Press release
Surging Demand For Electricity Generation Fuels Low Voltage Switchgear Market Growth Driver: Leading Transformation in the Low Voltage Switchgear Market in 2025
Low Voltage Switchgear
The growth in the low voltage switchgear market is expected to be driven by the rising demand for electricity generation. The expansion of industrialization and urbanization necessitates a steady supply of electricity, the reliability of which largely relies on the efficacy of switchgear. Sustainable energy production is seeing consistent growth, with rising demand in both rural and urban areas. This is due, in part, to ongoing advancements in supply protection integration, leading to industry growth. For example, the U.S. Energy Information Administration, a government agency in the US, reported in March 2022 that the proportion of power generation from renewable sources is expected to almost triple, climbing from 21% in 2021 to 44% in 2050. This surge is largely credited to new developments in wind and solar power. Therefore, the escalating demand for electricity generation is anticipated to fuel the demand for the low voltage switchgear market.
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What is the projected compound annual growth rate (CAGR) of the low voltage switchgear market from 2025 to 2034, and what factors influence it?
In recent times, there has been substantial growth in the size of the low voltage switchgear market. Its size, currently at $31.76 billion in 2024, is projected to increase to $34.26 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%. The notable growth observed in the historic period can be linked to factors like an increase in power usage, government-driven initiatives, advancements in technology, progressing economies of emerging markets, and heightened investment levels.
The market size for low voltage switchgear is projected to witness substantial growth in the coming years, reaching $44.54 billion by 2029 with a compound annual growth rate (CAGR) of 6.8%. This growth during the anticipated period can be linked to the increasing demand for electricity, heightened use of electric power in transportation, escalated investments in the renewable energy sector, and an increased need for electricity within manufacturing industries. Prominent trends for the forecasted timeline include emphasizing premium low voltage switchgear production, deploying innovative technologies, focusing on manufacturing energy-efficient products, and prioritizing strategic partnerships and collaborations.
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What new trends are reshaping the low voltage switchgear market and its opportunities?
Leading businesses in the low-voltage switchgear market are setting their sights on IoT-enabled low-voltage switchgear to enhance their market positioning. This kind of switchgear comes with Internet of Things (IoT) technology, enabling distant supervision and control of a building or facility's electrical systems. For example, Elmeasure, a smart and sustainable energy management firm based in India, unveiled its comprehensive range of LV (low voltage) switchgear, IoT contractors, solenoid-operated ATeS (Automatic Transfer Switches) with an integrated controller, and home automation in February 2023. These resources were designed to help institutions reduce their energy costs, improve operational efficiency, and escalate profits. Mission-critical facilities are protected from power instability by Elmeasure's Automatic Transfer Switches (ATeS), a sophisticated solution for power unreliability protection.
What are the major segments of the low voltage switchgear market and their role in driving growth?
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
Subsegments:
1) By Fixed Mounting: Non-Adjustable Fixed Mounting Switchgear, Panel-Mounted Fixed Switchgear, Enclosed Fixed Switchgear
2) By Plug-In: Modular Plug-In Switchgear, Plug-In Circuit Breakers, Plug-In Connectors And Accessories
3) By Withdrawable Unit: Withdrawable Circuit Breakers, Withdrawable Fuse Units, Motor Control Centers (MCCs) With Withdrawable Units
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Which regions are key players in the growth of the low voltage switchgear market?
Asia-Pacific was the largest region in the low voltage switchgear market in 2024. Western Europe was the second-largest region in the low voltage switchgear market share. The regions covered in the low voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the low voltage switchgear market?
Major companies operating in the low voltage switchgear market include 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
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What Is Covered In The Low Voltage Switchgear Global Market Report?
• Market Size Forecast: Examine the low voltage switchgear market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the low voltage switchgear market for a structured understanding.
• Key Players Overview: Analyze major players in the low voltage switchgear market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the low voltage switchgear market.
• Segment Contributions: Evaluate how different segments drive overall growth in the low voltage switchgear market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the low voltage switchgear market.
• Industry Challenges: Identify potential risks and obstacles affecting the low voltage switchgear market.
• Competitive Landscape: Review strategic developments in the low voltage switchgear market, including expansions, agreements, and new product launches.
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