Low Voltage (LV) Switchgear Market Analysis

Low Voltage Switchgear Market Analysis

The ≤ 250 Volt LV switchgear market will observe a significant growth of 8% through 2030. Shifting consumer inclination towards the smart integration of low voltage control units across residential establishments will thrust the market demand. In addition, basic power alteration in line with flexible product applicability across fans, blowers, elevators, motors, and pumps will accelerate the product deployment. Moreover, ongoing investments in the R&D sector by major industry players to increase the tensile strength, material density, and durability will positively drive the product penetration.

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The fixed mounting LV switchgear market is anticipated to expand at 7% CAGR till 2030. The adoption of these units for low failure rates along with limited adjoining parts have significantly fueled the product installation. The lack of sustainable and effective electrical infrastructures across underdeveloped and developing economies along with an inclination toward enhancing the existing networks has instituted a favorable market outlook. Moreover, adoption of advanced technological systems along with integration of smart systems will propel the market size.

Withdrawable unit LV switchgear market will observe an impetus growth in the coming years, due to the upgradation of prevailing power grid networks. The capability of these units to offer high breaking capacity, less floor area, dynamic & thermal stability, superior protection will increase the product demand. In addition, safety, reliability, low maintenance and enhanced structure are some of the key factors augmenting the product deployment. Rising electricity demand across the rural and urban areas along with ongoing urbanization and increasing population will positively influence the market revenue.

Smart grid is a next-generation electric power network that will utilize IT and other high technologies to operate intelligently. From the DEIS perspective, the development of smart grids can deliver the ability to utilize insulated equipment along with the fast detection of fault locations, leading to reduced repairs. For instance, a subsidiary of Rockefeller Foundation, Smart Power India (SPI), marked the 500^th mini grid’s operations located in Laxmanpur Uttar Pradesh, facilitating the world’s largest portfolio of grids.

The LV switchgear market across the substation application will gain momentum during the forecast period, on account of ongoing research & development activities by key participants to boost their capabilities and integrate innovative technologies for enhanced management & smart operations. Ongoing adoption of micro grid establishments and green energy sources for the integration of power renewables across the large-scale energy generation through enhanced monitoring of power system will further support the industry growth

The Asia Pacific LV switchgear market is anticipated to register significant growth rate from 2022 to 2030, impelled by growing investments in the development of new & enhanced power generation facilities to meet the energy demand. In addition, the elevated electricity consumption by the end consumers and other industries including power generation, mining & metals, oil & gas, have led to the development of energy networks on a large scale. Moreover, the refurbishment and upgradation energy grid networks catering to the energy demand across developing economies will drive the market growth.