The Low Voltage (LV) Switchgear Market size is expected to grow from US$ 44.33 billion in 2022 to US$ 81.62 billion by 2030; it is estimated to grow at a CAGR of 7.9% from 2022 to 2030.
Analyst Perspective:
The low voltage switchgear market has witnessed significant growth in recent years, driven by the evolution of Industry 4.0 and growing investment in smart city projects. Aging electricity distribution infrastructure is the primary driving factor behind the growth of the low voltage switchgear market worldwide. Aging infrastructure is prone to hazardous breakdowns, which need new switchgear to ensure the reliability of power supply by reducing disruptions and downtime in operations. The increasing burden on electrical infrastructure creates the need for either refurbishment or replacement of electrical equipment to ensure uninterrupted power supply within the operating area. As per the Department of Energy Report, the US is replacing its existing grid infrastructure with a highly modern and automated grid, which provides an opportunity for the utility sector to develop automation-equipped low voltage switchgear that allows remote monitoring, allow real time status check, and provide immediate response to issues in the operations. The development of existing infrastructure is driving the market.
Low Voltage (LV) Switchgear Market Overview:
Low voltage (LV) switchgear is a three-phase power distribution equipment designed to safely, reliably, and efficiently supply electric power. It is typically used for circuit protection and power distribution in the low voltage system. This switchgear is commonly used in residential, commercial, and industrial sectors for protecting electric circuits from short circuits and overloads. The demand for low voltage switchgear has rapidly increased in recent years, due to rising expenditure in infrastructural expansion. Increasing complexities in the grid infrastructure in developing countries raise the deployment of low voltage switchgear in the distribution grid. Moreover, the energy generation mix is undergoing a drastic transformation due to rapid digitalization, diverse electrification programs, smart grid infrastructure, and increasing use of renewable energy sources driving the market during the forecast period. Additionally, low voltage switchgear is already used in numerous smart grid projects, energy generation, and improving safety in power infrastructure and plants worldwide.
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Low Voltage (LV) Switchgear Market: Strategic Insights
Low Voltage (LV) Switchgear Market
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CAGR (2023 - 2031)
7.90%
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Market Size 2023
US$ 47.83 Billion
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Market Size 2031
US$ 87.88 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Siemens AG
- ABB Ltd
- General Electric Co
- Hitachi Ltd
- Eaton Corp Plc
- Powell Industries, Inc.
- Hyundai Corp
- Lucy Group Ltd.
- CHINT Group
- Fuji Electric Co Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Protection
- Circuit Breakers
Product
- Fixed Mounting
- Plug-In
- Withdrawable Unit
Rated Current
- ?1000 Ampere
- >1000 Ampere to ?5000 Ampere
- >5000 Ampere Voltage Rating
Current
- AC and DC
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Low Voltage (LV) Switchgear Market: Strategic Insights
-
CAGR (2023 - 2031)7.90% -
Market Size 2023
US$ 47.83 Billion -
Market Size 2031
US$ 87.88 Billion
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- Siemens AG
- ABB Ltd
- General Electric Co
- Hitachi Ltd
- Eaton Corp Plc
- Powell Industries, Inc.
- Hyundai Corp
- Lucy Group Ltd.
- CHINT Group
- Fuji Electric Co Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Protection - Circuit Breakers
Product - Fixed Mounting
- Plug-In
- Withdrawable Unit
Rated Current - ?1000 Ampere
- >1000 Ampere to ?5000 Ampere
- >5000 Ampere Voltage Rating
Current - AC and DC
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Low Voltage (LV) Switchgear Market Driver:
The evolution of Industry 4.0 and Growing Investment in Smart City Projects is Driving the Market
Low voltage switchgear is crucial for the smart factory and Industry 4.0 for enabling smart manufacturing, advanced automation, and data-driven decision-making activities. The switchgear is essential for power distribution in various components in the smart factory including motor, control system, sensors, and machines. The switchgear allows precise operations, motor control, and manufacturing processes by starting, stopping, and regulating motor speed. The growth in the smart manufacturing process is driving the market. Switchgear is a primary component of Industry 4.0 and smart manufacturing. It offers the necessary infrastructure to ensure efficient power distribution and automation within modern industrial facilities. Rising investment in smart city projects and growing city management initiatives further boost the market growth. For instance, in May 2022, the European Commission announced the participation of 100 climate-neutral and smart cities in the Cities Mission by 2030. The Cities Mission will receive funding of US$378.2 million to start research and innovation paths towards climate neutrality by 2030. These research and innovation actions will address clean mobility, green urban planning, and energy efficiency, and offer the possibility of collaborations in synergies with other EU programs.
Several smart city projects are currently ongoing or being launched to expand the digitalization of cities and urban development through information and communication technologies. Geospatial data is the foundation of urban development planning in smart city projects. It includes accurate, reliable, remote monitoring, safety, and efficient energy distribution within the urban areas. Smart city infrastructure is highly reliable on uninterrupted power supply, increasing the demand for low voltage switchgear to prevent downtime. For instance, in October 2022, Azerbaijan’s President Ilham Aliyev partnered with EKM Global Consulting GMBH for digital infrastructure smart solutions to transform into a smart country. The country’s smart city project aims to adopt efficient switchgear for reducing energy consumption and greenhouse gas emissions. Growing urbanization shifts the government's focus to support smart ways of managing complexity, increasing efficiency, analyzing & integrating infrastructure, and improving standards of living in the country.
