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Low Voltage Switchgear Market Overview
The Low Voltage Switchgear Market Size is expected to grow at a CAGR of 5% during forecast period 2023-2030.
Market Research Future Insights
According to analysts, favorable government regulation as well as rapid expansion of micro-grid networks will drive the market growth during the forecast period. The low voltage switchgear market research report offers a comprehensive analysis of the global low voltage switchgear market and its application, installation, product, rated current, rated voltage, and protection segments. The high cost associated with deployment along with complexities related to technology are the elements that could influence the low voltage switchgear market advancement throughout the forecast period. The low voltage switchgear market research report by expert analysts is developed to assist organizations in the low voltage switchgear market.
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Covid-19 Impact on Low Voltage Switchgear Market
Demand Fluctuations: During the early stages of the pandemic, many construction projects were put on hold, leading to a decline in demand for low voltage switchgear in the construction industry. However, the demand for switchgear in industries related to essential services, such as healthcare and data centers, remained stable or even increased.
Economic Downturn: The global economic slowdown caused by the pandemic impacted capital investments and infrastructure projects, affecting the low voltage switchgear market’s growth prospects.
Industry News
The recent purchase of Northern Electric Testing Inc. (“NE TESTING”), a non-profit third-party, independent, electric testers based in Trojan, Michigan, has been announced by POTOMAC TESTING, a TechPro Power Group company. The independent service provider Northern Electrical Testing was founded in 1979 and is headquartered in Troy, Michigan. The company offers acceptance and repair services of the electrical power grid, engineering and rehabilitation services of emergency power.
Market Segmentation
The global low voltage switchgear market has been segmented based on application, installation, product, rated current, rated voltage, and protection. On the basis of application, the market for low voltage switchgear is segmented based on distribution, motor control, power factor correction, sub-distribution, and substations. Additionally, the market on the basis of installation, is segmented into AC and DC. The global market for low voltage switchgear is also covered based on the product segment which is further split into plug-in, withdraw able, and fixed mounting. On the basis of rated current, the market for low voltage switchgear is segmented based on ≤ 1000 Ampere, 1001 to 5000 Ampere, and > 5000 Ampere. Additionally, the market on the basis of rated voltage, is segmented into ≤ 250 Volt, 251 to 750 Volt, and > 750 Volt. The global market for low voltage switchgear is also covered based on the protection segment which is further split into circuit breaker and fuse.
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Major elements such as budget constraints could obstruct the low voltage switchgear market growth. However, according to the low voltage switchgear market research report, integration of sustainable energy resources along with key policy reforms will propel growth throughout the forecast period. The low voltage switchgear market is set to register growth at a high CAGR owing to these key factors. The exploration of application, installation, product, rated current, rated voltage, and protection segments along with regional markets has been given in the global low voltage switchgear market research report. The research analysts studying the low voltage switchgear market have put out market forecasts in the low voltage switchgear market research report in order to support low voltage switchgear market-based companies. The low voltage switchgear market research report provides an extensive understanding of the low voltage switchgear market based on the information and forecasts till 2030.
Regional Overview
North America, Europe, Asia Pacific and the rest of the world regional market for low voltage switchgear are predominantly covered in the global low voltage switchgear market research report. Country-level low voltage switchgear markets spread across North America – the United States, Canada, and Mexico are also covered in the report. In South America – Brazil and other country-level low voltage switchgear markets are covered in the report.
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In Asia-Pacific (APAC) region, the country-level low voltage switchgear markets covered are Japan, India, China, and others. The low voltage switchgear market research report also explores the regional market for low voltage switchgear present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The low voltage switchgear market research report also covers regional markets from the rest of the world alongside low voltage switchgear markets of Africa and the Middle East.
Key Players
Some of the prominent players in the global low voltage switchgear market are General Electric (U.S.), Eaton Corporation Plc. (Ireland), Mitsubishi Motors Corporation (Japan), Schneider Electric SE (France), Hitachi, Ltd. (Japan), Siemens AG (Germany), Hubbell Incorporated (U.S.), Fuji Electric Co., Ltd. (Japan), ABB (Switzerland) Rittal (Germany), among others.
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