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Low Voltage Switchgear Market: Key Market Players are GE, ABB, EATON, Mitsubishi, Schneider, Siemens, Hitachi, Powell, Hubbell, Rittal, Hyosung, Hyundai, Fuji Electric, Larson & Toubro

09-04-2018 07:17 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Low Voltage Switchgear Market

Low Voltage Switchgear Market

Primarily amplified by the enormous overhaul of aging electric networks across the globe, low voltage switchgear market has, of late, been witnessing a slew of innovative tech progressions. The burgeoning demand for switchgears can be attributed to the soaring rural energy requirement, the need to revamp the existing distribution networks, and the trend of increased spending toward infrastructural development. As the requirement for highly unique and efficient switchgears has been on the rise, companies are striving hard to launch a range of effective products to remain relevant in this competitive business sphere. Another notable reason to have contributed substantially to expand low voltage switchgear market is the growing inclination of leading industry giants to invest heavily to scale up their existing switchgear manufacturing facilities. As a consequence, this is anticipated to chart out a lucrative growth path for low voltage switchgear market.

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Growth Drivers:

1. North America: Revamping of existing distribution networks
2. Europe: Favorable renewable integration reforms & Expansion of micro grid networks
3. Asia Pacific: Rapid urbanization, commercial expansion, Growing adoption of sustainable energy & Increasing demand for electricity
4. Middle East: Restructuring of electrical networks across war affected nations
5. Africa: Growing electrification demand & Rising investments toward renewable adoption
6. Latin America: Integration of sustainable electricity networks

A noteworthy instance reinforcing the authenticity of the aforementioned statements is Siemen India’s latest switchgear production facility. Siemens India, a major subsidiary of German power generation and electric equipment conglomerate Siemens AG, has recently unveiled its first fully digitalized low voltage switchgear production plant in India. Reportedly, the factory is said to have been equipped with the capacity of manufacturing over 180 variants of low voltage switchgears, at the rate of one product per nine seconds which would translate to about an annual production of five million devices. Furthermore, the manufacturing procedures deployed at the plant have achieved complete digitalization which has resulted in merging of the real and virtual worlds. This has allgedly assisted in designing tools and equipment, mastering data management, process simulation, and automation. As per experts, the latest facility is bound to have a rather pronounced impact on the product landscape of low voltage switchgear industry, which was estimated to have surpassed a valuation of USD 11 billion in 2016.

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Concurrently, the surging demand for uninterrupted and reliable electricity supply across the globe has necessitated the low voltage switchgear market behemoths to master the increasing process complexity, reduce production time utilizing automation technologies, deliver customized products, adapt to ever-changing industry requirements, and focus on consistent product improvement. Apparently, the foremost low voltage switchgear industry giants seem to have geared up to tackle the aforementioned challenges by introducing innovative and advanced products. The leading energy management and automation solutions provider based in France, Schneider Electric has recently launched the LAZER Low Voltage replacement scheme for circuit breakers in a bid to revamp the aging electrical gear. Given that the older electrical infrastructure is one of the biggest concerns plaguing the low voltage switchgear industry, the replacement programs such as LAZER low voltage direct replacement schemes are of immense help to reduce the time duration required to source the appropriate equipment. Apparently, such proactive moves by industry players are bound to impel the low voltage switchgear market size expansion in the forthcoming years.

In terms of the regional low voltage switchgear industry growth outlook, Asia Pacific is expected to expand at an exponential pace owing to the rising rural electrification and renewable energy projects across the nations in the region. The prominent global financial organizations such as World Bank, Asian Development Bank, and International Finance Centre have been granting substantial funds to aid the expansion of electricity access to the rural households of developing nations in the region. In addition, the growing urbanization and industrialization in the emerging economies of the APAC are further fueling the product penetration which would, in turn, propel the low voltage switchgear market in the ensuing years.

About Global Market Insights:

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.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

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