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Low Voltage Switchgear Market Research Report- Forecast till 2030

Low Voltage Switchgear Market Research Report: By Protection (Circuit Breaker Fuse), Product (Fixed mounting, Plug-in, Withdraw able), Installation (Indoor, Outdoor), Application (Smartphone Applications, Lighting As-A-Service) – Global Forecast till 2030

ID: MRFR/E&P/3922-HCR | December 2022 | Region: Global | 100 Pages         

Low Voltage Switchgear Market

Low Voltage Switchgear Market is expected to be valued at USD 132 Billion with a CAGR of 5% Forecast by 2030

Segmentation

By Protection Circuit Breaker Fuse
By Product Fixed mounting Plug-in Withdraw able
By Installation Indoor Outdoor
By Application Smartphone Applications Lighting As-A-Service

Key Players

  • Eaton Corporation Plc. (Ireland)
  • General Electric (U.S.)
  • Mitsubishi Motors Corporation (Japan)
  • Hitachi Ltd. (Japan)
  • Schneider Electric SE (France)
  • Siemens AG (Germany)
  • Fuji Electric Co. Ltd. (Japan)
  • Hubbell Incorporated (U.S.)
  • Rittal (Germany)
  • ABB (Switzerland)

Drivers

  • Favorable government regulation towards the integration of sustainable energy resources across residential and commercial establishments
  • Rapid expansion of micro-grid networks provide the increasing off-grid energy
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Low Voltage Switchgear Market Overview


The Low Voltage Switchgear Market Size is expected to grow at a CAGR of 5% during forecast period 2022-2030. Favorable government regulation towards the integration of sustainable energy resources across residential and commercial establishments is expected to drive the market growth.


Low-voltage switchgear is three-phase switchgear that supplies up to 1000 volts and 6000 amperes of electrical energy safely, efficiently, and reliably. The main DC bus has a current rating of 10,000 amperes (for parallel power supplies). Low-voltage switchgear is frequently found on a distribution transformer's secondary (low-voltage) side. A substation is a combination of a transformer and switchgear. Circuits and branches on branch circuits. It's utilized to power industrial processes and essential power systems. Circuit breakers, lightning arrestors, current transformers, protection panels, and disconnections are all part of low voltage switchgear. They are used to effectively control and distribute electric power throughout residential, commercial, and industrial sites to prevent unregulated power thwarts on electrical circuits and equipment.


COVID 19 Analysis


The Low Voltage Switchgear Market has been damaged by the ongoing COVID-19 outbreak. As countries employed partial or complete lockdown strategies to deal with the epidemic, different enterprises in the electricity sector throughout regions have been forced to shut down their industrial facilities and services decreasing the Low Voltage Switchgear Market Share and Low Voltage Switchgear Market Growth. The three main power projects have also been halted or postponed by enterprises around the region. Furthermore, the COVID-19 pandemic has had an influence on ongoing projects as well as the power industry's whole supply chain. The supply chain was interrupted as a result of the worldwide economic slowdown induced by the pandemic, which had a variety of effects on the specialist equipment industry. As a result, Low Voltage Switchgear Market Size and Low Voltage Switchgear Market Share have ceased, resulting in a significant drop in the Low Voltage Switchgear Market. The production unit fell during the lockdown in major areas of the world because workers were afraid of becoming infected and were not available for work, resulting in a shortage of inventory. Many industries, including heavy industry, manufacturing, mining and metals, petrochemicals, pulp and paper, utilities, water treatment, and data centers, are back on track after the Covid disaster.
 
Market Dynamics


  • Drivers


The favorable government regulation towards the integration of sustainable energy resources across residential and commercial organizations is one of the primary reasons driving the Low Voltage Switchgear Market Growth. Some of the important improvements that will boost product demand include net metering, Feed-in Tariffs, subsidies, and tax rebates. Furthermore, the rapid construction of micro-grid networks in emerging nations will complement the corporate perspective by meeting the growing off-grid energy demand. The requirement for a robust and reliable T&D network has grown in response to rising energy consumption. Only a system capable of handling abrupt power spikes and drops can provide uninterrupted power. The main causes of the rising number of blackouts include old infrastructure, a lack of investment, and a lack of a defined program for grid modernization. New legislation across the globe to reduce/limit power blackouts and upgrade old power networks is creating a market for the whole power sector equipment value chain. Switchgear, with the help of monitoring technologies, informs the maintenance staff when aged and over-used equipment is about to fail, allowing them to make better decisions by delivering real-time data that reveals faults and chances for improvement.



  • Restraints


Temperature and humidity, as well as water seepage from the ground, are some of the conditions that might impair the effectiveness of switchgear electrical networks, particularly those that are situated outside during the Low Voltage Switchgear Market Analysis. Switchgear must meet or exceed strict criteria to ensure reliable and proper operation in the substation environment. As a result, before installing electrical devices, such as switchgear, it is critical to consider the surrounding environment. They disconnect electric circuits from the power supply to allow for the safe completion of maintenance tasks or the correction of problems. Switchgear is used by energy customers to protect electrical equipment from surges. The switchgear is expensive due to all of these features.
 
