Low Voltage Switchgear Market to be dominated by Fixed Mounting segment through 2028.
Increasing electricity generation and consumption to
drive Global Low Voltage Switchgear Market in the forecast period, 2023-2028.
According to
TechSci Research report, “Global Low
Voltage Switchgear Market - By Region,
Competition, Forecast & Opportunities, 2028”, Global Low Voltage Switchgear Market is
anticipated to grow at an 8.25% CAGR in the forecast period, 2024-2028, driven
by the growing focus on Increase in renewable energy-based capacity addition.
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market data Figures spread through 180 Pages and an in-depth TOC on "Global Low Voltage Switchgear Market.”
Based on Product
Type, Global Low Voltage Switchgear Market is segmented into Fixed Mounting,
Plug-In, Withdrawable Unit. Fixed Mounting Segment to Dominate the Market. The
fixed mounting LV switchgear market is anticipated to expand at high CAGR till
2030. The adoption of these units for low failure rates along with limited
adjoining parts have significantly fueled the product installation. The lack of
sustainable and effective electrical infrastructures across underdeveloped and
developing economies along with an inclination toward enhancing the existing
networks has instituted a favorable market outlook. Moreover, adoption of
advanced technological systems along with integration of smart systems will
propel the market size.
Based on Region,
Asia Pacific region is expected to dominate the market for Low Voltage
Switchgear during the forecast period. Asia-Pacific has dominated the Low
voltage switchgear market in 2018 and is expected to continue its dominance in
the coming years as well. Rapid industrialization and urbanization in the
Asia-Pacific (APAC) has led to an increase in electricity demand. This, in
turn, has fueled the need for expansion of T&D infrastructure across the
region and thereby driving the Low voltage switchgear market. According to
China’s largest state-owned utility corporation, State Grid Corporation of
China (SGCC), the country’s energy demand, in 2030, is expected to exceed 10
Petawatt hour (PWH). As a result, there is a need for the expansion of the
existing power transmission network, which is expected to drive the demand for Low
voltage switchgear, in the country. The
demand for the HVDC transmission system is expected to further supplement the
integration of large-scale renewables, which are located far away from the
demand centers, in China’s power grid. This, in turn, is likely to drive the Low
voltage switchgear market in the country. Adding to this, increasing efforts to
improve electricity access across the Southeast Asia region is expected to
drive the market studied during the forecast period.
Major companies
operating in the Global Low Voltage Switchgear market are:
- ABB Ltd
- Schneider Electric SE
- General Electric Company
- Toshiba International Corporation
- Mitsubishi Electric Corporation
- Siemens AG
- Larson & Turbo Limited
- Bharat Heavy Electricals Limited
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“The global Low Voltage Switchgear market is driven by
several key factors that shape its growth and development. The global Low
voltage switchgear market is driven by several compelling factors that
collectively shape its growth and evolution. These drivers are essential
components of the energy infrastructure and reflect the dynamic nature of the
industry. Firstly, the relentless growth in electricity demand across the globe
is a primary driver. Factors such as urbanization, industrialization, and
technological advancements continuously boost the need for electricity,
necessitating the expansion and modernization of electrical grids. Secondly,
the global transition towards renewable energy sources is a major influencer.
Wind, solar, and hydroelectric power require advanced Low voltage switchgear
for efficient integration into the grid, given their intermittent nature. Thirdly,
the modernization and expansion of electrical grids play a pivotal role. Many
regions are investing in grid upgrades to enhance reliability, resilience, and
efficiency. Low voltage switchgear is fundamental to these efforts.
The global low voltage switchgear market is driven by
several key factors that collectively influence its growth and development.
These drivers are pivotal in meeting the evolving needs of the energy sector
and ensuring the efficient distribution of electricity. The continuous growth
in electricity demand on a global scale is a primary driver. Factors such as
population growth, urbanization, and the electrification of various industries
drive the need for robust low voltage switchgear systems, than the increasing
emphasis on renewable energy sources is fueling market growth. Low voltage
switchgear plays a critical role in integrating intermittent renewable energy
sources like solar and wind into the grid, helping to manage their variability
and ensure grid stability, Thirdly, industrialization and infrastructure
development contribute significantly to the demand for low voltage switchgear.
The expansion of manufacturing facilities, commercial buildings, and urban
infrastructure requires reliable electrical distribution systems. Fourthly,
technological advancements are shaping the market, with innovations such as
smart switchgear and digital solutions enhancing performance, monitoring
capabilities, and safety features. Fifthly, the focus on energy efficiency is
driving the adoption of low voltage switchgear that reduces electrical losses,
lowers operational costs, and aligns with sustainability goals. Lastly,
government regulations and initiatives aimed at reducing greenhouse gas
emissions and improving grid reliability propel investments in advanced low
voltage switchgear technologies. Collectively, these drivers underscore the
critical role of low voltage switchgear in ensuring efficient, reliable, and
sustainable electrical distribution systems as the global energy landscape
continues to evolve.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Low
Voltage Switchgear Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Product Type (Fixed
Mounting, Plug-In, Withdrawable Unit), By Installation (Indoor, Outdoor), By Application
(Substation, Distribution, Power Factor Correction, Sub-Distribution, Motor
Control), By Region, Competition, 2018-2028”, has evaluated
the future growth potential of global Low Voltage Switchgear market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global Low Voltage Switchgear market.
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