Global low voltage switchgear market size was valued at over USD 10 billion in 2015 and is expected to grow at a CAGR of around 9% from 2016 to 2023. Proliferating demand for safety and protection in electrical distribution is anticipated to fuel the industry growth. In addition, infrastructure developments in industrial and commercial sectors is also likely to positively impact the industry over the coming few years.
The global low voltage switchgear market growth has been sluggish in past few years and is expected to flourish over the forecast period owing to rising need for transformers. The providers are increasing their focus on technology development in order to augment efficiency and reliability of equipment. The above mentioned factors are expected to propel demand over the forecast period.
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Asia Pacific low voltage switchgear market size was the largest in 2015, followed by North America and Europe. In terms of revenue, China is dominating the industry and it likely to observe significant growth over the forecast period. This can be mainly attributed to extensive upgrade of electrical infrastructure. Rapid growth in BRIC nations of India, Brazil, Russia and China is expected to be the prime driving factor. These products are extensively used in the novel electrical distribution and transmission networks which are further anticipated to ensure uninterrupted power supply as well as minimum losses.
LV switchgears include fuse gear, switches, enclosures, cable distribution cabinets and connection devices. These products offer power distribution functionality and reliable motor control for industrial as well as commercial installations. The main function includes electrical protection, local and remote switching, and electric isolation. It is ideally used to reduce electric failures and consequences of fault currents that run all the way through the circuit. In addition, it is primarily employed for applications where the delivery of electrical energy is important, such as pharmaceuticals, food and beverage, pulp and paper, infrastructure, mining and steel industries, industrial facilities, and commercial buildings.
The dynamic growth of the construction sector and increasing adoption of renewable energy systems are expected to propel LV switchgear market growth over the forecast period. Increasing renewable energy sources coupled with ongoing smart grid projects are contributing to the global LV switchgear market size. Furthermore, installation of updated as well as replacement of aging infrastructure is also causal to industry growth. Switchgears usually comprise a section in the front composed of circuit breakers, protective relays and meters. The bus section consists of bus-bar where the cables are routed.
Volatility in cost of raw materials is likely to challenge the demand growth over the next seven years. Transition from conventional to modular switchgears is the current industry trend across the globe.
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Residual Current Circuit Breakers (RCCBs) and Miniature Circuit Breakers (MCBs) accounted for majority of the low voltage switchgear market share in 2015. This can be primarily attributed to escalating demand from the commercial as well as residential sectors. Air Circuit Breakers (ACBs) and Molded Case Circuit Breakers (MCCBs) are expected to witness growing demand owing to mounting spending on industrial and commercial projects.
Major competitors that hold majority of the low voltage switchgear market share include ABB Ltd., GE, and Siemens AG. Other prominent vendors include Alstom, Hyosung, Mitsubishi Electric, Crompton Greaves, Xian XD Switchgear Electric, Eaton, OJSC Power Machines, and Bharat Heavy Electricals.
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