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Low Voltage (LV) Switchgear Market Size (US$ 74 Billion), Growth Rate (CAGR- 7.00%), Manufacturers Analysis and Forecast 2023-2028
Low Voltage Switchgear Market Report by IMARC Group
How big is the low voltage (LV) switchgear market?
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 a collection of electrical devices and components that control, protect, and isolate electrical circuits in low-voltage applications. It typically operates at up to 1,000 volts AC (alternating current) or 1,500 volts DC (direct current). The primary function of low-voltage switchgear is to distribute electrical power and provide safety measures for the electrical system. It includes circuit breakers, switches, fuses, relays, and other protective devices that ensure proper electrical circuit functioning, control, and isolation. It finds wide applications in commercial buildings, industrial facilities, power distribution networks, and infrastructure projects. It is crucial in protecting electrical equipment, preventing short circuits, overloads, and electrical faults, and enabling efficient power distribution. It is essential for safe and efficient electrical power distribution in low-voltage applications. Its role in protecting electrical equipment and enabling reliable power distribution has made it vital in various industries and infrastructure projects.
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What are the growth prospects and trends in the LV switchgear industry?
The global market is primarily driven by the increasing demand for reliable power distribution systems. With the growing need for electricity across various sectors, including residential, commercial, and industrial, there is a requirement for efficient and safe distribution of electrical power. Low voltage switchgear controls and protects electrical circuits, ensures uninterrupted power supply, and prevents electrical faults.
Furthermore, rapid industrialization and urbanization are another significant factor driving market growth. As industries and cities expand, the demand for electrical power increases.
Low-voltage switchgear systems are essential in managing power distribution networks and ensuring reliable electricity supply to meet the needs of industrial facilities, commercial buildings, and residential complexes. Moreover, the stringent safety regulations and standards have also contributed to the growth of the low-voltage switchgear market.
Governments and regulatory bodies have implemented guidelines to ensure the safety of electrical systems and protect against electrical hazards. Compliance with these regulations necessitates using reliable and high-quality switchgear solutions, driving the demand for low-voltage switchgear. Besides, the advancements in switchgear technology have played a significant role in the market growth.
Manufacturers are developing innovative switchgear solutions incorporating digitalization, intelligent electronic devices, and automation capabilities. These advancements enhance low-voltage switchgear systems' reliability, efficiency, and functionality, providing greater control and monitoring capabilities.
Additionally, the expansion of renewable energy sources, such as solar and wind power, has contributed to the growth of the low-voltage switchgear market. As renewable energy installations increase, there is a need for switchgear systems to integrate and distribute power generated from these sources into the electrical grid.
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.
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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.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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