Low Voltage Switchgear Global Market Sees Growth Rate Of 15% Through 2022

The global low voltage switchgear market size is expected to grow from $25.77 billion in 2021 to $29.54 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The low voltage switchgear market is expected to reach $46.34 billion in 2026 at a CAGR of 11.9%.

What is the Global Low Voltage Switchgear Market?

The low voltage switchgear market consists of sales of low voltage switchgears (=1KV) and related services that manufacture low voltage switchgears which are electrical switchgear rated up to 1KV. Low voltage switchgear is used in low voltage distribution board and it includes low voltage circuit breakers, switches, off load electrical isolators and earth leakage circuit breaker to protect the low voltage system.

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What drives the Global Low Voltage Switchgear Market?

The demand for electricity generation is projected to drive the low voltage switchgear market. Development of industrialization, urbanization requires continuous electricity supply, and reliability of the electrical supply depends heavily on the performance of the switchgear. Production of energy is a sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, will drive industry growth. For instance, in 2019, as per a research study, Indian government is working on two of the most vital electrification projects that are the ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’ and the ‘Deen Dayal Upadhyaya Gram Jyoti Yojana’ to provide electricity with a budget allocation of $6.98 billion (INR.50,000 crores) for the project

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Global Low Voltage Switchgear Market Segments
The global low voltage switchgear market is segmented:
By Product: Fixed Mounting, Plug-In, Withdrawable Unit
By End-User: Residential, Commercial, Industrial
By Voltage Rating: Less than 250V, 250-750V, 751-1000V
By Installation: Indoor, Outdoor
By Geography: The regions covered in the low voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Low Voltage Switchgear Global Market Report 2022provides market size and growth forecasts for the global low voltage switchgear market, global low voltage switchgear market share, low voltage switchgear market segments and geographies, low voltage switchgear market competitive landscape including leading competitors’ revenues, profiles and market shares. The low voltage switchgear market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Low Voltage Switchgear Industry Players include ABB Limited, Al Hassan Engineering Co. S.A.O.G., E + I Engineering Ltd., Eaton Corporation, Fuji Electric, General Electric, Hitachi Limited, Hubbell Power Systems, Hyosung Corporation, Hyundai Electric & Energy Systems, and L&T Electrical and Automation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.