Low Voltage (LV) Switchgear Market Segmental Analysis:
Based on rated current, the market is segmented into ≤1000 Ampere, >1000 Ampere to ≤5000 Ampere, and >5000 Ampere. The ≤1000 Ampere segment is projected to expand during the forecast period. ≤1000 Ampere switchgear is used to handle high electrical currents, which increases its adoption for power distribution in various loads by ensuring a reliable energy supply. The ≤1000 Ampere switchgear is highly versatile and flexible, which increases its demand in residential, industrial, and commercial buildings. Technological advancement and the development of compact ≤1000 Ampere switchgear help the user to save floor space and easily install in limited space, which increases its demand in the residential sector. Moreover, significant benefits provided by modern low voltage switchgear are boosting the segment. Many modern low voltage switchgear helps the user by offering remote monitoring & control capabilities by enhancing troubleshooting and maintenance. Additionally, growing demand for miniature circuit breakers (MCB) as a cost-effective solution compared to traditional fuse creates opportunities for ≤1000 Ampere in the low voltage switchgear market. MCB within the switchgear protects precise overcurrent and prevents damage to electric circuits, increasing its demand for installation in limited space, thus driving the segment.
Low Voltage (LV) Switchgear Market Regional Analysis:
The North America low voltage switchgear Market was valued at US$ XX billion in 2022 and is projected to reach US$ XX billion by 2030; it is expected to grow at a CAGR of XX% during the forecast period. North America is the prominent region in the markets owing to increasing renewable energy sources, and the growing need for upgrading T&D networks is driving the market in the region. The market in North America is projected to grow during the forecast period due to the rising government investment in power generation, infrastructure, and microgrid projects is fueling the market. For instance, The International Renewable Energy Agency (IRENA), US government is planning for an annual investment of US$ 52 billion in power generation and infrastructure to provide electricity for all by 2030. This investment equals 3.4% of the average annual global energy sector investment. The expansion of the power generation industry increased the demand for low voltage switchgear for distributing electrical power from generators to numerous components within the power plant including motors, transformers, and auxiliary systems. The market in the US is anticipated to expand in the near future, due to the rising oil production activities and increasing demand for low voltage switchgear in commercial and industrial applications. Moreover, growing investment in smart grid programs and microgrid projects creates opportunities in Canada.
For instance, in September 2023, the Government of Canada announced an investment of US$ 175 million in the Smart Renewables and Electrification Pathways Program. The program includes 12 clean energy projects across Alberta including a microgrid in Montana First Nation. Moreover, according to the Government of Canada report of August 2023, Natural Resource Canada is investing US$ 100 million in its Smart Grid Program to advance its aim of the Pan Canadian Framework on Climate Change and Clean Growth. The investment supports Canada to utilize existing electricity assets better, reduce GHG emissions, and foster innovation and clean jobs for smart grid technologies. Such factors would boost the demand for low voltage switchgear in smart grid applications. The low voltage switchgear is used to manage and control the flow of electricity, provide real time monitoring, and ensure efficient power distribution in the smart grid applications, which is boosting the market in the near future.
Low Voltage (LV) Switchgear Market Key Player Analysis:
The low voltage switchgear Market analysis consists of players such as Siemens AG, ABB Ltd, General Electric Co, Hitachi Ltd, Eaton Corp Plc, Powell Industries, Inc., Hyundai Corp, Lucy Group Ltd., CHINT Group, and Fuji Electric Co Ltd, among the key Low Voltage (LV) Switchgear Market players profiled in the report.
Low Voltage (LV) Switchgear Market Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the low voltage switchgear market. A few recent key market developments are listed below:
- February 2023: ELMEASURE announced its participation in the ELECRAMA 2023 to launch its entire range of low-voltage switchgear.
- July 2022, Siemens AG partnered with Plastic Energy to construct numerous larger plants around Europe, Asia, and the US, starting to construct one plant in the Netherlands. These plants use Siemens' end-to-end technological solutions including SIVACON S8 low voltage switchgear, process instrumentation, and distributed control systems (DCS).
- April 2022, Schneider Electric collaborated with Enedis to create a project on a new generation of MV/LV switchgear. These switchgears are used as an alternative to SF6 gas. Schneider Electric’s Two RM AirSeT RMU switchgear is evaluated for MV distribution networks in an Enedis R&D laboratory.
- December 2021, General Electric Co and SP Energy Networks signed a contract to supply 45 kV SF6-free live tank circuit breakers over the UK’s RIIO-T2 regulatory period. The 45 kV SF6-free live tank circuit breakers are the most commonly used insulator for electrical equipment in substations and eliminating SF6 from the UK’s grid.
Low Voltage (LV) Switchgear Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 47.83 Billion |
| Market Size by 2031 | US$ 87.88 Billion |
| Global CAGR (2023 - 2031) | 7.90% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Protection
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| Regions and Countries Covered |
North America
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| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- Siemens AG
- ABB Ltd
- General Electric Co
- Hitachi Ltd
- Eaton Corp Plc
- Powell Industries, Inc.
- Hyundai Corp
- Lucy Group Ltd.
- CHINT Group
- Fuji Electric Co Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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