Market Research Future (MRFR) has revealed in its study that the Global Low Voltage Switchgear Market is poised to expand at 9% CAGR during the forecast period 2017 to 2023. The increased demand for power is likely to catapult the market on an upward trajectory in the forthcoming years.
The swift shift towards renewable energy for meeting power requirement of the nations is likely to catalyze the growth of the global low voltage switchgear market. Additionally, the endeavors by the governments directed towards the promotion of the adoption of clean energy are expected to fuel the demand for low voltage switchgears.
The extensive use of the technology across residential, industrial and commercial premises for effectively controlling and distributing electric power is forecasted to expedite the expansion of the Low Voltage Switch Gear Market in the foreseeable future. Other factors responsible for the proliferation of the low voltage switchgear market are rising investments into infrastructural projects, increased rural energy requirements, etc.
Some of the key players profiled in the report are Eaton Corporation Plc. (Ireland), Mitsubishi Motors Corporation (Japan), Hitachi, Ltd. (Japan), General Electric (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Hubbell Incorporated (U.S.), Rittal (Germany), Fuji Electric Co., Ltd. (Japan), and ABB (Switzerland).
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By Protection, the Global Low Voltage Switchgear Market is segmented into circuit breaker and fuse. The circuit breaker segment is further sub-segmented into ACB, MCCB, MCB, MSP, and MPCB. The fuse segment has been sub-segmented into Fuse-switch disconnector, Switch disconnector with fuse and others.
By Product, the low voltage switchgear market has been segmented into fixed mounting, plug-in, and withdrawable.
By Rated Current, the Global Low Voltage Switchgear Market is segmented into ≤ 1000 Ampere, 1001 to 5000 Ampere and > 5000 Ampere.
By Rated Voltage, the low voltage switchgear market has been segmented into ≤ 250 Volt, 251 to 750 Volt and > 750 Volt.
By Installation, the global low voltage switchgear market is segmented into AC and DC.
By Application, the low voltage switchgear market has been segmented into substations, distribution, power factor correction, sub-distribution, and motor control.
By Region, the global low voltage switchgear market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacific is the largest market for low voltage switchgear market and is likely to retain a dominant share of the market over the next couple of years. The shift towards the generation of renewable energy has led the growth of the regional market. Also, the increasing number of manufacturing units being set up in the region has intensified the need for power generation. This, in turn, has been projected to drive the growth of the low voltage switch gear market in the forthcoming years. China is estimated to thrive exponentially over the assessment period owing to growing adoption of sustainable energy.
North America is anticipated to witness positive growth over 2023. The consolidation of key players in the region is expected to remain favorable for the regional low voltage switchgear market during the forecast period. Europe is another important growth pocket of the global market. The increasing volume of renewable energy generation is prognosticated to favor the low voltage switchgear market in the forthcoming years.
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In March 2018, Siemens, Germany, acquired Michigan-based Electrocon International Inc (ELL) that manufactures power control systems and Massachusetts-based Russelectric that deals in software for enhancing power grid simulation.
In October 2018, ABB, Swedish-Swiss multinational corporation inaugurated a gas-insulated switchgear manufacturing facility in Jakarta, Indonesia.
In October 2018, ABB has announced the completion of its first delivery of low- and medium-voltage switchgear for Global Cloud Data Center in Italy.
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