Low-Voltage Switchgear Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[220+ Page Report] According to the report published by Facts & Factors, the global low-voltage switchgear market size was evaluated at $94 billion in 2022 and is slated to hit $133 billion by the end of 2030 with a CAGR of nearly 5.1% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The low-voltage switchgear industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the low-voltage switchgear market report explores the investor and stakeholder space to help companies make data-driven decisions.

Market Overview

Low-voltage switchgear is a three-phase power distribution product designed for a safe, reliable, and proficient supply of electricity at volts up to nearly 1,000 volts and current up to nearly 6,000 amps. Reportedly, low-voltage switchgear is mostly found on the secondary side of the power distribution transformer. Moreover, the integration of transformer and switchgear is referred to as a substation. Moreover, the low-voltage switchgear is utilized for feeding low-voltage motor control centers and low-voltage switchboards as well as feeder circuits. It is also used for supplying power to critical power and critical process applications.

Key Insights

• As per the analysis shared by our research analyst, the global low-voltage switchgear market is projected to expand annually at the annual growth rate of around 5.1% over the forecast timespan (2023-2030)
• In terms of revenue, the global low-voltage switchgear market size was evaluated at nearly $94 billion in 2022 and is expected to reach $133 billion by 2030.
• The global low-voltage switchgear market is anticipated to record massive growth over the forecast period owing to a rise in construction activities and growing renewable energy trends.
• Based on protection, the circuit breaker segment is predicted to contribute majorly towards the global market share over the forecast timeline.
• In terms of product, the plug-in segment is projected to account for a major share of the global market in 2023-2030.
• On the basis of installation, the outdoor segment is set to register the highest CAGR over the period from 2023 to 2030.
• Based on application, the smartphone segment is predicted to record massive growth over the forecast period.
• Region-wise, the Asia-Pacific low-voltage switchgear market is projected to register the highest CAGR during the assessment period.

Industry Growth Factors

• The thriving construction sector and preference for sustainable power will expedite the global market landscape

A rise in construction activities and growing renewable energy trends are predicted to boost the growth of the low-voltage switchgear market globally. Rapid infrastructural growth in the commercial and industrial sectors will steer the global market expansion. An increase in the acceptance of distributed energy resources will embellish the global market trends. The immense demand for manufactured goods and the need for a spectrum of operations across primary & secondary distribution networks will scale up the global market expansion.

Constant allocation of funds for improving the electric grid infrastructure facilities along with escalating demand for sustainable energy sources will proliferate the global market expansion. A surge in the use of smart grid technology and constant budget allocation by governments and private players for upgrading transmission & distribution systems will amplify the growth of the low-voltage switchgear market globally.

Restraints

• Surging product deployment costs can be detrimental to the growth of the industry across the globe

Huge installation costs and the large presence of players in the unorganized sector have impeded the growth of the global low-voltage switchgear industry. Apart from this, less availability of skilled workforce, motor protection, and delay in the execution of electric grid projects can further hinder the expansion of the industry across the globe.

Opportunities

• New product launches can create new growth avenues for the market globally

Launching of new products and a rise in research & development activities will create new facets of growth for the low-voltage switchgear industry across the globe.

Challenges

• The rise in costs of raw components can be the biggest challenge for the global industry

Surging dependency on the import of raw materials leading to rising raw material prices is a challenging task for the growth of the low-voltage switchgear industry globally.

Segmentation Analysis

The global low-voltage switchgear market is sectored into protection, product, installation, voltage, application, and region.   

In terms of protection, the global low-voltage switchgear market is sectored into the circuit breaker and fuse segments. Furthermore, the circuit breaker segment, which accrued more than 60% of the global market share in 2022, is projected to retain its segment domination in the assessment period. The segmental surge in the coming eight years can be due to the requirement of lesser space along with the strong dielectric characteristics of the product. An increase in investment in renewable energy projects will further enlarge the growth of the segment.

