IMARC Group, a leading market research company, has recently releases report titled “Low Voltage Switchgear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global low voltage switchgear market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the low voltage switchgear market?
The global low voltage switchgear market size reached US$ 50 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 74 Billion by 2028, exhibiting a growth rate (CAGR) of 7.00% during 2023-2028.
What is a low voltage switchgear?
Low voltage switchgear refers to a collection of electrical devices designed to control, protect, and manage electrical power distribution in low voltage systems. Characteristics of low voltage switchgear include its compact and modular design, typically comprising circuit breakers, fuses, switches, relays, and other protective devices. It is designed to operate at voltage levels below 1000 volts AC or 1500 volts DC. The switchgear is housed in enclosures made from sturdy materials to provide insulation, protection against environmental factors, and ensure operator safety.
Key features of low voltage switchgear include its ability to control and isolate electrical circuits, protect against short circuits, overloads, and faults, enable safe maintenance and troubleshooting, and facilitate efficient power management. It is often equipped with advanced monitoring and control systems for remote operation and monitoring. At present, low voltage switchgear finds applications in various industries, including power generation, manufacturing, oil and gas, chemical, mining, and construction.
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What are the growth prospects and trends in the low voltage switchgear industry?
The increasing demand for reliable and uninterrupted power supply in various industries represents one of the key factors influencing the market growth. Moreover, the growing investments in infrastructure development and construction projects are acting as major growth inducing factors. The expansion of the manufacturing sector, requiring efficient power distribution systems, is contributing to the market growth.
The widespread adoption of renewable energy sources is facilitating the need for grid integration and power management, which is driving the market toward growth. The stringent safety regulations and standards pertaining to electrical systems, coupled with the rising emphasis on energy efficiency and the increasing need for smart power distribution solutions is fostering the market growth.
The increasing urbanization and the rising need for effective power distribution in urban areas are supporting the market growth. Along with this, the expansion of the information technology (IT) industry and the increasing establishment of data centers requiring robust electrical infrastructure is leading the market toward growth. The widespread adoption of electric vehicles (EVs) and the need for charging infrastructure is propelling the market growth.
The increasing automation and digitization in industrial processes, requiring reliable power distribution and the increasing focus on the development of smart cities and intelligent infrastructure are boosting the market growth. Furthermore, the increasing investments in the upgrade and modernization of aging power distribution infrastructure is expanding the market potential. The integration of renewable energy systems with low voltage switchgear for distributed generation, is taking the market towards growth.
Other factors, such as an enhanced focus on sustainable development and reducing carbon footprint, expansion of the oil and gas industry, extensive research and development (R&D) activities, and the increasing infrastructural development, particularly in emerging economies, are creating a positive outlook for the low voltage switchgear market further across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
Low Voltage Switchgear Manufactures:
- ABB Ltd
- Alfanar Group
- Chint Group Co. Ltd.
- Eaton Corporation plc
- Fuji Electric Co. Ltd.
- General Electric Company
- Hyosung Corporation
- Larsen & Toubro Ltd
- Mitsubishi Electric Corporation
- Rittal GmbH & Co. KG
- Schneider Electric SE
- Siemens AG
- Terasaki Electric Co. Ltd.
Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Product Type:
- Fixed Mounting
- Plug-In
- Withdrawable Unit
Voltage Rating:
- Less than 250V
- 250V to 750V
- 751V to 1000V
Installation:
- Indoor
- Outdoor
Application:
- Substation
- Distribution
- Power Factor Correction
- Sub-Distribution
- Motor Control
Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Report Description At: https://www.imarcgroup.com/low-voltage-switchgear-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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