USD 43.2 billion
Global Low Voltage Switchgear Market Size, Share, Growth Analysis, By Product(Fixed Mounting, Plug-In), By Installation(Indoor and Outdoor), By Application(Substation, Distribution) - Industry Forecast 2024-2031
Report ID:
SQMIG20E2089 |
Region:
Global |
Published Date: April, 2024
Pages:
203
|
Tables:
89 |
Figures:
68
Global Low Voltage Switchgear Market Insights
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).
The ageing power distribution infrastructure is the main factor driving the growth of the low voltage switchgear market worldwide. Furthermore, it is anticipated that the adoption of performance-based incentive programmes would present a chance for the companies involved in the low voltage switchgear market. Nonetheless, during the forecast period, unfavorable environmental circumstances are anticipated to limit the growth of the low voltage switchgear market to some degree. Utility-backed distribution grid networks have been impacted by government and regulatory regulations about the configuration of electrical infrastructure ever since. The market share of low voltage switchgear will increase due to the decentralized micro-grid networks' integration across grid-isolated areas and the government's supportive policies for rural electrification.
Growth in the industry will also be aided by the expanding demand for produced goods and flexible product operations throughout the primary and secondary distribution networks. The market for indoor low voltage switchgear is anticipated to expand due to its use in emerging nations' real estate sectors, while the market for outdoor low voltage switchgear is anticipated to flourish due to widespread integration of distributed power generation technologies and rapid industrial growth. The market for low voltage switchgear will be stimulated by the trend towards renewable energy sources for electricity generation. The primary driver of the global low voltage switchgear market is the ongoing increase in infrastructure investments coupled with the rising need for renewable energy sources. Furthermore, the growing adoption of smart grid technology and ongoing investments in transmission modernization.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Indoor
Fastest Growth
Outdoor
Growth Rate
10.40% CAGR
Global Low Voltage Switchgear Market ($ Bn)
Country Share for North America Region (%)
Global Low Voltage Switchgear Market By Installation ($ Bn)
Global Low Voltage Switchgear Market By Installtion (%)
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Global Low Voltage Switchgear Market Segmental Analysis
The global low voltage switchgear market is segmented based on product type, application type, installation type and regional type. In terms of product, the market is segmented into fixed mounting, plug-in, and withdrawable unit. Based on application type, the market is bifurcated into Substation, distribution, power factor correction, sub-distribution and motor control. Based on installation, the market is bifurcated into indoor and outdoor. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. Installation type expansion will also be influenced by an increase in the demand for produced goods and flexible product operations within primary and secondary distribution networks.
Analysis by Installation Type
As per categorization by installation type, the market is classified into indoor and outdoor type. Among these, Indoor type earned the largest share and continues to dominate the market. Much of the low voltage switchgear market worldwide is made up of indoor installation types. Infrastructure development, urbanization, and industrialization all impact market size and growth, particularly in emerging economies. There is a corresponding need for low voltage switchgear for indoor installations along with the global increase in power consumption. The requirement for effective electrical network distribution, control, and protection in the residential, commercial, and industrial domains is what motivates this.
Utility substations and rural electrification projects heavily utilize outdoor installations, whilst indoor installations are more common in urban areas. The need for outdoor low voltage switchgear is predicted to increase steadily due to growing urbanization and infrastructure development activities in emerging economies. A sizeable portion of the global low voltage switchgear market is made up of outdoor installation types. Expanding electricity infrastructure is the main factor driving this segment's growth, particularly in rural and isolated places where outside installations are preferred owing to cost and space constraints.
Analysis by Product
A sizeable portion of the global low voltage switchgear market is made up of fixed mounting types. It serves a broad spectrum of applications in the commercial, industrial, and residential domains. Developments in infrastructure, industrialization, and urbanization all have an impact on the market's size and growth. Low voltage switchgear with fixed mounting configurations is in demand in tandem with the global increase in energy consumption. The market is growing as these configurations are necessary for effective electrical network distribution, management, and protection in a variety of applications. By securing switchgear components in place, this mounting method reduces the possibility of damage or malfunction.
Initiatives for infrastructure development, urbanization, and technological improvements, the global low voltage switchgear market is likely to continue seeing strong demand for plugin and withdrawable unit types. In the worldwide low voltage switchgear market, both plug-in and withdrawable unit types are expected to see steady growth in demand. These kinds are widely used in a variety of industries as they are flexible, easy to maintain, and optimize space. Future demand will be fueled by improvements in plug-in and withdrawable unit designs, such as modular construction, improved safety measures, and digital monitoring capabilities. These developments meet the changing needs of customers for dependable and efficient switchgear systems.
Global Low Voltage Switchgear Market By End User (%), 2022 (%)
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Global 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.
Global Low Voltage Switchgear Market By Geography, 2024-2031
- Largest
- Fastest
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Global Low Voltage Switchgear Market Dynamics
Drivers
Better infrastructure Developments
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.
