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Low Voltage Switchgear Market size worth over $136bn by 2030

  • Published Date: May 4, 2022

Low Voltage (LV) Switchgear Market size is set to surpass USD 136 billion by 2030, according to a new research report by Global Market Insights Inc.

The market growth is attributed to the rising electricity demand along with growing investment & expenditure across new power generation facilities. The paradigm shift toward adoption of the smart grid systems coupled with usage of advanced technological solutions across energy generation facilities will boost the business dynamics. Furthermore, elevating electricity consumption across the industrial and commercial establishments together with increasing energy consumption will positively sway the industry outlook.

The COVID-19 pandemic has hit the global economy in an unprecedented manner as the first & second waves have ceased the overall market demand. However, the introduction of vaccination drives on a large scale coupled with the upliftment of certain rules & regulations imposed by respective government authorities have provided stability to the industry by bringing operations back to normal. Moreover, the ongoing global movement after the upliftment of several restrictions imposed by the governing authorities will accelerate several project pipelines, which in turn will fuel the industry landscape.

Ongoing installation of T&D infrastructure and increasing demand for efficient energy networks will complement the market expansion

Fuses integrated LV switchgear market is expected to witness a substantial growth owing to the ongoing installation of substations across T&D infrastructure along with acceptance of enhanced components comprising of advance technology. These units can act as the protective component which is utilized for a situation when predetermined current value is exceeded which in tun increase its applicability across the power grid systems. Additionally, surging demand for efficient electrical network across commercial and industrial establishments will augment the industry progression.

Miniature Circuit Breaker (MCB) industry will grow due to the rapidly increasing commercialization and rising electricity consumption. These units are widely utilized as isolating components across residential, industrial, and commercial sectors which in turn incline the customers toward the product adoption. In addition, the ability of these units to prevent damage across an electrical circuit on account of excess current which are further designed to trip during a short circuit to provide protection against equipment failure and electrical faults will significantly foster the business landscape.

Browse key industry insights spread across 830 pages with 1,708 market data tables & 27 figures & charts from the report, “Low Voltage (LV) Switchgear Market Size By Protection (Circuit Breakers {ACB, MCCB, MCB, MSP, MPCB}, Fuse {Fuse-Switch Disconnector, Switch Disconnector With Fuse}), By Product (Fixed Mounting, Plug-In, Withdrawable Unit), By Rated Current (≤ 1000 Ampere, > 1000 Ampere to ≤ 5000 Ampere, > 5000 Ampere), By Voltage Rating (≤ 250 Volts, > 250 Volts to ≤ 750 Volts, > 750 Volts), By Current (AC, DC), By Application (Substation, Distribution, Power Factor Correction, Sub Distribution, Motor Control), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 –2030”, in detail along with the table of contents:

Growing adoption of low voltage switchgear across commercial & industrial applications will thrust the market progression

The > 1000 to ≤ 5000 Amp switchgear market is anticipated to register a significant gains during the forecast period. This growth is credited to the development of secondary distribution electrical networks along with large scale industrial development across developing economies. These units have the capability to fulfill the requirements of small scale industrial and commercial applications which will further proliferate the product demand. Furthermore, growing demand for highly advance manufactured products coupled with versatile operations across primary and secondary energy networks will spur the business outlook.

Ongoing expansion of power distribution infrastructure will propel the industry growth

The market across distribution applications is estimated to surge impelled by the expansion and upgradation of distribution electrical infrastructure along with mounting energy consumption across residential & commercial sectors. The development of power infrastructure across off grid locations and remote areas to cater to the increasing electricity demand will stimulate the industry expansion.

Europe low voltage switchgear market is predicted to observe a 10% growth rate till 2030. Ongoing investments across development of power generation facilities along with a paradigm shift toward the acceptance advanced technologies will escalate the market revenue. Refurbishment and replacement of power systems with prevailing technologies will positively influence the demand for LV switchgears.

Eminent players operating across the market consist of ABB, Siemens, Hitachi Ltd., Hyosung Heavy Industries, Eaton, Hyundai Electric, Powell Industries, E+I Engineering, Skema S.p.A., Chint Group, Lucy Group, Regal Rexnord Corporation and Fuji Electric amongst others. These leaders are focusing on strengthening their market presence through strategic collaborations, partnerships and M&A.

Authors: Ankit Gupta, Riya Gupta