Low Voltage Switchgear Market Size, Share and Global Trend By Product (Fixed mounting, Plug-in, Withdrawable unit), By Voltage Rating (Less than 250V, 250-750V, 751-1000V), By Installation (Indoor, Outdoor), By Application (Substation, Distribution, Power Factor Correction, Sub-Distribution, Motor Control) and Regional Forecast, 2024-2032

Switchgear rated up to 1kV is termed as low voltage switchgear. It includes circuit breakers, switches, pff load electrical isolators, HRC fuses, earth leakage circuit breakers, miniature circuit breakers (MCB), and molded case circuit breakers (MCCB) which are required for the protection of low voltage switchgear. The most common use of low voltage switchgear is in the distribution board. Incomer, sub-incomer, and feeders are part of the system. Low voltage switchgear is preferable as low voltage switchgear power systems in an industrial setting provide continuous power to as much of the facility as possible and protect personnel from electrical hazards such as arc blasts.

Increasing construction activities and installation of renewable energy are expected to drive low voltage switchgear market. Low voltage includes switches & fuses, oil-filled circuit breaker, distribution boards, residual current devices, and others. Infrastructure developments in the commercial and industrial sector in some regions is expected to upsurge the switchgear market along with rapid growth in distributed energy resource.

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The low voltage switchgear market is categorized by a fixed mounting, plug-in, and withdrawable unit. Easy installation, along with effective mechanical stability, is expected to upscale the plug-in low voltage switchgear market. Rapid integration of portable multifunctional modules across offshore wind farms, railway applications, and digital substations will further fuel product penetration. Based on voltage rating, 250-750V switchgear market is expected to grow due to its extensive commercial & small-scale industrial applications.

In addition, rising demand for manufactured goods along with versatile product operations across the primary and secondary distribution networks will also contribute to market growth. Indoor low voltage switchgear market is expected to grow due to its application in the real estate sector across emerging countries whereas, large scale integration of distributed power generation technologies along with rampant industrial growth is expected to flourish the outdoor low voltage switchgear market

Inclination towards renewable sources of energy for electricity generation is expected to stimulate the low voltage switchgear market. Continuous rise in investments of infrastructure with the growing demand for a renewable source of energy is the major factor that drives the low voltage switchgear market around the world. In addition, the rise in the establishment of smart grid technology and continuous investment in upgrading transmission & distribution systems is expected to uplift the low voltage switchgear market. Additionally, rapid industrialization and urbanization are also expected to participate in market growth.

High installation cost, as well as the presence of a small unorganized sector of China, creates concern over the quality of low voltage switchgear. In addition, lack of skilled manpower, losses in the panel, protection of the motor, and delays in project execution are some other factors that inhibit the low voltage switchgear market.

Key Players Covered

Some of the major companies that are present in low voltage switchgear market are ABB, Alfanar, C&S Electric, CHINT Group, Eaton, COELME S.p.A, Fuji Electric, Guangdong Zhujiang Low voltage switchgear, HPL India, Hager, Hangzhou Zhijiang Low voltage switchgear, Havells, Hitachi, L&T, Legrand, Mitsubishi Electric Corporation, Rockwell Automation, Schneider, Siemens, Terasaki, LSIS, Hyosung, Toshiba Corporation, and WEG.

SEGMENTATION

Regional Analysis

The global low voltage switchgear market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America low voltage switchgear market is expected to grow due to its capacity enhancement and grid modernization. Owing to the increase of low voltage switchgear application in the establishment of an effective and sustainable power grid infrastructure, Europe is expected to drive demand positively in the low voltage switchgear market. Asia-Pacific is expected to be the dominant player all over the world as economies like China and India are highly upgrading and installing new transmission lines and distribution networks in order to increase infrastructural development. Government regulations in Latin America and the Middle East towards electrification and integration of decentralized micro-grid networks across grid isolated areas is expected to upsurge the low voltage switchgear market in the region.

Key Industry Developments

• In April 2019, Eaton Corporation acquired 82.275% of Ulusoy Elektrik, which is into manufacturing medium voltage low voltage switchgear, medium voltage distribution transformers, and cable systems. The acquisition will allow the company to capture new markets.
• In March 2019, Schneider launched Masterpact MTZ in India, which is a high-power low voltage circuit breaker and provides safety, enhances performance, and increases reliability.
• In March 2019, Siemens announced its acquisition of Massachusetts-based Russelectric, a leading U.S. manufacturer of power control systems including paralleling switchgear, automatic transfer switches, and other power control systems for electric infrastructure.