Low Voltage Switchgear Market

Market Overview:

The global low voltage switchgear market size reached US$ 53.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 92.7 Billion by 2032, exhibiting a growth rate (CAGR) of 6.11% during 2024-2032. The growing demand for electricity, the increasing product adoption in electrical distribution systems, rapid technological innovations, increasing infrastructure development projects, and extensive research and development (R&D) activities are some of the key factors driving the market.

Low voltage (LV) switchgear refers to the electrical equipment used to control, protect, and distribute electrical power in low-voltage systems. It consists of a combination of circuit breakers, fuses, switches, and other protective devices that are housed in a metal enclosure. It is commonly used in industrial and commercial applications to distribute power to various loads and equipment. LV switchgear helps to isolate faulty equipment, protect against overloads, and control the flow of electrical power. It is a highly reliable component that also protects from electrical shock and reduces the risk of short circuits or faults. As a result, it finds extensive applications across the substation, distribution, power factor correction, sub-distribution and motor control facilities.

Low Voltage Switchgear Market Trends:

The growing demand for electricity across the globe is one of the key factors creating a positive outlook for the market. LV switchgear is widely used as an essential component in electrical distribution systems to ensure the safe and reliable supply of electricity to residential, commercial, and industrial consumers. Moreover, the widespread product utilization of renewable energy sources, such as solar and wind power, to provide the connection, control, and distribution of power generated from renewable sources is propelling the market growth. Additionally, the rising inclination toward upgrading aging infrastructure to ensure reliable and safe operation is acting as another growth-inducing factor. Apart from this, the integration of digital technologies and smart features in LV switchgear that offer advanced monitoring, control, and communication capabilities, allowing for real-time data analysis, remote operation, and predictive maintenance, is providing an impetus to the market growth. Furthermore, the growing infrastructure development projects, such as the construction of residential buildings, commercial complexes, data centers, hospitals, and transportation networks, that require reliable electrical infrastructure is contributing to the market growth. Other factors, including the implementation of various government initiatives to promote the use of reliable and safe electrical systems, increasing focus on developing smart cities with advanced infrastructure and sustainable energy systems, and growing digitization, are supporting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global low voltage switchgear market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type, voltage rating, installation, and application.

Product Type Insights:

• Fixed Mounting
• Plug-In
• Withdrawable Unit
   

The report has provided a detailed breakup and analysis of the low voltage switchgear market based on the product type. This includes fixed mounting, plug-in, and withdrawable unit. According to the report, fixed mounting represented the largest segment.

Voltage Rating Insights:

• Less than 250V
• 250V to 750V
• 751V to 1000V
   

The report has provided a detailed breakup and analysis of the low voltage switchgear market based on the voltage rating. This includes less than 250V, 250V to 750V, and 751V to 1000V.

Installation Insights:

• Indoor
• Outdoor
   

The report has provided a detailed breakup and analysis of the low voltage switchgear market based on the installation. This includes indoor and outdoor.

Application Insights:

• Substation
• Distribution
• Power Factor Correction
• Sub-Distribution
• Motor Control
   

The report has provided a detailed breakup and analysis of the low voltage switchgear market based on the application. This includes substation, distribution, power factor correction, sub-distribution, and motor control.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for low voltage switchgear. Some of the factors driving the Asia Pacific low voltage switchgear market included the increasing infrastructure development projects, various technological advancements, and growing electricity demand in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global low voltage switchgear market. Detailed profiles of all major companies have been provided. Some of the companies covered include ABB Ltd, Alfanar Group, Chint Group Co. Ltd., Eaton Corporation plc, Fuji Electric Co. Ltd., General Electric Company, Hyosung Corporation, Larsen & Toubro Ltd, Mitsubishi Electric Corporation, Rittal GmbH & Co. KG, Schneider Electric SE, Siemens AG, Terasaki Electric Co. Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global low voltage switchgear market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global low voltage switchgear market?
• What is the impact of each driver, restraint, and opportunity on the global low voltage switchgear market?
• What are the key regional markets?
• Which countries represent the most attractive low voltage switchgear market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the low voltage switchgear market?
• What is the breakup of the market based on the voltage rating?
• Which is the most attractive voltage rating in the low voltage switchgear market?
• What is the breakup of the market based on the installation?
• Which is the most attractive installation in the low voltage switchgear market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the low voltage switchgear market?
• What is the competitive structure of the global low voltage switchgear market?
• Who are the key players/companies in the global low voltage switchgear market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the low voltage switchgear market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global low voltage switchgear market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the low voltage switchgear industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.