IMARC Group has recently released a new research study titled “Low Voltage Switchgear Market 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), and Region 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
What is the low voltage switchgear industry trend?
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 is an essential component of electrical distribution systems, designed to control, protect, and isolate electrical equipment operating at low voltage levels. It encompasses a range of electrical devices, including circuit breakers, fuses, switches, relays, and contactors, which enable the safe and efficient distribution of electrical power.
Low voltage switchgear plays a crucial role in managing power flow, monitoring electrical parameters, and safeguarding equipment from electrical faults, such as short circuits and overloads. It is commonly employed in commercial buildings, industrial facilities, residential complexes, and infrastructure projects to ensure the reliable and uninterrupted supply of electricity to various applications and loads.
Low voltage switchgear offers numerous benefits, including enhanced operational safety, improved energy efficiency, and simplified maintenance procedures. With its ability to protect electrical systems and equipment, low voltage switchgear plays a vital role in preventing damage and reducing downtime caused by electrical faults, thereby ensuring smooth and reliable electrical distribution.
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What are the growth prospects and trends in the LV switchgear industry?
One of the primary factors fueling market expansion of low voltage switchgear is the rapid urbanization and industrialization across the globe. As urban areas expand, there is a rising demand for reliable and efficient power distribution infrastructure, which necessitates the installation of robust low voltage switchgear systems.
Furthermore, the rising focus on renewable energy sources, such as solar and wind power, is facilitating the adoption of low voltage switchgear to accommodate the integration of these decentralized energy generation systems into existing electrical grids. Moreover, the increasing emphasis on energy conservation and sustainable practices has led to the implementation of advanced low voltage switchgear solutions that offer higher energy efficiency and intelligent monitoring capabilities.
Additionally, the rising investments in infrastructure development projects, including smart cities and transportation networks, is catalyzing the demand for low voltage switchgear, thereby contributing to the market growth.
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
Breakup by Voltage Rating:
- Less than 250V
- 250V to 750V
- 751V to 1000V
Breakup by Installation:
- Indoor
- Outdoor
Breakup by Application:
- Substation
- Distribution
- Power Factor Correction
- Sub-Distribution
- Motor Control
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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