Low Voltage Switchgear Market revenue to cross USD 136 Bn by 2030: Global Market Insights Inc.
Major low voltage switchgear market players include ABB, Siemens, Hitachi Ltd., Hyosung Heavy Industries, Eaton, Hyundai Electric, Powell Industries, E+I Engineering, and others.
SELBYVILLE, Del., May 16, 2022 /PRNewswire/ -- The low voltage switchgear market size is expected to record a valuation of USD 136 billion by 2030, according to the most recent study by Global Market Insights Inc.
The market growth is credited to the rising demand for effective transmission and distribution control systems along with growing electricity demand. The adoption of smart grid technologies along with favorable regulatory frameworks for the integration of renewables will favor the business dynamics. Ongoing urbanization along with ongoing investments and expenditure for refurbishments & upgradation of energy networks will accelerate the industry expansion. In addition, rapidly mounting electricity consumption coupled with a shifting focus toward energy-efficient technologies will augment the business landscape.
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The low voltage switchgear integrated with circuit breakers will witness an upsurge on account of expansion of large-scale electrical networks along with rising energy consumption across commercial and industrial peripherals. The capability of these units to reset coupled with operational safety across networks having frequent current faults and outages pose immense growth potential. The widespread applicability of these systems across industrial applications, commercial establishments, hotels, and buildings will boost the product deployment.
Plug-in low voltage switchgear market is projected to register a significant growth owing to the rapid integration of portable multifunctional modules across various sectors including offshore windfarms, digital substations and railway applications. Effective mechanical stability coupled with ease of installation are some of the key factors which will fuel the industry progression.
The < 1000 ampere low voltage switchgear market is set to grow due to the rising demand for efficient and advanced electric components along with large scale infrastructural development. The widespread applicability of these units to cater to the demand of various industries including infrastructure, power and process industries will escalate the product demand. Upgradation of decentralized energy networks along with development of new T&D grid infrastructure will further augment the industry landscape.
Low voltage AC switchgear market is anticipated to gain momentum owing to the rampant industrial growth along with integration of distributed energy generation technologies. Low heat generation, effectiveness and flexible high-end voltage levels are some of the prominent factors driving the demand for low voltage AC switchgears. Furthermore, economical operations, effective conducting properties along with convenient current modulation will foster the industry dynamics.
The Middle East low voltage switchgear market will witness significant upscale due to the rising peak load electricity demand along with the ongoing infrastructural development across commercial and industrial sectors. The robust expansion of cross-border grid networks in line with the upgradation of prevailing electrical infrastructure to smart energy systems will further propel the market demand.
Major manufacturers operating across the market include ABB, Siemens, Hitachi Ltd., Hyosung Heavy Industries, Eaton, Hyundai Electric, Powell Industries, E+I Engineering, Skema S.p.A., Chint Group, Lucy Group, Regal Rexnord Corporation and Fuji Electric amongst others.
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Some prime findings of the low voltage switchgear market report include:
- The growth is attributed to the rising energy demand along with the development of prevailing electrical grid networks.
- Favorable regulations on the development of efficient electrical infrastructures and expansion of cross-border energy transmission networks will positively influence the industry outlook.
- The integration of sustainable electrical infrastructure across utility infrastructures together with rising peak load demand across developing economies will further drive the industry growth.
Table of Contents (ToC) of the report
Chapter 2 Executive Summary
2.1 Low voltage switchgear industry 3600 synopsis, 2018 - 2030
2.1.1 Business trends
2.1.2 Protection trends
2.1.3 Product trends
2.1.4 Rated current trends
2.1.5 Voltage rating trends
2.1.6 Current trends
2.1.7 Application trends
2.1.8 Regional trends
Chapter 3 Low Voltage Switchgear Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America, Europe
3.5.1.1.1 Refurbishment and upgradation of existing grid infrastructure
3.5.1.1.2 Expansion of smart grid networks
3.5.1.2 Asia Pacific
3.5.1.2.1 Rising peak load demand
3.5.1.2.2 Grid stability & security of supply concerns
3.5.1.3 MEA and Latin America
3.5.1.3.1 Increasing electricity demand
3.5.1.3.2 Integration of a sustainable energy infrastructure
3.5.2 Industry pitfalls & challenges
3.5.2.1 Increasing cost of raw materials
3.5.2.2 High dependency on imports
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/low-voltage-lv-switchgear-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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