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Low Voltage Switchgear Market Overview
The Low Voltage Switchgear Market Size is expected to reach USD 132.01 billion by 2030, at a CAGR of 5% during forecast period 2022-2030.
Drivers and Restraints
The major factors driving the low-voltage switchgear market ‘s growth are supportive policy regulation toward incorporating renewable energy services through residential and commercial establishments. Net metering, feed in tariff, subsidies, and tax rebates are some of the main changes that will fuel demand for the drug. In addition , the rapid expansion of micro grid networks will further complement the business outlook by supplying the growing demand for off-grid energy across the emerging markets. The increased demand for electricity in the coming years is expected to propel the market on an upward trajectory. The rapid transition to renewable energy is likely to catalyze the development of the global low-voltage switchgear industry in order to meet nation power requirements. In addition, governments’ attempts to encourage renewable energy adoption are expected to fuel demand for low-voltage switchgears.
|
Report Attribute/Metric |
Details |
|
Market Size 2021 |
USD 89.35 billion |
|
Market Size 2022 |
USD 93.81 billion |
|
Market Size 2030 |
USD 132.01 billion |
|
Compound Annual Growth Rate (CAGR) |
5.0% (2022-2030) |
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Market Segmentation
The worldwide market for low voltage switchgear is segmented by safety, model, rated current, rated voltage, installation and operation.
The market is sub-segmented into circuit breakers and fuse by safety type. Further the circuit breaker is segmented into ACB, MCCB, MCB, MSP, and MPCB. The fuse is sub-segmented into disconnector Fuse-switch, disconnector Switch with fuse, and others.
The market is segmented by product into fixed mounting, plug-in and capacity to remove.
The graded present is divided into 1000 Ampere, 1001 to 5000 Ampere, and > 5000 Ampere. The average voltage is 250 Volt, 251 Volt to 750 Volt and > 750 Volt.
The Section of Installation consists of AC and DC.
The device section consists of substations, distribution, correction of power factor, sub-distribution, and control of engines.
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.
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Regional Overview
The global demand for color detection is being researched for Asia Pacific , North America, Europe and the rest of the world.
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. 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.
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.
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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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