Low Voltage (LV) Switchgear Market Developments by 2031
The Low Voltage (LV) Switchgear Market size is projected to reach US$ 87.88 billion by 2031 from US$ 47.83 billion in 2023. The market is expected to register a CAGR of 7.9% during 2023–2031. The rising adoption of renewable energy is likely to remain a key trend in the market.
Low Voltage (LV) Switchgear Market Analysis
- The low voltage switchgear market has witnessed significant growth in recent years, driven by the evolution of Industry 4.0 and growing investment in smart city projects. Aging electricity distribution infrastructure is the primary driving factor behind the growth of the low voltage switchgear market worldwide.
- Aging infrastructure is prone to hazardous breakdowns, which need new switchgear to ensure the reliability of power supply by reducing disruptions and downtime in operations. The increasing burden on electrical infrastructure creates the need for either refurbishment or replacement of electrical equipment to ensure uninterrupted power supply within the operating area.
- As per the Department of Energy Report, the US is replacing its existing grid infrastructure with a highly modern and automated grid, which provides an opportunity for the utility sector to develop automation-equipped low voltage switchgear that allows remote monitoring, real-time status checks and provide immediate response to issues in the operations. The development of existing infrastructure is driving the market.
Low Voltage (LV) Switchgear Market Overview
- Low voltage (LV) switchgear is a three-phase power distribution equipment designed to safely, reliably, and efficiently supply electric power. It is typically used for circuit protection and power distribution in the low voltage system. This switchgear is commonly used in residential, commercial, and industrial sectors for protecting ma circuits from short circuits and overloads. The demand for low voltage switchgear has rapidly increased in recent years due to rising expenditure in infrastructural expansion.
- Increasing complexities in the grid infrastructure in developing countries raise the deployment of low voltage switchgear in the distribution grid. Moreover, the energy generation mix is undergoing a drastic transformation due to rapid digitalization, diverse electrification programs, smart grid infrastructure, and increasing use of renewable energy sources, driving the market during the forecast period.
- Additionally, low voltage switchgear is already used in numerous smart grid projects, energy generation, and improving safety in power infrastructure and plants worldwide.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Low Voltage (LV) Switchgear Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Low Voltage (LV) Switchgear Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Low Voltage (LV) Switchgear Market Drivers and Opportunities
The Evolution of Industry 4.0
- Low voltage switchgear is crucial for the smart factory and Industry 4.0 for enabling smart manufacturing, advanced automation, and data-driven decision-making activities. The switchgear is essential for power distribution in various components in the smart factory, including motors, control systems, sensors, and machines.
- The switchgear allows precise operations, motor control, and manufacturing processes by starting, stopping, and regulating motor speed. The growth in the smart manufacturing process is driving the market. Switchgear is a primary component of Industry 4.0 and smart manufacturing. It offers the necessary infrastructure to ensure efficient power distribution and automation within modern industrial facilities.
Growing Investment in Smart City Projects
- Rising investment in smart city projects and growing city management initiatives further boost the market growth. For instance, in May 2022, the European Commission announced the participation of 100 climate-neutral and smart cities in the Cities Mission by 2031. The Cities Mission will receive funding of US$378.2 million to start research and innovation paths towards climate neutrality by 2031. These research and innovation actions will address clean mobility, green urban planning, and energy efficiency and offer the possibility of collaborations in synergies with other EU programs.
- Several smart city projects are currently ongoing or being launched to expand the digitalization of cities and urban development through information and communication technologies. Geospatial data is the foundation of urban development planning in smart city projects. It includes accurate, reliable, remote monitoring, safety, and efficient energy distribution within the urban areas. Smart city infrastructure is highly reliable on uninterrupted power supply, increasing the demand for low voltage switchgear to prevent downtime.
