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Fixed Mounted LV Switchgear Market Size

Report ID: GMI8202
Published Date: Feb 2024
Report Format: PDF

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Fixed Mounted LV Switchgear Market Size

Fixed Mounted LV Switchgear Market was valued at USD 36.4 billion in 2023 and is estimated to register over 7.5% CAGR between 2024 and 2032, due to rising demand for efficient transmission and distribution (T&D) control systems. This growth is driven by increasing requests for the upgrade and refurbishment of existing energy networks, alongside heightened investments in establishing reliable, efficient, and enhanced grid infrastructures.

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Fixed Mounted LV Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Fixed Mounted LV Switchgear Market Size in 2023:	USD 36.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	7.5%
2032 Value Projection:	USD 70.3 Billion
Historical Data for:	2019 - 2023
No. of Pages:	300
Tables, Charts & Figures:	528
Segments covered:	Voltage Rating, Current, Application
Growth Drivers:	Refurbishment demand for existing grid infrastructure Growing deployment of renewable energy Increasing demand for electricity
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market valuation of the fixed mounted LV switchgear was reached USD 36.4 billion in 2023 and is set to grow at a CAGR of over 7.5% through 2032, driven by the rising demand for efficient transmission and distribution (T&D) control systems.

AC current segment held a market share of more than 59% in 2023 and is set to gain traction by 2032, owing to its qualities of reduced heat generation, lower transmission losses, as well as flexible and efficient high-voltage capabilities.

Asia Pacific fixed mounted LV switchgear market size surpass USD 29 billion by 2032, driven by the integration of renewable technologies into the grid and the ongoing expansion of cross-border transmission networks.

ABB, Chint Group, E + I Engineering, Eaton, Fuji Electric Co., Ltd., Hitachi Energy Ltd., Hyosung Heavy Industries, Hyundai Electric & Energy Systems Co., Ltd., Lucy Group Ltd., Mitsubishi Electric Corporation are some of the major industry contenders.