Global Low-Voltage Switchgear Market Share Is Likely To Reach At A CAGR Value Of Around 5.1% By 2030

20-Jun-2023 | Facts and Factors

According to the Facts & Factors report, the global low-voltage switchgear market size was nearly $94 billion in 2022 and is predicted to surge to about $133 billion by 2030 along with recording the highest CAGR of 5.1% from 2023 to 2030.

 global-low-voltage-switchgear-market-share

Request Sample Request Customization Buy Now

Low-voltage switchgear offers short-circuit as well as overload protection through low-voltage power circuit breakers. Apart from this, low-voltage circuit breakers are deployed through the door and draw-out equipment. Furthermore, low-voltage switchgear is a three-stage switchgear that is utilized to effectively supply nearly 1000 volts and 6000 amperes of electric energy. The most common utility of low-voltage switchgear is in sub-comer, feeders, distribution boards, and incomers. It helps in protecting personnel from electrical hazards including arc blasts.

Browse the full report “Low-Voltage Switchgear Market Size, Share, Growth Analysis Report By Protection (Circuit Breaker and Fuse), By Product (Fixed-Mounting, Withdrawable Unit, and Plug-In), By Voltage (Low, Medium, and High), By Installation (Indoor and Outdoor), By Application (Smartphone and Lighting as a service), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030”  at https://www.fnfresearch.com/low-voltage-switchgear-market  

The flourishing construction sector and the deployment of solar panels for generating renewable energy for reducing carbon emissions are likely to pave the way for the growth of the low-voltage switchgear market globally. Rapid infrastructural growth in the commercial and industrial sectors is predicted to steer the expansion of the market across the globe.

In addition to this, a rise in the demand for distributed energy resources is anticipated to embellish the expansion of the global market. Humungous use of portable multifunctional modules in railways, offshore wind farms, and digital substations will steer the global market demand.

Nonetheless, an increase in the costs of raw components and the growing need to import these components will hinder the expansion of the global low-voltage switchgear industry. However, an increment in the renovation of old electric grids and rapidly expanding microgrid network facilities along with a surge in demand for power supply will open new growth avenues for the industry across the globe. This will also offset the hindrance to global industry expansion.

global-low-voltage-switchgear-market-size

Segmental Overview:

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

The protection segment of the low-voltage switchgear market is subdivided into the circuit breaker and fuse segments. Furthermore, the circuit breaker segment, which contributed to over three-fifths of the global market share in 2022, is anticipated to retain its segmental dominance in the upcoming years.

The growth of the segment in the years ahead can be credited to the demand for lesser space along with the strong non-conductive properties of the product. A rise in investment in renewable energy projects will further spearhead the segmental expansion.

On the basis of installation, the low-voltage switchgear industry across the globe is divided into indoor and outdoor segments. The outdoor segment, which held a major share of the global industry in 2022, is anticipated to record the fastest CAGR in the years ahead.

The segmental expansion in the analysis period can be owing to the large-scale demand for the deployment of solar and wind panels. Apart from this, the escalating need for infrastructural development in developed economies can contribute lucratively towards segmental growth.  

In terms of application, the low-voltage switchgear market across the globe is segmented into smartphone and lighting as a service segments. Furthermore, the smartphone segment, which led the segmental expansion in 2022, is anticipated to record humungous growth during the forecast period of 2023-2030. The segmental growth over the forecast timeframe can be due to the surge in the switchgear application in smartphones.

Based on technology, the low-voltage switchgear industry across the globe is divided into fixed-mounting, withdrawable unit, and plug-in segments. In addition to this, the plug-in segment, which accounted for nearly one-third of the global industry share in 2022, is estimated to dominate the global industry in the coming years.

The segmental surge in the ensuing years can be owing to ease of installation and mechanical stability. Apart from this, the growing penetration of low-voltage switchgear in industrial and commercial sectors is predicted to embellish the global industry trends.

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

Regional Overview:

Moreover, North America, which contributed the highest share towards the global low-voltage switchgear industry in 2022, is slated to continue its dominance in the projected years. The regional market surge in the forecasting years can be owing to the presence of giant industry participants such as Microsoft Corporation, Amazon, Inc., Google LLC, and IBM Corporation in the countries such as the U.S.