Technology Analysis
 
A reliability component has been incorporated into performance-based revenue policies by several government agencies. These regulations have a monetary incentive structure that can be one-sided, with distributors facing a penalty if they do not achieve the standards, or two-sided, with distributors receiving a bonus for their extra work and contribution. Above and beyond evaluating performance against criteria, such incentive schemes give regulators direct power over-improving dependability standards. These plans would encourage the use of switchgear to provide end-users with consistent and trouble-free service.


Sement Overview


The Low Voltage Switchgear Market is further bifurcated into various segments depending on various factors to help the market grow as per the predicted CAGR growth by the end of the Low Voltage Switchgear Market Forecast period. The market has been segmented based on the following:

Based on the protection segment, the market has been segmented as follows:



  • Circuit breaker

  • ACB

  • MCCB

  • MCB

  • MSP

  • MPCB

  • Fuse

  • Fuse-switch disconnector

  • Switch disconnector with fuse

  • Others


Based on the product segment, the market has been segmented as follows:



  • Fixed mounting

  • Plug-in


Based on the rated current segment, the market has been segmented as follows:



  • Into ≤ 1000 Ampere

  • 1001 to 5000 Ampere

  • > 5000 Ampere


Based on the rated voltage segment, the market has been segmented as follows:



  • ≤ 250 Volt

  • 251 to 750 Volt

  • > 750 Volt


Based on the installation segment, the market has been segmented as follows:



  • AC

  • DC


Based on the application segment, the market has been segmented as follows:



  • Substations

  • Distribution

  • Power factor correction

  • Sub-distribution

  • Motor control


Based on the region segment, the market has been segmented as follows:



  • Asia Pacific

  • North America

  • Europe

  • The Rest of the World (RoW


Regional Classification


In the low voltage switchgear market, Asia Pacific holds the greatest share. It has been observed that the Chinese market for clean energy deployments is set to increase significantly. To meet its lofty clean energy goals, the country has seen a significant increase in renewable adoption. As a result, the continued adoption of sustainable energy technology, as well as large-scale energy consumption from manufacturing plants, will have a favorable impact on product deployment.


Competitive Landscape


Generators, motors, feeder circuits, and transmission and distribution lines are examples of low voltage power equipment and circuits that are centralized controlled, and protected in industrial, commercial, and utility installations. Low-voltage switchgear carries, creates, and breaks regular load currents, as well as clearing faults across the power system through regulation and metering of favorable parameters. The major Low Voltage Switchgear Market Key Players are as follows:



  • Eaton Corporation Plc.

  • General Electric

  • Mitsubishi Motors Corporation

  • Hitachi, Ltd.

  • Schneider Electric SE

  • Siemens AG

  • Fuji Electric Co., Ltd.

  • Hubbell Incorporated

  • Rittal

  • ABB


Recent Developments



  • Eaton Corporation Plc., a global leader, offers centralized management and protection of low voltage power equipment and circuits in industrial, commercial, and utility installations, including generators, motors, feeder circuits, and transmission and distribution lines.

  • A significant competitor in the industry, General Electric, has designed a line of low voltage switchgear. It has created the AKD 20 low voltage switchgear, which provides increased arc flash protection. It replaces the AKD-10 switchgear and fits into a smaller space for the most popular setups.

  • S-N Motor Control is a subsidiary of Mitsubishi Motors Corporation. Mitsubishi Electric's S-N Series contactors are ideal for controlling three-phase electricity, whether it's for direct motor control, powering a drive or servo, or controlling resistive loads like heating and lighting. The company has created the S-N series, which is small and rugged and is meant to meet global standards and deliver safe, trustworthy solutions that are utilized and trusted all over the world


Report Overview


The research gives an analytical depiction of the Low Voltage Switchgear sector, as well as current trends and future projections, to identify potential investment opportunities. The research includes a complete analysis of the Low Voltage Switchgear market share as well as information on key drivers, restraints, and opportunities. The report is made to highlight the Low Voltage Switchgear market growth scenario, the existing market is statistically examined. The analysis depicts the market's potency of buyers and providers. The study examines the Low Voltage Switchgear market in-depth, focusing on the level of competition and how it will evolve in the next years.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   5%CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Protection, product, rated current, rated voltage, installation, and application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Eaton Corporation Plc. (Ireland), General Electric (U.S.), Mitsubishi Motors Corporation (Japan), Hitachi, Ltd. (Japan), Schneider Electric SE (France), Siemens AG (Germany), Fuji Electric Co., Ltd. (Japan), Hubbell Incorporated (U.S.), Rittal (Germany), ABB (Switzerland)
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers

  • Favorable government regulation towards the integration of sustainable energy resources across residential and commercial establishments
  • Rapid expansion of micro-grid networks provide the increasing off-grid energy


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    Frequently Asked Questions (FAQ) :

    The low voltage switchgear global market is poised to mark 5% CAGR.

    The key players are Eaton Corporation Plc. (Ireland), Mitsubishi Motors Corporation (Japan), General Electric (U.S.), Hitachi, Ltd. (Japan), Siemens AG (Germany), Schneider Electric SE (France), Fuji Electric Co., Ltd. (Japan), Rittal (Germany), Hubbell Incorporated (U.S.), and ABB (Switzerland).

    By installation, the segments are indoor and outdoor.

    The product based segments are plug-in, fixed mounting, and withdraw able.

    The low voltage switchgear global market is poised to reach USD 20 Bn by 2023.