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Low Voltage Switchgear Market Trends

ID: MRFR//3922-CR | 100 Pages | Author: Priya Nagrale| July 2023

Global Low voltage switchgear Market Overview

Low voltage switchgear Market Size was valued at USD 43,332.2 million in 2022. The Low voltage switchgear Market industry is projected to grow from USD 45,174.6 million in 2023 to USD 57,890.1 million by 2030, exhibiting a compound annual growth rate (CAGR) of 10.40% during the forecast period (2023 - 2030). The primary force behind the growth of the Low voltage switchgear market worldwide is primarily due to the aging electricity distribution infrastructure. Moreover, the implementation of performance-based incentive schemes is expected to create an opportunity for the players operating in the Low voltage switchgear Market. However, harsh environmental conditions are expected to restrict the growth of the Low voltage switchgear Market to a certain extent during the forecast period.

Low voltage switchgear Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Low voltage switchgear Market Trends

  • Aging Electricity Distribution Infrastructure

The increasing burden on electrical infrastructure has resulted in the need for either replacing or refurbishing the electrical equipment required to ensure a reliable and uninterrupted power supply. As per the Department of Energy Report, uninterrupted power can be ensured only through a system capable of handling sudden power spikes and drops. For instance, the US is driven by the replacements in the grid, therefore providing an opportunity to the utilities to introduce automation-equipped low voltage switchgear in the network leading to a highly modern and automated grid. Moreover, the criticality of the low voltage switchgear market has only increased in the recent past due to rising expenditure in infrastructural expansion. For instance, increasing grid complexity in the grid infrastructure in the developing countries is encouraging the deployment of low voltage switchgear in the distribution grid. Additionally, the energy generation mix is undergoing a drastic transformation due to the roll-out of diverse electrification programs, increasing use of renewable energy sources, rapid digitalization, growing inclination towards smart grid infrastructure, changing regulatory norms, and the emergence of disruptive technologies such as installation of distributed energy resources and microgrid. Thus, the aging electricity distribution infrastructure is expected to drive the growth of the Low voltage switchgear Market during the forecast period.

Low voltage switchgear Market Segment Insights

Low voltage switchgear by Protection Insights

The Low voltage switchgear Market segmentation, based on protection has been segmented as Circuit Breaker and Fuse. Among these, the Circuit Breaker type is projected to dominate the Low voltage switchgear Market revenue through the projected period.  An electrical circuit breaker is a switching device that can be used to control and protect an electrical power system both manually and automatically. Because the modern power system deals with high currents, special care should be taken when designing a circuit breaker to ensure that it can safely interrupt the arc produced when a circuit breaker is closed. A Circuit Breaker in Low voltage switchgear can be classified into: ACB, MCB, MCCB, MSP, MPCB.

Low voltage switchgear by Product Insights

The Low voltage switchgear Market segmentation, based on Product has been segmented as Fixed Mounting, Plug-in, and Withdrawal Unit. Among these, the Fixed Mounting type is projected to dominate the Low voltage switchgear Market revenue through the projected period.  GGD low-voltage switchgear, also known as GGD fixed cabinet, is an AC low-voltage power distribution cabinet of the GGD type that is used for fixed wiring low-voltage power distribution cabinets. There are three types: GGD1, GGD2, and GGD3. These types are available in a variety of segment current capacities. AC 50-60Hz, used in power distribution systems with rated operating currents up to 3150A, for power users such as power plants, substations, factories, and mines. Power conversion, distribution, and control equipment for power, lighting, and power distribution.

Low voltage switchgear by rated current Insights

The Low voltage switchgear Market segmentation, based on rated current has been segmented as Up to 1,000 A, 1,005 A to 5,000 A, and Above 5,000 A. Among these, the Up to 1,000 A type is projected to dominate the Low voltage switchgear Market revenue through the projected period.  The multiple occupancy distribution equipment (MODE) range provides a point of distribution, with or without fused incoming isolation, to tariff meters serving multiple occupancy residences, commercial buildings, and offices. MODE is an elegant example of this approach for distribution network operators (DNOs) since its design makes use of proven and widely used Merlin Gerin products which are available in 13 variants as standard and supply current up to 500A. Miniature circuit breaker (MCB) rated current is not more than 100 A.

Low voltage switchgear by Voltage Insights

The Low voltage switchgear Market segmentation, based on voltage has been segmented as Up to 250 V, 251 V to 750 V, and 750 V to 1 KV. Among these, the Up to 250 V type is projected to dominate the Low voltage switchgear Market revenue through the projected period.  Switchgear included in the range less than 250V is generally considered as low voltage switchgear. The main functions of low voltage switchgear are electrical protection, remote switching, and electrical isolation of circuits and electrical installation. These switchgears are used in low voltage power distribution applications.

Low voltage switchgear by End-User Insights

Based on End-User, the Low voltage switchgear Market is segmented as Residential, T&D Utilities, Commercial, and Industrial. Out of which the Residential segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Switchgears are an integral part of utilities for supplying electricity to end users. Low voltage switchgear is installed in transmission and distribution lines. Switchgear is considered an important piece of equipment in electric grids to connect power generation sources to a single electricity line. Switchgear and its components help protect, control, and isolate electrical equipment in case of any electrical faults in the power system. The increasing focus on upgrading T&D systems across the globe is driving the demand for switchgear in the region. Moreover, switchgear is extensively used for renewable power generation. For instance, with the continuous increase in wind farms and wind turbine capacity, switchgear is designed to keep power transmission losses as low as possible.

