission & distribution worldwide increase the use of low voltage switchgears.
Low Voltage Switchgear Market Geographical Analysis
APAC dominates the global low voltage switchgear market, witnessing vast investments. The continually growing demand for power and energy-efficient electrical devices drives the market growth. Besides, government measures to control energy consumption and spillage boost the region's market share. Also, substantial investments in developments and upgrades of utility grid infrastructures substantiate the market size.
Moreover, rapid developments in renewable power generation sources and infrastructural activities in the region push the low voltage switchgear market value. Japan, China, India, South Korea, and Australia account for sizable market shares. In China and India, many infrastructure development activities, such as modernizing and constructing new transmission lines and distribution networks, are seen accelerating.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 132.01 billion |
| CAGR during 2022-2030 | 5.0% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Favorable government regulation towards the integration of sustainable energy resources across residential and commercial establishments Rapid expansion of micro-grid networks provides the increasing off-grid energy |
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Industry Trends
Global energy consumption is growing exponentially with the continually growing population. Also, rapid industrialization and urbanization worldwide increase energy demand. Therefore, governments take up various initiatives to boost energy production and encourage people to minimize power consumption optimally. They introduce reliability improvement programs to optimize energy supply and reduce energy wastage.
Regulators accentuate automating various energy sector processes, especially monitoring power leakages that further add to energy wastage. Low-voltage switchgear plays a key role in controlling and protecting the power system. However, environmental protection performance is a more attractive advantage of these switchgears.
Advances in switchgear technology have simplified renewable connections, providing auto-synchronization. Growing smart grid technology implementation across developed economies creates substantial market demand. With the rapidly increasing activities to establish a smart grid, the demand for more compact, dependable, and environmentally friendly switchgears that enable easy installation and need lesser commissioning time is growing steadily.
As the need for renewable energy integration accelerates, utilities will ramp up the deployment of intelligent switchgear. Grid infrastructures worldwide are undergoing a mass transformation, witnessing vast investments toward upgrades of aging grid infrastructures. Also, growing regulatory targets to replace existing grids with smart grids are expected to increase further over the next few years.
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Low Voltage Switchgear Market Segments
The low voltage switchgear market is segmented into products, protection, installation, applications, and regions. The product segment is sub-segmented into fixed mounting, plug-ins, and withdrawable. During the projection period, plug-in installations will expand rapidly due to simple installation and strong mechanical stability of plug-in low voltage switchgears.
The protection segment is sub-segmented into circuit breakers and fuses. Of these, the circuit breaker segment holds the leading market share due to the low space requirements and strong dielectric properties of these devices. The installation segment is sub-segmented into indoor and outdoor. The outdoor installation segment holds the biggest market share due to growing numbers of solar and wind power facilities.
The application segment is sub-segmented into smartphones and lighting as-a-service. Of these, the smartphone segment holds the largest market share and is expected to register the highest CAGR during the assessment period. The region segment is bifurcated into the MEA, Americas, Asia-Pacific, Europe, and rest-of-the-world.
Competitive Analysis
The low voltage switchgear market witnesses several strategic approaches, including expansions, collaborations, mergers & acquisitions, and product launches. Industry players strive to bolster local manufacturing and skills development in the energy management sector. These players also invest strategically in driving their research and development activities and expansion plans.
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For instance, recently, on Jan.31, 2023, Vertiv, a leading global critical digital infrastructure & continuity solutions provider, announced the expansion of its factory in Ras Al Khaimah to support its low voltage switchgears, integrated modular solutions (IMS) and busway businesses. The extension of Vertiv's existing E+I Powerbar Gulf factory includes an additional 5,700 sq m of production and office area.
The addition will also enable the company to proactively address the increasing demand for its products and services. This strategic investment in the manufacturing network will enhance Vertiv's global business operations, as well as allow it to cater to the needs of customers in the Middle East, Africa, Australia, and South Asia regions.
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