Low Voltage (LV) Switchgear Market - By Protection (Circuit Breakers, Fuse), By Product (Fixed Mounting, Plug-In, Withdrawable Unit), By Rated Current, By Voltage Rating, By Current (AC, DC), By Application & Forecast, 2024 - 2032

Low Voltage Switchgear Market Size

Low voltage switchgear market size, in 2023, was assessed at USD 79.6 Bn and will grow at a CAGR of 8.1% by 2032 due to the increasing urbanization, industrialization, and the rising demand for electricity across various sectors. Advancements in automation and smart grid technologies are driving the adoption of low voltage switchgear for enhanced energy efficiency and reliability.
 

Additionally, the expansion of renewable energy sources, such as solar and wind power, requires efficient electrical distribution systems, further boosting market demand. Government initiatives for infrastructure development and the modernization of aging electrical networks also contribute to market growth.
 

Moreover, the rising focus on safety and the need to comply with stringent regulations are propelling the demand for advanced switchgear solutions. With technological innovations and increasing investments in the energy sector, the market is poised for robust expansion in the coming years.
 

Low Voltage Switchgear Market Trends

The shift towards renewable energy sources, such as solar and wind power, is driving the demand for advanced low voltage switchgear. These systems are crucial for managing the variable nature of renewable energy and ensuring stable and reliable power distribution. The growth in renewable energy projects is particularly notable in regions like Asia-Pacific and Europe?.  There's a continued emphasis on safety features such as arc flash protection, enhanced insulation, and robust designs to ensure reliable operation and protect personnel and equipment from electrical hazards.
 

Switchgear is increasingly being integrated into smart grid infrastructure to support bidirectional energy flows, manage demand response programs, and enable grid stability and resilience. Additionally, The electrification of transportation, including electric vehicles (EVs) and charging infrastructure, is driving demand for switchgear solutions capable of handling increased electrical loads and ensuring reliable power distribution.
 

Low Voltage Switchgear Market Analysis

Based on protection, the circuit breaker segment is expected to cross USD 104 billion by 2032 owing to the increasing demand for reliable and efficient power distribution and protection solutions. Circuit breakers play a critical role in safeguarding electrical systems from overloads, short circuits, and other faults, ensuring the safety and continuity of power supply. The growing emphasis on infrastructure development, modernization of electrical grids, and the expansion of renewable energy projects are driving the need for advanced circuit breakers.
 

Based on product, the low voltage switchgear market is categorized into fixed mounting, plug-in, withdrawable unit. Fixed mounting segment is anticipated to cross CAGR of 7.5% by 2032 since they offer robust and reliable performance, making it ideal for applications where frequent disconnection and reconnection are not required. Its simplicity in design and ease of installation contribute to lower maintenance and operational costs, making it a cost-effective solution for many end-users. The growing demand for stable and continuous power supply in industrial, commercial, and residential sectors supports the adoption of fixed mounting switchgear.
 

Asia Pacific low voltage switchgear market is anticipated to surpass USD 64.3 billion by 2032 since rapid urbanization, industrial growth, and increasing infrastructure development in the region. Countries like China, India, and Japan are experiencing significant investments in smart grid technologies and renewable energy projects, driving the demand for efficient electrical distribution systems. Additionally, government initiatives focusing on rural electrification and modernization of existing electrical networks are contributing to the market's expansion. The rising population and growing energy consumption in residential, commercial, and industrial sectors further fuel the need for reliable and advanced low voltage switchgear solutions.
 

The U.S. is home to leading technology companies and research institutions that drive innovation in electrical and electronic components, including low voltage switchgear. Advanced technologies such as smart grids and IoT integration are often developed and first implemented in the U.S. As one of the largest economies in the world, the U.S. has a substantial market for low voltage switchgear, driven by extensive industrialization, commercial activities, and infrastructure development.
 

Low Voltage Switchgear Market Share

Companies like ABB, Hitachi, and General Electric hold significant market share in the low voltage switchgear industry due to their extensive experience, strong technological capabilities, and comprehensive product portfolios. They consistently invest in research and development to innovate and enhance their offerings.
 

Low Voltage Switchgear Market Companies

• ABB
• Chint Group
• E + I Engineering
• Eaton Corporation
• Fuji Electric Co., Ltd.
• Hitachi Ltd.
• Hyosung Corporation
• Hyundai Electric & Energy Systems Co., Ltd.
• Lucy Group Ltd.
• Mitsubishi Electric Corporation
• Powell Industries
• Regal Rexnord Corporation
• Siemens
• Skema S.p.A.
   

Low Voltage Switchgear Industry News

• In January 2022, ABB provided Power Networks UK with MV double busbar 36 kV gas insulated AirPlus switchgear (GIS), selected for its negligible global warming potential. This product is engineered to reduce the risks of unplanned downtime and enhance flexibility in power load distribution. The GIS functions as an effective insulator between electrical contacts, ensuring minimal impact on global warming.
   
• In April 2021, Siemens introduced its latest RMU and 8DJH 24 switchgear for up to 24 kV, featuring a fluorinated gas-free design. These medium-voltage switchgears utilize clean air technology, a climate-neutral insulation medium composed entirely of natural components sourced from the atmosphere. This technological innovation eliminates the use of sulfur hexafluoride (SF6) and any gas mixtures containing fluorine gases traditionally used as insulating mediums.
   

Low Voltage Switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million & Units” from 2021 to 2032, for the following segments:

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Market, By Protection, 2021 – 2032 (USD Million, Units)

• Circuit Breakers
  • ACB
  • MCCB
  • MCB
  • MSP
  • MPCB
• Fuse
  • Fuse-Switch Disconnector
  • Switch Disconnector with Fuse
  • Others

Market, By Product, 2021 – 2032 (USD Million, Units)

• Fixed mounting
• Plug-in
• Withdrawable Unit

Market, By Rated Current, 2021 – 2032 (USD Million, Units)

• ≤ 1000 Ampere
• > 1000 Ampere to ≤ 5000 Ampere
• > 5000 Ampere

Market, By Voltage Rating, 2021 – 2032 (USD Million, Units)

• ≤ 250 volts
• > 250 volts to ≤ 750 volts
• > 750 volts

Market, By Current, 2021 – 2032 (USD Million, Units)

• AC
• DC

Market, By Application, 2021 – 2032 (USD Million, Units)

• Substation
• Distribution
• Power Factor Correction
• Sub Distribution
• Motor Control

The above information has been provided for the following regions across the regions:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Peru
  • Argentina