Figure1: Low voltage switchgear Market, Regional Insights

Low voltage switchgear Market, Regional Insights

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

By Region, the study segments the Low voltage switchgear market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North America Low voltage switchgear market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period. North America is one of the prominent regional markets for low voltage switchgear, owing to an increase in the share of renewable energy sources and a growing need for upgrading the T&D networks in the region. The region is experiencing high investment in energy efficiency due to decreasing technology prices and third-party energy efficiency programs. According to the North American Energy Efficiency Program Implementation, annual energy efficiency spending is expected to reach USD 11.3 billion by 2030, driving the market for power T&D equipment.

The US low voltage switchgear market is projected to witness significant growth due to increased power demand for commercial and industrial applications and increasing oil production activities. Moreover, Canada is investing in the smart grid technology of Ottawa's net-zero energy communities to enhance the electricity grid. This investment is worth USD 5 million and would also drive the installation of microgrids in the country. Such factors would boost the demand for low-voltage switchgear. Furthermore, data centers require a continuous and reliable power supply for the effective and uninterrupted functioning of computing and networking equipment in the data center, which leads to an increase in the demand for power T&D equipment in data centers. Hence, the significant increase in power demand and the increasing number of data centers lead to a demand for power T&D equipment in this region during the forecast period.

Low voltage switchgear Key Market Players & Competitive Insights

The Low voltage switchgear Market is characterized by the presence of many local and global vendors. Many of the market players hold vast experience and strong regional presence across North America, Europe, Asia-Pacific, Africa & Latin America in the low voltage switchgears. The Low voltage switchgear Market comprises various global, regional, and local service providers that are continuously evolving to enhance their market position. Expansion of smart grid networks and integration of sustainable energy infrastructure are the key factors that aid market growth. The service providers compete based on cost, efficiency, and reliability of low voltage switchgears to stay relevant in the competitive market. Vendors in the global low voltage switchgears market are focused on improving their products, services and expanding their presence in underdeveloped and developing countries.

Schneider Electric, General Electric, Hyosung Corporation, Hyundai Electric & Energy Systems Co, Ltd, Fuji Electric Co Ltd are some of the prominent players competing in the market to provide better solutions to increase their geographical presence and enhance customer and business engagement.

The top 5 players in the low voltage switchgear market ABB, Siemens AG, Powell Industries, Mitsubishi Electric Corporation, Eaton Corporation.

SiemensSiemens aims to strengthen the growth of its business segments through contracts, agreements, and mergers & acquisitions. Furthermore, its strong alliances with several large multinational companies in the global market enable it to accelerate its growth. The company is expanding its presence in the global market by providing software and related solutions and adding new technologies to its portfolio to capture new markets. It aims to enhance its product portfolio through innovation and investments, which will help the company take advantage of new opportunities in the energy management industry.

EatonEaton holds broad industrial expertise with a wide customer base worldwide. The company aims to improve the quality of life with a sustainable environment as its long-term vision. For this reason, Eaton carefully develops its product portfolio, considering customers' insights and the challenges they face in their day-to-day business operations. Additionally, the company aims to improve safety, reliability, efficiency, and sustainability in ways that matter to employees, customers, shareholders, and the communities it deals with.

Key Companies in the Low voltage switchgear Market includes.

  • Siemens

  • ABB

  • Schneider Electric

  • Eaton Corporation

  • Mitsubishi Electric Corporation

  • General Electric (GE)

  • Hyosung Corp.

  • Hyundai Electric & Energy Systems Co, Ltd.

  • Powell Industries

  • Alfanar

  • Rittal

Low voltage switchgear Industry Developments

July 2022,Siemens collaborated with chemical recycling expert Plastic Energy to divert plastic waste from landfills and incineration. With the help of its partner SABIC, Plastic Energy is beginning to construct numerous larger plants around Europe, Asia, and the US, beginning with one in the Netherlands. These plants will be upgraded and equipped with Siemens' end-to-end technological solutions, such as SIVACON S8 low voltage switchgear, distributed control systems (DCS), and process instrumentation.

October 2022,GE signed a contract with SP Energy Networks in the UK for supplying 145 kV SF6-free live tank circuit breakers utilizing GE's g3 gas as the insulating and switching dielectric medium for The G3 Circuit Breaker in The UK Grid.

June 2021:Watergen Signs Groundbreaking 3-Way Water Research Partnership with UAE and TA University

April 2022:Enedis and Schneider Electric collaborated to create a project centered on a new generation of MV/LV switchgear as an alternative to SF6 gas. Two RM AirSeT RMU switchgear from Schneider Electric, the first product of the new generation to be evaluated for MV distribution networks, will be installed in an Enedis R&D laboratory as part of the study, which is being directed by the two companies, longtime collaborators in this field.

Low voltage switchgear Market Segmentation

Low-Voltage Switchboards Protection Outlook

  • Circuit breaker

    • ACB

    • MCB

    • MCCB

    • MSP

    • MPCB

  • Fuse

LV Switchgear Panel Product Outlook

  • Fixed mounting

  • Plug-in

  • Withdrawal unit

Low voltage switchgear Rated Current Outlook

  • Rated Current

  • ≤ 1000 Ampere

  • 1001 to 5000 Ampere

  • > 5000 Ampere

Low voltage switchgear Voltage Outlook

  • ≤ 250 V

  • 251 V to 750 V

  • 750 V to 1 kV

Low voltage switchgear Installation Outlook

  • Outdoor

  • Indoor

Low voltage switchgear Current Outlook

  • AC

  • DC

Low voltage switchgear End-User Outlook

  • Residential

  • T&D Utilities

  • Commercial

  • Industrial

Low voltage switchgear Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Rest of Asia-Pacific

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • South America

    • Brazil

    • Argentina

    • Rest of South America

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