Global Low Voltage Switchgear Market Size 2024, Forecast To 2033
11 Mar, 2024
The low voltage switchgear market has demonstrated strong growth, increasing from $30.92 billion in 2023 to $33.35 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. The historic period's growth is attributed to the rise in power consumption, government initiatives, technological advancements, economic growth in emerging markets, and increased investments. Looking ahead, the market is expected to witness strong growth, reaching $43.83 billion in 2028 at a CAGR of 7.1%. The forecast period's growth can be linked to the growing demand for electricity, increased use of electricity in transportation, rising investments in renewable energy, and an increase in demand for electricity from manufacturing sectors. Key trends for the forecast period involve a focus on offering premium low voltage switchgear, deploying new technologies, producing energy-efficient products, and emphasizing strategic partnerships and collaborations, shaping the landscape of the low voltage switchgear industry.
Global Low Voltage Switchgear Market Key Driver
The low voltage switchgear market is anticipated to be propelled by the growing demand for electricity generation. In 2023, the market size is influenced by the necessity for continuous electricity supply, particularly due to the development of industrialization and urbanization. The reliability of electrical supply depends significantly on the performance of switchgear, making it a crucial component in sustaining energy production. Ongoing improvements in the integration of protection mechanisms further contribute to sustainable growth, catering to the demands of both rural and urban areas. For instance, in January 2022, the International Energy Agency reported a global electricity demand growth of 6% in 2021, emphasizing the critical role of electricity in various sectors. Notably, China experienced a surge in electricity demand, reaching 744 TWh in 2021 from 296 TWh in 2020, highlighting the global importance of low voltage switchgear in meeting the escalating demand for electricity generation.
Get A Free Sample Of The Global Low Voltage Switchgear Market ReportGlobal Low Voltage Switchgear Market Segments
The low voltage switchgear market covered in this report is segmented –
1) By Product: Fixed Mounting, Plug-In, Withdrawable Unit
3) By Voltage Rating: Less Than 250V, 250-750, 751-1000V
2) By End-User: Residential, Commercia, Industrial
By Geography:The regions covered in the low voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the low voltage switchgear market in 2023. Western Europe was the second-largest region in the low voltage switchgear market share. The regions covered in the low voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Low Voltage Switchgear Industry Players
ABB, Siemens, Hitachi, Mitsubishi Electric, Schneider Electric SE, Eaton, Fuji Electric Co Ltd, Hyundai Electric, Chint Group, Hyosung, Ls Electric Co. Ltd, Noja Power, Meidensha, Toshiba, Nissin Electric, Shihlin Electric, Chem, Fortune Electric, Anchor Electricals Pvt Ltd, Havells India Ltd, Cg Power And Industrial Solutions Limited (Crompton Greaves), Orecco Electric, Tamco, Lan Electrical Limited, Tenaga Switchgear, Lucy Electric, Bmc Manufacturing, Twyver Switchgear, Alstom, Switchgear Company Nv (Sgc), Electroshield Samara, S&C Electric Company, Powell Industries, G&W Electric, Abunayyan Holding Company, Tiepco, Wahah Electric Supply Company Of Saudi Arabia Ltd, Kfb Holding Group, Afcon, Actom, Matelec Group, Egyptian German Electrical Manufacturing Co
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Low Voltage Switchgear Market Overview
Low voltage switchgear refers to electrical switchgear rated up to 1KV. They are used in low voltage distribution boards to protect the low voltage system.
Low Voltage Switchgear Global Market Report 2023 provides data on the global low voltage switchgear market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The low voltage switchgear market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.