Low Voltage Switchgear Global Market Report 2022

Dec 03, 2023

Major players in the low voltage switchgear market are ABB Limited, Al Hassan Engineering Co. S. A. O. G. , E + I Engineering Ltd. , Eaton Corporation, Fuji Electric, General Electric, Hitachi Limited, Hubbell Power Systems, Hyosung Corporation, Hyundai Electric & Energy Systems, and L&T Electrical and Automation.

New York, March 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Low Voltage Switchgear Global Market Report 2022" - https://www.reportlinker.com/p06247521/?utm_source=GNW The global low voltage switchgear market is expected to grow from $25.77 billion in 2021 to $29.54 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $46.34 billion in 2026 at a CAGR of 11.9%.The low voltage switchgear market consists of sales of low voltage switchgears (?1KV) and related services that manufacture low voltage switchgears which are electrical switchgear rated up to 1KV. Low voltage switchgear is used in low voltage distribution board and it includes low voltage circuit breakers, switches, off load electrical isolators and earth leakage circuit breaker to protect the low voltage system.The main products of low voltage switchgear are fixed mounting, plug-in and withdrawable units.Withdrawable switchgear is electrical switchgear that can be withdrawn and reinserted in the switchgear.The products are installed indoor and outdoor with various voltage ratings such as less than 250V, 250-750V and 751-1000V. Low voltage switchgear are used by residential, commercial and industrial end-users.Asia Pacific was the largest region in the low voltage switchgearmarket in 2021.Western Europe was the second-largest region in the low voltage switchgear amarket.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The demand for electricity generation is projected to drive the low voltage switchgear market.Development of industrialization, urbanization requires continuous electricity supply, and reliability of the electrical supply depends heavily on the performance of the switchgear.Production of energy is a sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, will drive industry growth. For instance, in 2019, as per a research study, Indian government is working on two of the most vital electrification projects that are the ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’ and the ‘Deen Dayal Upadhyaya Gram Jyoti Yojana’ to provide electricity with a budget allocation of $6.98 billion (INR.50,000 crores) for the project.Unpredictable economic conditions in commercial and residential sectors is hindering the market growth.Increasing prices of raw materials and limited flow of investments in energy sector acts as a restraint for the market.For instance, according to the International Monetary Fund, global economic growth will slow to 4.4% in 2022 due to sluggish industrial activities from construction, factories and commercial firms, as they consume about half the country's electricity. Thereby, uncertain economic situation significantly affects the growth of the low voltage switchgear market.Development of digital switchgear has become an emerging trend in the low voltage switchgear market.Digital switchgears use the collected information to analyze performance of current levels, temperature, operating cycles and load levels that helps in improving the performance and reliability of switchgears.Smart switchgears allow grid optimization, improved quality, and reduce both transmission and operating losses.For instance, in 2019, ABB group introduced low-voltage digital switchgear which monitors and enables safe, flexible and smart electrical distribution.Therefore, digital switchgear is expected to gain popularity in the low voltage switchgear market.In January 2020, Siemens Ltd, a Germany-based engineering and electronics company acquired C&S Electric Limited for Rs 2,100 crore (294.4 million). With this acquisition, Siemens aimed to cater to the demand for reliable and efficient power supply in India. C&S Electric Limited is an Indian-based switchgear and power equipment manufacturing company.The countries covered in the low voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.Read the full report: https://www.reportlinker.com/p06247521/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________