What is the global market size of Low Voltage Switchgear Market?

Global Low Voltage Switchgear Market size was valued at USD 43.2 billion in 2022 and USD 45.4 billion in 2023 and is projected to reach USD 57.1 billion by 2031, growing at a CAGR of 10.40% in the forecast period (2024-2031).

Low Voltage Switchgear Market Worldwide

Low Voltage Switchgear Market Regional Insights

The markets for low voltage switchgear in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa have been divided into segments. The low-voltage switchgear market in North America is expected to expand due to grid upgrading and capacity development. Europe is anticipated to boost demand in the low voltage switchgear market favorably due to the increased application of low voltage switchgear in the creation of an efficient and sustainable power grid infrastructure. As nations like China and India are heavily upgrading and constructing new transmission lines and distribution networks to increase infrastructure growth, Asia-Pacific is predicted to be the dominant player in the world. Government laws pertaining to electrification and the integration of decentralized microgrids in Latin America and the Middle East

The Asia Pacific LV switchgear market is expected to grow at a high rate during the forecast period, driven by rising investments in the construction of new and improved power generation facilities to suit the region's energy needs. Large-scale energy network growth has also been facilitated by the increased electrical consumption of end users and other businesses including power generation, mining and metals, and oil and gas. Additionally, the market expansion will be fueled by the renovation and modernization of energy grid networks to meet the energy demands of developing economies.

FAQs

Low Voltage Switchgear Market size was valued at USD 43.9 Billion in 2023 and is poised to grow from USD 47.02 Billion in 2024 to USD 81.29 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).

To stay competitive, ABB, a pioneer in power and automation technology globally, places a strong emphasis on innovation, digitization, and sustainability. With a strong global footprint, General Electric (GE) is concentrating on growing in new countries and creating smart grid solutions. Eaton, a top supplier of power management solutions, places a strong emphasis on customer support and innovation. Schneider Electric is an expert in energy management and automation with a focus on digital solutions and energy savings. The development of intelligent and integrated solutions for building automation and smart grids is the primary emphasis of Siemens, a global leader in electrification, automation, and digitalization. 'Vertiv ', 'ABB ', 'Regal Rexnord Corporation ', 'Hitachi Ltd. ', 'Hyundai Electric ', 'Fuji Electric Co., Ltd. ', 'Eaton ', 'Siemens ', 'Lucy Group ', 'Powell Industries ', 'Skema S.p.A. ', 'Hyosung Corporation ', 'Al Hassan Engineering ', 'Hubbell Incorporated ', 'Schneider Electric ', 'Norelco Oy ', 'Powell Industries Inc. ', 'Havells India Limited ', 'Mitsubishi Electric ', 'Investcorp (RESA Power)'

There is a commensurate need for infrastructure development, including residential and commercial structures, industrial complexes, and smart cities, as urbanisation continues to expand internationally. Low voltage switchgear, which offers dependable and effective electrical distribution and control solutions, is essential to these advancements. The need for low voltage switchgear is being driven by the increasing requirement for safe and energy-efficient electrical systems in metropolitan areas, which is fuelling the expansion of the market.

Changing Trends Reflecting Upon the Market: Notable recent developments in the Low Voltage Switchgear industry show how electrical distribution networks are evolving. One noteworthy trend is the increased emphasis on safety and efficiency. The growth of industry and infrastructure projects has led to a corresponding increase in demand for secure and trustworthy electrical systems. Low voltage switchgear is necessary to ensure the efficient and safe distribution of electricity across buildings, factories, and power substations.