ID: MRFR/E&P/3922-HCR | February 2021 | Region: Global | 100 pages
Low voltage switchgear market is expected to grow at a CAGR of approximately 5% during the forecast period 2017-2023.
The major factors driving the growth of the low voltage switchgear market is the favorable government regulation towards the integration of sustainable energy resources across residential and commercial establishments. Net metering, Feed in Tariff, subsidies, and tax rebates are some of the key reforms which will encourage the product demand. Further, rapid expansion of micro-grid networks provide the increasing off-grid energy demand across the emerging markets will further complement the business outlook.
The low voltage switchgears can be described as a combination of several components such as circuit breakers, lightning arrestors, current transformers, protection panels, and disconnections. They are used to effectively control and distribute electric power across residential, commercial and industrial premises in order to prevent electrical circuits and equipment from unregulated power thwarts.
Some of the prominent players in the global low voltage switchgear market: 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) among others.
Technology giants such as Eaton Corporation Plc. (Ireland), General Electric (U.S.), Mitsubishi Motors Corporation (Japan), Hitachi, Ltd. (Japan), Schneider Electric SE (France). Eaton Corporation Plc., a prominent player in the market provides centralized control and protection of low voltage power equipment and circuits in industrial, commercial, and utility installations such as generators, motors, feeder circuits, and transmission and distribution lines. General Electric, a key player in the market, has designed a range of low voltage switchgear. It has designed a product known as AKD 20 low voltage switchgear that delivers enhanced arc flash protection. It fits into a smaller area for the most common configurations and replaces the AKD-10 switchgear. Mitsubishi Motors Corporation is an S-N Motor Control Mitsubishi Electric’s S-N Series contactors which are perfect for the control of 3 phase power, either for direct control of a motor, to supply power to a drive or servo, or even for the control of resistive loads, such as heating and lighting. The company has designed a compact and rugged S-N series that is built to meet global standards and provide safe, dependable solutions that are used and trusted across the globe.
Source: MRFR Analysis
The global low voltage switchgear market is segmented by protection, product, rated current, rated voltage, installation, and by application. By protection segment the market is sub-segmented into circuit breaker and fuse. The circuit breaker is further segmented into ACB, MCCB, MCB, MSP and MPCB. The fuse is sub-segmented into Fuse-switch disconnector, Switch disconnector with fuse and others. By product the market is segmented into fixed mounting, plug-in, and withdraw able. The rated current segmented into ≤ 1000 Ampere, 1001 to 5000 Ampere and > 5000 Ampere. The rated voltage consists of ≤ 250 Volt, 251 to 750 Volt and > 750 Volt. The installation segment consists of AC and DC. The application segment consists of substations, distribution, power factor correction, sub-distribution, and motor control.
The global color detection market is studied for Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific market accounts for the largest share in the low voltage switchgear market. It is observed that China market size is about to show significant growth towards the clean energy deployments. The nation has countersigned a substantial growth towards renewable adoption pertaining to its ambitious clean energy targets. Thereby, continuous adoption of sustainable energy technologies along with large scale energy demand from manufacturing plants will positively influence the product deployment.
|Market Size||2030: Significant Value|
|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||
Frequently Asked Questions (FAQ) :
The low voltage switchgear global market is poised to mark 5% CAGR.
The low voltage switchgear global market is poised to reach USD 20 Bn by 2023.
By installation, the segments are indoor and outdoor.
The product based segments are plug-in, fixed mounting, and withdraw able.
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).