The global low voltage switchgear market currently valued is USD 67.5 billion and is projected to reach USD 88.5 billion by 2028 at a CAGR of 5.5% during the forecast period. Growth of the market is attributed to growing investment in renewable energy.
Industrialization and urbanization requires continuous electricity supply, and reliability of the electricity depends on the performance of switchgear. Production of energy is a sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, will drive industry growth. Digital switchgear has become an emerging trend in the low voltage switchgear market. It uses the collected information to analyses performance of current levels, temperature, operating cycles, and load levels that helps in improving the performance and reliability of switchgears. Smart switchgears allow grid optimization, improved quality, and reduce both transmission and operating losses.
According to World Health Organization (WHO) the Covid-19 pandemic has impacted the demand and supply of low voltage switchgear market. Due to adverse situations like lockdown across the globe, mess in the supply chain, and oscillate supply of raw materials enforced the manufacturers to shut down production leading to decline in market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Rising inclination towards digital low voltage switchgear is expected to boost the market during the forecast period.
- Rapid growth of industrial sector is the major factor driving the market.
- High maintenance cost and lack of awareness among the consumers is projected to hamper the market growth.
- Development of rural and urban areas is expected to create immense market opportunities for market players.
- R&D investments and technological advancements in switchgears are anticipated to create immense growth opportunities for the market players.
Market Segment Insights:
The <1kv segment is projected to hold major market share during the forecast period
Based on types, the global low voltage switchgear market is segregated as <1kv, 1kV - 5kV, 6kV - 15kV, 16kV - 27kV, and 28kV - 38kV. The electrical switchgear rated up to 1KV is termed as low voltage switchgear. The term LV Switchgear includes low voltage circuit breakers, switches, off load electrical isolators, HRC fuses, earth leakage circuit breaker, miniature circuit breakers (MCB), and molded case circuit breakers (MCCB)
6kV - 15kV low voltage switch is used in VB1 generators. It is suitable for all kinds of connection in the system. These can also be used in all kinds on equipment and machinery supply board.
The residential sector is estimated to expand at a high CAGR during the forecast period
On the basis of applications, the low voltage switchgear market is segregated into commercial, industrial, residential, and utilities. The residential sector is projected to hold a major market share during the forecast period, owing to rising construction of housing units. To fulfill the increasing housing demand governments across different countries is planning to construct new housing units, which are estimated to boost the segment. In commercial sector switchgears are used for controlling the power supply of lights, fan, and AC.
The market in North America is projected to expand a robust CAGR
In terms of regions, the global low voltage switchgear market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to hold a major market share during the forecast period, due to urbanization in developing countries such as India and China. Moreover, connection of new substations coupled with existing electrical infrastructure, is projected to boost the market in the region. North America switchgear market size is predicted to surpass its annual installation of over 11 million units during the forecast period. North America switchgear industry by vacuum insulation holds the majority market share on account of its high consumer reliability and low carbon emission.
Compititive Landscape
Key players in the global low voltage switchgear market include ABB, Powell Industries, Siemens, Schneider Electric, Bharat Heavy Electricals, Crompton Greaves, Eaton, Hyosung, Mitsubishi Electric, GE, and OJSC power machines. Several business strategies adopted by the major players include mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
ABB in 2019 launched Neogear as low voltage switchgear which offers digital capabilities including data analytics, remote assistance, predictive & monitoring management, and real-time condition.
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