USD 108.33 billion
Low Voltage Power Distribution Market Size, Share, Growth Analysis, By Product Type(Fixed Type and Drawer Type), By Application(Power Plant, Industrial Sites, Commercial Sites, Others), By component(Circuit Breaker, Panelboards and Distribution Boards, Switchgear), By Sales Channel(direct channel and indirect channel), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2023 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
114
|Figures:
77
Low Voltage Power Distribution Market Insights
Global 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 is predominantly driven by a rise in the demand for low voltage energy distribution in power stations and commercial properties. Further, the development and innovation of technology is driving the market's expansion. Furthermore, there's a rapid population and industrialization of the globe in addition to a rising demand for protective devices. As well, the demand for these distribution systems will increase due to the growing need for electricity, especially in remote areas.
The growth of the low voltage Power distribution market is driven by increased access to power, an increase in global construction and infrastructure activity, and the use of smart grid technology. The market for low voltage power distribution is further impacted by rise in rural energy demand, elevated concentrations of access to electricity, and problems with the aging power infrastructure. The market for low voltage energy distribution is also positively impacted by population growth, rising energy demand globally, R&D, and a surge in investment. The expansion of renewable energy sources and technological advancements also present profitable opportunities to the market players in low voltage energy distribution during the forecast period.
However, the major objections to the growth of the low voltage energy distribution market are likely to be the high cost associated with the larger conductor required for transferring high current and issues with product failures. Throughout the forecast period, the market for low voltage energy distribution is expected to face challenges due to the rise in concerns regarding high voltage drop and low efficiency.
US Low Voltage Power Distribution Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fixed Type
Fastest Growth
Fixed Type
Growth Rate
6.10% CAGR
Global Low Voltage Power Distribution Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Low Voltage Power Distribution Market Segmental Analysis
Global low voltage power distribution market is segmented based on product type, application, component, sale channel and region. Based on product type the Low Voltage Power Distribution Market is segmented into fixed type and drawer type. Based on application the market is segmented into power plant, industrial sites, commercial sites, others. Based on the component the market is segmented into circuit breaker, panelboards and distribution boards, switchgear, others. Based on the sales channel the Low Voltage Power Distribution Market is segmented into direct channel and indirect channel. Based on region the global low voltage power distribution market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Low Voltage Power Distribution Market Analysis by Application
The industrial segment led the low voltage power distribution market in 2021 and is projected to increase at a CAGR of 8.2% over the forecast period. The growth can be caused by a rise in demand for electrical equipment across numerous industries such as oil & gas, manufacturing, etc. Furthermore, urbanization coupled with rising per capita income has resulted in an increased number of houses having power connections resulting in higher demand for LVD systems within the commercial sector. The residential application segment accounted for more than 40% share of the global revenue in 2021 owing to increasing investments by governments on providing affordable housing schemes along with better living conditions.
Low Voltage Power Distribution Market Analysis by Components
Based on components, the market for Low Voltage power distribution is divided into switchgear, switchboard, distribution panels, motor control panels, and others. The distribution panels & circuit breakers component segment, which dominates the power distribution component market, is anticipated to grow at the highest CAGR during the forecast period due to its utility in a variety of applications, including low voltage suburban networks and utility-based distribution infrastructure. One of the main factors fueling market expansion is its affordability.
Global Low Voltage Power Distribution Market By Product Type
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Low Voltage Power Distribution Market Regional Insights
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.
North America is among the largest low voltage power distribution markets in the world, and although being an established market, it is expanding quickly. The market in North America is being pushed by the rise in investments in renewable energy sources, the adoption of smart grid technology, and the need for energy-efficient goods. Due to the region's population increase, urbanization, and infrastructure development, a greater demand for low voltage power distribution systems is anticipated.
Global Low Voltage Power Distribution Market By Region
- Largest
- Fastest
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Low Voltage Power Distribution Market Dynamics
Low Voltage Power Distribution Market Drivers
Rising Demand for Energy-Saving Solutions to Bring Lucrative Growth Opportunities
- 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.
- The demand for electricity has significantly increased as a result of population growth, urbanization, and industry in developing nations. Systems for low voltage power distribution are crucial for effectively and efficiently distributing electricity, which is necessary to fulfil the rising demand for electricity.
- The distribution of power can be managed and improved with the aid of smart grid technologies by utilities and end users. Smart grid technologies are more effective and efficient due to their inclusion of Low Voltage Power Distribution systems.
Low Voltage Power Distribution Market Restraints
High Capital Cost to Hinder Market Growth
- Low voltage power distribution systems can be expensive to set up and up, especially for small and medium-sized businesses. Particularly in poorer nations, the high capital cost of these systems might be a considerable entrance hurdle.
- A skilled workforce is required for low voltage power distribution system installation and maintenance. The market's growth may be constrained by a lack of skilled workers, particularly in developing nations.
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Low Voltage Power Distribution Market Competitive Landscape
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.
Low Voltage Power Distribution Market Top Player’s Company Profiles
- 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.
Low Voltage Power Distribution Market Recent Developments
- In June 2021, with improved performance and safety characteristics, ABB launched an entirely novel line of low voltage circuit breakers.
- In May 2021, the medium-voltage switchgear from Siemens Energy was launched, and it offers improved safety and reliability.
- In March 2021, in order to comply with Indian norms and laws, Schneider Electric introduced a new line of low voltage electrical panels.
Low Voltage Power Distribution Key Market Trends
- 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.
- Another trend that is influencing the low voltage power distribution industry is the deployment of smart grid technology. Low voltage distribution systems play a crucial part in smart grids' effective administration and control of power distribution systems by ensuring the safe and dependable delivery of electricity to end users.
- In developing nations where there is a need to upgrade and expand power infrastructure to satisfy the expanding energy demands of urban populations, the process of urbanization is driving demand for low voltage power distribution systems.
- There have been considerable developments in the low voltage power distribution sector, including the creation of sophisticated switchgear, transformers, and other power distribution tools. These developments are enhancing low voltage power distribution systems' dependability, efficiency, and safety, which is fueling market expansion.
Low Voltage Power Distribution Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Low Voltage Power Distribution market is predominantly driven by a rise in the demand for low voltage energy distribution in power stations and commercial properties. Further, the development and innovation of technology is driving the market's expansion. The market for low voltage energy distribution is also positively impacted by population growth, rising energy demand globally, R&D, and a surge in investment. The expansion of renewable energy sources and technological advancements also present profitable opportunities to the market players in low voltage energy distribution during the forecast period. These developments are enhancing low voltage power distribution systems' dependability, efficiency, and safety, which is fueling market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 108.33 billion |
| Market size value in 2031 | USD 184.58 billion |
| Growth Rate | 6.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Low Voltage Power Distribution Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Low Voltage Power Distribution Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Low Voltage Power Distribution Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Low Voltage Power Distribution Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Low Voltage Power Distribution Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Low Voltage Power Distribution Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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