CHICAGO, Feb. 5, 2019 /PRNewswire/ --
According to the new market research report "Low Voltage Protection and Control Market by Product Type (Protection Equipment, Switching Equipment, and Monitoring Devices), End-use (Residential, Commercial, and Industrial (Oil & Gas, EV Charging), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Low Voltage Protection and Control Market is projected to reach USD 19.8 billion by 2025 from an estimated USD 13.2 billion in 2018, at a CAGR of 5.97%. This growth can be attributed to the increased demand for renewable energy sources, growing per capita consumption of energy, and demand for safe and secure power distribution systems.
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The protection equipment segment is expected to hold the largest share of the Low Voltage Protection and Control Market, by product type, during the forecast period.
The protection equipment segment is estimated to dominate the Low Voltage Protection and Control Market in 2018 and is projected to have the largest market share during the forecast period. This is mainly because there is increased global urbanization and growing per capita consumption of energy due to the rising global middle-class, specifically in countries such as China and India, in the Asia Pacific region. Furthermore, these countries also have high renewable energy targets and increased emphasis on energy efficiency which is further expected to contribute to the growth of the protection equipment segment.
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The residential segment is expected to be the fastest growing segment of the Low Voltage Protection and Control Market, by end-use, during the forecast period.
The residential segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing solar residential rooftop installation in countries such as China, India, Japan, and Australia, and increasing urbanization in regions such as Asia Pacific and the Middle East & Africa. Countries such as China and India have the majority of the growing affluent middle-class in the world and this proportion is expected to rise even further in the coming years. This is expected to increase the demand for Low Voltage Protection and Control Market in the forecast years. In addition to this, grid upgrade and transmission and distribution investment in North America and Europe is further contributing to the growth of the residential segment.
Asia Pacific: The leading market for low voltage protection and control.
In this report, the Low Voltage Protection and Control Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to dominate the global Low Voltage Protection and Control Market in 2018 owing to the development and growth of countries such as China, Japan, Australia, and India, where there is huge requirement for power and infrastructural development due to growing population and urbanization. Other countries in this region are also investing in infrastructure and power generation projects to tackle growing population demands. The growth of Low Voltage Protection and Control Market in this region is also driven by increasing necessity to meet climate change and renewable energy targets. Subsequent rural electrification programs and increasing data center and EV charging infrastructure is further expected to propel the growth of the market in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Low Voltage Protection and Control Market. Some of the key players are ABB (Switzerland), Eaton (Ireland), Fuji Electric co. ltd (Japan), Hitachi (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), WEG SA (Brazil), Legrand (France), and Emerson Electric Co. (US). The leading players are adopting various strategies to increase their shares in the Low Voltage Protection and Control Market.
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