- For instance, in October 2022, Azerbaijan’s President Ilham Aliyev partnered with EKM Global Consulting GMBH for digital infrastructure smart solutions to transform into a smart country. The country’s smart city project aims to adopt efficient switchgear for reducing energy consumption and greenhouse gas emissions. Growing urbanization shifts the government's focus to support smart ways of managing complexity, increasing efficiency, analyzing & integrating infrastructure, and improving standards of living in the country.
Low Voltage (LV) Switchgear Market Report Segmentation Analysis
The key segments that contributed to the derivation of the Low Voltage (LV) Switchgear Market analysis are protection, product, rated current, voltage rating, current, installation, application, and end-users.
- Based on protection, the Low Voltage (LV) Switchgear Market is divided into circuit breakers and fuse. The circuit breakers segment is further divided into ACB, MCCB, МСВ, MSP, and МРСВ.
- On the basis of product, the market is divided into fixed mounting, plug-in, and withdrawable unit.
- Based on rated current, the market is divided into ≤1000 ampere, >1000 ampere to ≤5000 ampere, and >5000 ampere.
- On the basis of voltage rating, the market is divided into ≤250 volts, >250 volts to ≤750 volts, and >750 volts.
- Based on current, the market is divided into AC and DC.
- On the basis of installation, the market is divided into indoor and outdoor.
- Based on application, the market is divided into substation, distribution, power factor correction, sub distribution, motor control, and others.
- Based on end-users, the market is divided into residential, commercial, and industrial.
Low Voltage (LV) Switchgear Market Share Analysis by Geography
- The Low Voltage (LV) Switchgear Market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Low Voltage (LV) Switchgear Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Low Voltage (LV) Switchgear Market in these regions.
Low Voltage (LV) Switchgear Market Report Scope
Low Voltage (LV) Switchgear Market News and Recent Developments
The Low Voltage (LV) Switchgear Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Low Voltage (LV) Switchgear Market are listed below:
- ABB, a global leader in energy efficiency and technology, has launched its game-changing newest product, SEN Plus switchgear, in Riyadh, Saudi Arabia. The event engaged an audience of End-users, contractors, panel builders, and consultants, plus featured dedicated technical presentations highlighting ABB low voltage platform offerings for dedicated segments. (Source: ABB, Company Website, December 2023)
- UK Power Networks, which provides power to 8.3 million homes and businesses, has commissioned ABB to supply the world’s first 36 kV medium-voltage double busbar AirPlus Gas Insulated Switchgear (GIS). It features AirPlus gas, which acts as an insulator between the electrical contacts with almost zero global warming impact. As part of its Environmental Action Plan to pass on a sustainable planet for future generations, the UK’s biggest electricity distributor, UK Power Networks, has announced plans to use AirPlus, ABB’s innovative sustainable alternative to SF6 switchgear, at its substation in Kent. (Source: ABB, Company Website, January 2022).
Low Voltage (LV) Switchgear Market Report Coverage and Deliverables
The “Low Voltage (LV) Switchgear Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Low Voltage (LV) Switchgear Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Low Voltage (LV) Switchgear Market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Low Voltage (LV) Switchgear Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Low Voltage (LV) Switchgear Market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global Low Voltage (LV) Switchgear Market is expected to grow at a CAGR of 7.9% during the forecast period 2023 - 2031.
The evolution of Industry 4.0 is one of the major factors driving the Low Voltage (LV) Switchgear Market.
The rising adoption of renewable energy is anticipated to play a significant role in the global Low Voltage (LV) Switchgear Market in the coming years.
The leading players operating in the Low Voltage (LV) Switchgear Market are Siemens AG, ABB Ltd, General Electric Co, Hitachi Ltd, Eaton Corp Plc, Powell Industries, Inc., Hyundai Corp, Lucy Group Ltd., CHINT Group, and Fuji Electric Co Ltd.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
- Siemens AG
- ABB Ltd
- General Electric Co
- Hitachi Ltd
- Eaton Corp Plc
- Powell Industries, Inc.
- Hyundai Corp
- Lucy Group Ltd.
- CHINT Group
- Fuji Electric Co Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For