Low Voltage Switchgear Market Share, Size, Covid-19 Impact Analysis | Key players Hyosung, ABB, Eaton, Mitsubishi, Hyundai Electric
This can be attributed to the rising demand for electricity in rural areas in tandem with the changing regulations being implemented pertaining to the safety and security of power supply. Additionally, efforts are being undertaken to reinstall power distribution infrastructure, especially in war zones, which will further increase the product demand.
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The global low voltage switchgear market outlook is characterized by a number of trends, that will continue to define the industry dynamics in the years ahead. The following paragraphs present a gist of the same:
≤ 1000 Ampere current-based LV switchgears to exhibit more demand
In terms of current, LV switchgears operate in three modes – ≤ 1000 Ampere, 1001 - 5000 Ampere, and > 5000 Ampere. Of these, the products that operate with a current of ≤ 1000 Ampere are expected to be in high demand, as they are extensively used across infrastructural development sector, power industry, and process industries.
It is speculated that by 2025, the ≤ 1000 Ampere LV switchgear market size may surpass USD 18 billion. The growth of this segment can also be credited to the expansion of decentralized energy networks worldwide.
Companies to bring about technologically advanced LV switchgears
Numerous energy vendors have been vying to bring about massive advancements in LV switchgear industry. For instance, last year, ABB, at Hannover Messe, displayed its low-voltage MNS® innovations, which are designed to ensure flexible, safe, and smart power distribution. This LV switchgear platform is based on the MNS switchgear technology and boasts of an installed base with over 1.5 million sections globally. In addition, it is equipped with smart condition-based monitoring that enables customers to increase maintenance intervals by up to 30 percent.
Similar initiatives undertaken by energy producers are likely to add a different profit dimension to low voltage switchgear market.
Circuit breaker LV switchgears to define the industry trends
In terms of the protection mechanism, it would be imperative to state that circuit breaker infused low voltage switchgears are gaining commendable traction. This can be attributed to the operational safety provided by these products along with the ability to reset. In addition, these products depict massive application potential across grids having consistent outages and power faults.
U.S. to emerge as a potential investment destination
The United States is anticipated to be hotspot for low voltage switchgear sales, mainly on account of the numerous initiatives undertaken by the government, pertaining to the refurbishment and upgradation of existing conventional distribution networks. Additionally, the increasing demand for cost-efficient electrical components will also push the regional market share.
In essence, the global low voltage switchgear market trends are defined by the increasing regulatory support for grid enhancement and electrification projects, advanced product innovations, the need for improved protection mechanisms, and more. Rising number of microgrid projects and renewable energy plants is also expected to increase the product demand in the years to come.
Partial Table of Contents (ToC) of the report:
Chapter 5 Low Voltage Switchgear Market, By Product
5.1 Low voltage switchgear market share by product, 2018 & 2025
5.2 Fixed Mounting
5.2.1 Global market from fixed mounting, 2014 - 2025
5.2.2 Global market from fixed mounting, by region, 2014 - 2025
5.3 Plug - in
5.3.1 Global market from plug - in, 2014 - 2025
5.3.2 Global market from plug - in, by region, 2014 - 2025
5.4 Withdrawable Unit
5.4.1 Global market from withdrawable unit, 2014 - 2025
5.4.2 Global market from withdrawable unit, by region, 2014 – 2025
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