Product-wise, the low-voltage switchgear industry across the globe is divided into fixed-mounting, withdrawable unit, and plug-in segments. Moreover, the plug-in segment, which accumulated nearly 35% of the global industry share in 2022, is forecast to lead the global industry expansion even in the coming decade. The growth of the segment in the upcoming years can be subject to deployment ease and strong mechanical stableness. Escalating demand for low-voltage switchgear in commercial and industrial sectors will boost the growth of the global industry.

On the basis of installation, the global low-voltage switchgear market is divided into indoor and outdoor segments. Moreover, the outdoor segment, which accounted for a major share of the global market in 2022, is predicted to register the highest gains in the forecast timeline. The growth of the segment over the assessment period can be due to a huge demand for the installation of solar and wind panels. In addition to this, the growing necessity of infrastructural growth in developed countries can contribute majorly towards segmental growth.

Based on the application, the low-voltage switchgear market globally is bifurcated into smartphone and lighting as a service segment. Furthermore, the smartphone segment, which accounted for a major share of the global market in 2022, is predicted to register a major growth in the forecast timeline. The growth of the segment over the assessment period can be due to the rise in the use of switchgear in smartphones.

On the basis of voltage, the low-voltage switchgear industry across the globe can be segmented into low, medium, and high segments.

Recent Breakthroughs:

• In the first half of 2019, Eaton Corporation plc, a power management firm headquartered in Ireland, acquired more than 80% of a stake in Ulusoy Electrik, a firm in the business of producing low-voltage switchgear, cable systems, and medium-voltage distribution transformers. The acquisition will help the firm in entering new markets along with augmenting the growth of the low-voltage switchgear business of the latter.
• In the first quarter of 2019, Schneider Electric SE, a France-based firm specializing in online automation & energy management, introduced Masterpact MTZ in India, a high-powered low voltage circuit breaker. Furthermore, the product offers safe performance and improves reliability.
• In the first half of 2022, Siemens acquired Russelectric Inc, a firm manufacturing high-integrity on-site power control systems including parallel switchgear and automatic transfer switches & power control systems. The move will boost the growth of the low-voltage switchgear business globally.

Report Scope

Regional Insights 

• Asia-Pacific low-voltage switchgear market to register the highest CAGR over the forecast period

Asia-Pacific, which garnered more than two-fifths of the global low-voltage switchgear market revenue in 2022, is anticipated to register the highest CAGR during the projected timeline. The regional market expansion over 2023-2030 can be subject to growing investments made by the government as well as non-government organizations in manufacturing units for increasing the production of low-voltage switchgear. A surge in power consumption by consumers and various end-use sectors such as oil & gas and mining & metals will proliferate the size of the regional market.

Furthermore, the European low-voltage switchgear industry is predicted to witness mammoth growth in the anticipated timeline. The factors that are likely to determine the growth of the regional market include a surge in product use in constructing effective power grid infrastructure. Moreover, countries such as the UK and Germany can contribute majorly towards the growth of the industry in Europe.

Competitive Space

• Hyosung Corporation 
• ABB Ltd. 
• Al Hassan Engineering Co. SAOG (AHEC) 
• Mitsubishi Corporation 
• L&T 
• Schneider Electric SE 
• Lucy Electric 
• Hubbell Incorporated 
• Siemens AG 
• Hitachi Ltd 
• Fujifilm Holdings Corporation 
• Rockwell Automation Inc. 
• Norelco START 
• Hyundai Electric 
• General Electric Company 
• Eaton Corporation 
• Zhujiang Low Voltage Switchgear 
• Toshiba Corporation 
• E+I Engineering

The global low-voltage switchgear market is segmented as follows:

By Protection Segment Analysis

• Circuit Breaker
•  Fuse

By Installation Segment Analysis

• Indoor
• Outdoor

By Voltage Segment Analysis

• Low
• Medium
• High

By Product Segment Analysis

• Fixed-Mounting
• Withdrawable Unit
• Plug-In

By Application Segment Analysis

• Smartphone
• Lighting as a service

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America