Renewable Energy Integration
As environmental preservation and sustainability gain more attention, renewable energy sources like solar, wind, and hydropower are becoming more and more popular. Incorporating renewable energy sources into current electrical grids, controlling power fluctuations, and maintaining grid stability all depend on low voltage switchgear. Low voltage switchgear is in high demand as renewable energy projects become more widely adopted globally. These projects need sophisticated distribution and control systems to maximise energy efficiency and improve grid dependability.
Restraints
Regulatory Environment Being Complex
The strict rules and laws governing product design, manufacturing, installation, and operation place the low voltage switchgear market under intense regulatory scrutiny. The development and implementation of switchgear systems become more sophisticated and expensive to comply with these rules. Furthermore, it can be difficult for manufacturers to ensure universal compliance due to varying regulatory standards among nations and regions, particularly when exporting goods to foreign markets.
Economic Uncertainty and Volatility
Global and regional economic turbulence and uncertainty are serious obstacles for the low voltage switchgear business. Infrastructure projects may be postponed or cancelled because of fluctuations in the economy, commodity prices, and currency exchange rates influencing enterprises' and utilities' capital expenditure budgets. Furthermore, as companies put cost-cutting measures ahead of non-essential expenditures, economic downturns may lead to a decrease in the market for new switchgear installations.
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Global Low Voltage Switchgear Market Competitive Landscape
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.
Top Player’s Company Profiles
- E+I Engineering (Ireland)
- ABB (Switzerland)
- Regal Rexnord Corporation (US)
- Hitachi Ltd. (Japan)
- Hyundai Electric (South Korea)
- Fuji Electric Co., Ltd. (Japan)
- Eaton (Ireland)
- Siemens (Germany)
- Lucy Group (UK)
- Powell Industries (US)
- Skema S.p.A. (Italy)
- Hyosung Heavy Industries (South Korea)
Recent Developments
- In January 2020, to serve the rising demand for renewable technologies, Schneider Electric expanded its production sites in Leeds and Scarborough, United Kingdom. Low voltage switchgear production is the focus of the Leeds and Scarborough sites. Schneider Electric sought to facilitate the increased uptake of renewable energy sources and aid in the shift to sustainable energy solutions in the UK and worldwide by increasing its capacity for producing low voltage switchgear.
- In October 2022, GE and SP Energy Networks in the UK inked a deal for GE to supply 145 kV SF6-free live tank circuit breakers. The G3 Circuit Breaker in the UK Grid uses GE's g3 gas as the insulating and switching dielectric medium. This alliance paves the path for a cleaner and more sustainable future by highlighting the significance of innovation and teamwork in advancing sustainability activities within the energy sector.
- In November 2023, GE declared the launch of a cooperative initiative to apply low-voltage switchgear technology and sophisticated grid automation solutions with a US utilities business. GE and its utility partner want to solve problems, grab opportunities, and clear the path for a more resilient and sustainable energy future through cooperation and technological integration.
Global Low Voltage Switchgear Key Market Trends
- 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.
- Innovative Solutions: Manufacturers are responding to this trend by developing switchgear solutions with state-of-the-art safety features, like intelligent protection and monitoring systems, to minimize risk and boost reliability. The growing use of smart technologies is influencing the low voltage switchgear industry. Smart components and digital capabilities are being integrated into switchgear systems more and more.
Global Low Voltage Switchgear Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, Global urbanization is driving up demand for infrastructure development, including smart city, commercial, residential, and industrial developments. Due to low voltage switchgear offering trustworthy and efficient electrical distribution and control solutions, it plays a critical part in these improvements. The growing demand for safe and energy-efficient electrical systems in urban areas is driving this market expansion. The low voltage switchgear industry is subject to intense regulatory scrutiny, which necessitates expensive and complex development and implementation procedures to adhere to stringent regulations. This complicates efforts to achieve universal compliance, particularly with varying regulatory requirements across different countries and regions.
Innovation, digitization, and sustainability are ABB's top priorities, whereas worldwide expansion and the development of smart grid solutions are GE's. While Schneider Electric focuses on energy management and automation with an emphasis on digital solutions and energy savings, Eaton prioritizes customer support and innovation. As a pioneer in electrification, automation, and digitalization, Siemens focuses on creating intelligent solutions for smart grids and building automation. The low voltage switchgear business has had recent advancements that highlight the increased emphasis on efficiency and safety brought about by the growth of industry and infrastructure projects. Low voltage switchgear is essential for maintaining effective and safe distribution of power in various situations as demand for secure electrical systems grows.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 43.2 billion |
| Market size value in 2031 | USD 57.1 billion |
| Growth Rate | 10.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Low Voltage Switchgear Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Low Voltage Switchgear Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Low Voltage Switchgear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Low Voltage Switchgear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Low Voltage Switchgear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Low Voltage Switchgear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Low Voltage Switchgear Market Report Snapshots
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