Low Voltage Switchgear Market Trends, Outlook, Overview 2024-2033

Overview and Scope

Low voltage switchgear refers to electrical switchgear rated up to 1KV. They are used in low voltage distribution boards to protect the low voltage system.

 Sizing and Forecast

The low voltage switchgear market size has grown strongly in recent years. It will grow from $30.92 billion in 2023 to $33.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%.  The  growth in the historic period can be attributed to rise in power consumption, a rise in government initiatives, a rise in technological advancements, economic growth in emerging markets and an increase in investments.

The low voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $43.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.  The growth in the forecast period can be attributed to growing demand for electricity, growing use of electricity in transportation, rising investments in renewable energy and a rise in demand for electricity from manufacturing sectors. Major trends in the forecast period include focus on offering premium low voltage switchgear, focus on deploying new technologies, focus on producing energy-efficient products and focus on strategic partnerships and collaborations.

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Segmentation & Regional Insights

The low voltage switchgear market covered in this report is segmented –

1) By Product: Fixed Mounting, Plug-In, Withdrawable Unit

3) By Voltage Rating: Less Than 250V, 250-750, 751-1000V

2) By End-User: Residential, Commercia, Industrial

Asia-Pacific was the largest region in the low voltage switchgear market in 2023. Western Europe was the second-largest region in the low voltage switchgear market share. The regions covered in the low voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The demand for electricity generation is projected to drive the low voltage switchgear market. Development of industrialization and urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth. For instance, in January 2022, according to electricity market report published by International Energy Agency, a France-based intergovernmental organization, the global electricity demand grew by 6% in 2021. Additionally, the demand for electricity in China reached to 744 TWh in 2021 from 296 TWh in 2020. Therefore, the demand for electricity generation is projected to propel the demand for low voltage switchgear market.

Key Industry Players

Major companies operating in the low voltage switchgear market report are ABB, Siemens, Hitachi, Mitsubishi Electric, Schneider Electric SE, Eaton, Fuji Electric Co Ltd, Hyundai Electric, Chint Group, Hyosung, Ls Electric Co. Ltd, Noja Power, Meidensha, Toshiba, Nissin Electric, Shihlin Electric, Chem, Fortune Electric, Anchor Electricals Pvt Ltd, Havells India Ltd, Cg Power And Industrial Solutions Limited (Crompton Greaves), Orecco Electric, Tamco, Lan Electrical Limited, Tenaga Switchgear, Lucy Electric, Bmc Manufacturing, Twyver Switchgear, Alstom, Switchgear Company Nv (Sgc), Electroshield Samara, S&C Electric Company, Powell Industries, G&W Electric, Abunayyan Holding Company, Tiepco, Wahah Electric Supply Company Of Saudi Arabia Ltd, Kfb Holding Group, Afcon , Actom, Matelec Group, Egyptian German Electrical Manufacturing Co

The low voltage switchgear market report table of contents includes:

1. Executive Summary
2. Low Voltage Switchgear Market Characteristics
3. Low Voltage Switchgear Market Trends And Strategies
4. Low Voltage Switchgear Market – Macro Economic Scenario
5. Global Low Voltage Switchgear Market Size and Growth
…
32. Global Low Voltage Switchgear Market Competitive Benchmarking
33. Global Low Voltage Switchgear Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Low Voltage Switchgear Market
35.Low Voltage Switchgear Market Future Outlook and Potential Analysis
36. Appendix

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