August 29, 2019
Global low voltage switchgear market is anticipated to cross US $80,000 million by the year 2025 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Numerous rural development activities are being undertaken by various governments around the globe leading to surging demand for electricity. New installation of power distributions grids for rural areas along with reinstallation demands in war-prone nations of Middle East region will propel the growth of low voltage switchgear market. For instance, annual installation of LV switchgears in 2018 was around 30 million units, which is expected to further increase in the upcoming years, cites the report.
LV switchgear market from circuit breaker infused units is projected to witness more than 6% growth over the forecast period, owing to its extensive use across grids, utility-based installations, and various industries. The ability to provide safe operations during current outages and faults, along with its reset capability will fuel the product demand.
As cited in the report, fixed mounted units segment captured 40% share of LV switchgear market in 2018. The unit is known to have less breakdown cases and is easy to install, hence driving the segment’s growth.
Moreover, LV switchgear market from ≤1000 ampere rating units is estimated to amass US $18 billion by 2025, owing to the expansion of decentralized energy networks and unit’s application across infrastructure & power sectors and process industries.
Based on the type of current supply, DC based LV switchgear market will witness high demand in the upcoming years, pertaining to the unit’s efficiency and fault clearance capability. While the ability of AC LV switchgear units to reduce operational losses promotes its use in varied operations, encouraging the product adoption across several industries.
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According to the report, the inflowing investment for infrastructural development by government & private establishments, in consort with growing real estate projects in developing nations are expected to stimulate the indoor LV switchgear market over the forecast period. Another factor contributing towards segmental growth is the positive regulatory outlook.
Moreover, the LV switchgear market share from distribution grid application is expected to prosper, because of the integration of decentralized micro-grid networks for remote locations. Expansion of electrical infrastructure backed by government initiatives and regulations will aid installation of distribution grid networks.
Considering the regional contribution, U.S. LV switchgear market is presumed to register a CAGR of 5% by the year 2025. Surging demand for cost-effective products, along with replacement & upgradation of traditional distribution networks backed by the government will stimulate the regional market growth.
The key players of low voltage switchgear market profiled in the report include L&T, Siemens, Hyundai Electric, Hitachi, Schneider, Lucy Electric, Hubbell, Hyosung, ABB, Fuji, GE, Skema, E+I Engineering, Al Hassan Engineering, Eaton, Norelco START, and Powell among others.
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