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Low Voltage Switchgear Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Low Voltage Switchgear Market Size
As per the report, 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 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%.
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Surging Demand For Electricity Generation Fuels Low Voltage Switchgear 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.
Iot-Enabled Low-Voltage Switchgear For Enhanced Monitoring And Control
Major companies operating in the low-voltage switchgear market are focused on introducing IoT-enabled low-voltage switchgear to gain a competitive edge in the market. IoT-enabled low-voltage switchgear is a type of switchgear that is equipped with Internet of Things (IoT) technology, allowing for remote monitoring and control of the electrical systems in a building or facility. For instance, in February 2023, Elmeasure, an India-based smart and sustainable energy management company, launched its entire range of LV (low voltage) switchgear, IOT contractors, solenoid-based ATeS (automatic transfer switches) with a built-in controller, and home automation. These solutions were created to assist organizations in lowering their energy expenses, increasing operational effectiveness, and boosting profitability. Mission-critical facilities are shielded from power uncertainties by Automatic Transfer Switches (ATeS) by Elmeasure, an advanced form of power unreliability protection.
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
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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
Contents of the report:
1. Executive Summary
2. Low Voltage Switchgear Market Report Structure
3. Low Voltage Switchgear Market Trends And Strategies
4. Low Voltage Switchgear Market - Macro Economic Scenario
5. Low Voltage Switchgear Market Size And Growth
…..
27. Low Voltage Switchgear Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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