Furthermore, the blending of the smart home equipment with voice assistants will foster the expansion of the industry in North American region. Moreover, the growing demand for voice assistants in the countries such as Canada and the U.S. will spike the expansion of the industry in the sub-continent.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 94 Billion

Projected Market Size in 2030

USD 133 Billion

CAGR Growth Rate

5.1% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

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., and others.

Key Segment

By Protection, Installation, Voltage, Product, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

Request customized purchase options to meet your research needs. Explore purchase options

Competitive Landscape:

Key players in the global low-voltage switchgear market include 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, and E+I Engineering.

Recent Breakthroughs:

  •  In the second quarter 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 assist the firm in entering new markets along with augmenting the growth of the low-voltage switchgear business of the latter.
  • In the first half 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 quarter 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.

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

By Protection

  • Circuit Breaker
  •  Fuse

By Installation

  • Indoor
  • Outdoor

By Voltage

  • Low
  • Medium
  • High

By Product

  • Fixed-Mounting
  • Withdrawable Unit
  • Plug-In

By Application

  • Smartphone
  • Lighting as a service

By Region

  • 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

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Contact Us:

Facts & Factors
A - 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1-347-989-3985
Email: [email protected]
Web: https://www.fnfresearch.com


Latest Market Research Reports

report img

Biliary Lithotripter Market Report 2024 – 2032

[204+ Pages Report]According to Facts Factors, the global biliary lithotripter market size in terms of revenue was valued at around USD 1,770 million in 2023 and is expected to reach a value of USD 2,630 million by 2032, growing at a CAGR of roughly 4.5% from 2024 to 2032. The global biliary lithot

Published Date : 04-Mar-2024 | | Category : Healthcare | Pages : 204 | Format : Read more

Inquiry for Buying Request Sample
report img

Arterial Stent Market Report 2024 – 2032

[245+ Pages Report] According to Facts Factors, the global arterial stent market size in terms of revenue was valued at around USD 17.02 billion in 2023 and is expected to reach a value of USD 41.24 billion by 2032, growing at a CAGR of roughly 10.33% from 2024 to 2032. The global arterial stent ma

Published Date : 01-Mar-2024 | | Category : Healthcare | Pages : 245 | Format : Read more

Inquiry for Buying Request Sample
report img

Autosamplers Market Report 2024 – 2032

[250+ Pages Report] According to Facts Factors, the global autosamplers market size in terms of revenue was valued at around USD 1,660.23 million in 2023 and is expected to reach a value of USD 3,112.02 million by 2032, growing at a CAGR of roughly 7.23% from 2024 to 2032. The global autosamplers m

Published Date : 01-Mar-2024 | | Category : Healthcare | Pages : 250 | Format : Read more

Inquiry for Buying Request Sample
report img

Vision Sensor Market Report 2024 – 2032

[229+ Pages Report] According to Facts and Factors,The global vision sensor market size was valued at USD 4.51 billion in 2023 and is predicted to surpass USD 10.05 billion by the end of 2032. The vision sensor industry is expected to grow by a CAGR of 9.31% between 2024 and 2032. Vision Sensor Mar

Published Date : 29-Feb-2024 | | Category : Technology & Media | Pages : 229 | Format : Read more

Inquiry for Buying Request Sample
report img

Insurance Analytics Market Report , 2024 to 2032

[228+ Pages Report] According to Facts and Factors,the global insurance analytics market size was valued at USD 13.14 billion in 2023 and is predicted to surpass USD 43.80 billion by the end of 2032. The insurance analytics industry is expected to grow by a CAGR of 14.31% between 2024 and 2032. Ins

Published Date : 28-Feb-2024 | | Category : Public Sector | Pages : 228 | Format : Read more

Inquiry for Buying Request Sample

Why FnF Market Research?

1 Inflallible Methodology

to ensure high-level data integrity, accurate analysis, and impeccable forecasts

2 Analyst Support

for complete satisfaction

3 Customization

on-demand customization of scope of the report to exactly meet your needs

4 Targeted Market View

Targeted market view to provide pertinent information and save time of readers

5 Agile Approach

A faster and efficient way to cater to the needs with continuous iteration