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Low Voltage (LV) Switchgear Market Size
- Report ID: GMI243
- Published Date: Apr 2022
- Report Format: PDF
Low Voltage Switchgear Market Size
Low Voltage Switchgear Market size exceeded USD 67 billion in 2021 and is set to grow at a CAGR of over 8% between 2022 and 2030. Growing measures to ensure stability & safety along with ongoing development of electric infrastructure spending across power grid applications will stimulate the market growth.
The refurbishment & replacement of prevailing electrical infrastructures primarily across emerging countries will further drive the market revenue. Additionally, encouraging government policies toward the development of sustainable electrical networks to boost power generation will favor the industry expansion.
The COVID-19 crisis has hindered the overall LV switchgear market operations across the globe as it resulted in manpower shortages, delayed manufacturing operations, along with supply chain disruptions. However, the upliftment of restrictive protocols by the governing authorities for global movement coupled with the introduction of several vaccination drives have led the industry operations back to normalcy. In addition, the requirement to supply electricity during emergency cases in healthcare and critical energy generation facilities further fostered the market growth dynamics.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| Low Voltage (LV) Switchgear Market Size in 2021: | 67 Billion (USD) |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 8% |
| 2030 Value Projection: | 136 Billion (USD) |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 830 |
| Tables, Charts & Figures: | 1,735 |
| Segments covered: | Protection, Product, Rated Current, Voltage Rating, Current, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Low Voltage (LV) Switchgear Market Scope
