Global Low Voltage Power Distribution Market

Low Voltage Power Distribution Market Size, Share, Growth Analysis, By Product Type(Fixed Type and Drawer Type), By Application(Power Plant, Industrial Sites), By component(Circuit Breaker, Panelboards and Distribution Boards), By Sales Channel(direct channel and indirect channel) - Industry Forecast 2024-2031

Report ID: SQMIG45K2023 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 114 | Figures: 77

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Low Voltage Power Distribution Market size was valued at USD 108.33 billion in 2022 and is poised to grow from USD 114.94 billion in 2023 to USD 184.58 billion by 2031, growing at a CAGR of 6.10% during the forecast period (2024-2031).

The market for low voltage power distribution channels with the supply of electrical energy to various end users via low voltage power distribution systems. With numerous players competing for market share, this marketplace is highly competitive. 'Schneider Electric SE', 'ABB Ltd.', 'Eaton Corporation plc', 'Siemens AG', 'General Electric Company', 'Legrand SA', 'Mitsubishi Electric Corporation', 'Hitachi, Ltd.', 'Toshiba Corporation', 'Fuji Electric Co., Ltd.', 'Rittal GmbH & Co. KG', 'Hager Group', 'Larsen & Toubro Limited', 'NHP Electrical Engineering Products Pty Ltd.', 'E+I Engineering Ltd.', 'Socomec S.A.', 'LS Industrial Systems Co., Ltd.', 'Chint Group Corporation', 'Delta Electronics, Inc.', 'Leviton Manufacturing Co., Inc.'

There is a growing need for energy-efficient solutions due to rising energy prices and growing environmental concerns. Low voltage power distribution systems are a desirable alternative for consumers since they're made from using fewer waste energy and materials less.

Renewable energy sources are in greater demand as a result of the increased emphasis on reducing emissions of greenhouse gasses, such as solar and wind energy. Low voltage power distribution systems are being used as a result of this trend to facilitate the ability to integrate renewable energy into the grid.

Asia-Pacific currently holds a leading position in the low voltage energy distribution business because of the region's growing electrification rates, modernized electrical infrastructure, addition of new transmission and distribution lines, urbanization, and industrialization. There will likely be a noticeable increase in the Asia-Pacific market for low voltage power distribution in the future years. The rapid industrialization and urbanization of the area will likely increase demand for energy, which will drive the industry. Other factors that are projected to fuel market expansion include the rising use of renewable energy sources as well as the desire to replace current power distribution systems.

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Global Low Voltage Power Distribution Market

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