What is the key driver of Global Low Voltage Switchgear Market?

There is a commensurate need for infrastructure development, including residential and commercial structures, industrial complexes, and smart cities, as urbanisation continues to expand internationally. Low voltage switchgear, which offers dependable and effective electrical distribution and control solutions, is essential to these advancements. The need for low voltage switchgear is being driven by the increasing requirement for safe and energy-efficient electrical systems in metropolitan areas, which is fuelling the expansion of the market.

Low Voltage Switchgear Market Size, Share, Growth Analysis, By Product(Fixed Mounting, Plug-In, and Withdrawable Unit), By Installation(Indoor and Outdoor), By Application(Substation, Distribution, Power Factor Correction, Sub-Distribution and Motor Control), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Low Voltage Switchgear Market?

Global Low Voltage Switchgear Market size was valued at USD 43.2 billion in 2022 and USD 45.4 billion in 2023 and is projected to reach USD 57.1 billion by 2031, growing at a CAGR of 10.40% in the forecast period (2024-2031).

Report ID: SQMIG20E2089 | Region: Global | Published Date: April, 2024
Pages: 203 | Tables: 89 | Figures: 68

Low Voltage Switchgear Market News

In January 2020, to serve the rising demand for renewable technologies, Schneider Electric expanded its production sites in Leeds and Scarborough, United Kingdom. Low voltage switchgear production is the focus of the Leeds and Scarborough sites. Schneider Electric sought to facilitate the increased uptake of renewable energy sources and aid in the shift to sustainable energy solutions in the UK and worldwide by increasing its capacity for producing low voltage switchgear.

In October 2022, GE and SP Energy Networks in the UK inked a deal for GE to supply 145 kV SF6-free live tank circuit breakers. The G3 Circuit Breaker in the UK Grid uses GE's g3 gas as the insulating and switching dielectric medium. This alliance paves the path for a cleaner and more sustainable future by highlighting the significance of innovation and teamwork in advancing sustainability activities within the energy sector.

In November 2023, GE declared the launch of a cooperative initiative to apply low-voltage switchgear technology and sophisticated grid automation solutions with a US utilities business. GE and its utility partner want to solve problems, grab opportunities, and clear the path for a more resilient and sustainable energy future through cooperation and technological integration.

Low Voltage Switchgear Market Report Snapshots

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Low Voltage Switchgear Market size was valued at USD 43.2 billion in 2022 and USD 45.4 billion in 2023 and is projected to reach USD 57.1 billion by 2031, growing at a CAGR of 10.40% in the forecast period (2024-2031).

To stay competitive, ABB, a pioneer in power and automation technology globally, places a strong emphasis on innovation, digitization, and sustainability. With a strong footprint, General Electric (GE) is concentrating on growing in new countries and creating smart grid solutions. Eaton, a top supplier of power management solutions, places a strong emphasis on customer support and innovation. Schneider Electric is an expert in energy management and automation with a focus on digital solutions and energy savings. The development of intelligent and integrated solutions for building automation and smart grids is the primary emphasis of Siemens, a leader in electrification, automation, and digitalization. 'E+I Engineering (Ireland)', 'ABB (Switzerland)', 'Regal Rexnord Corporation (US)', 'Hitachi Ltd. (Japan)', 'Hyundai Electric (South Korea)', 'Fuji Electric Co., Ltd. (Japan)', 'Eaton (Ireland)', 'Siemens (Germany)', 'Lucy Group (UK)', 'Powell Industries (US)', 'Skema S.p.A. (Italy)', 'Hyosung Heavy Industries (South Korea)'

Changing Trends Reflecting Upon the Market: Notable recent developments in the Low Voltage Switchgear industry show how electrical distribution networks are evolving. One noteworthy trend is the increased emphasis on safety and efficiency. The growth of industry and infrastructure projects has led to a corresponding increase in demand for secure and trustworthy electrical systems. Low voltage switchgear is necessary to ensure the efficient and safe distribution of electricity across buildings, factories, and power substations.

The markets for low voltage switchgear in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa have been divided into segments. The low-voltage switchgear market in North America is expected to expand due to grid upgrading and capacity development. Europe is anticipated to boost demand in the low voltage switchgear market favorably due to the increased application of low voltage switchgear in the creation of an efficient and sustainable power grid infrastructure. As nations like China and India are heavily upgrading and constructing new transmission lines and distribution networks to increase infrastructure growth, Asia-Pacific is predicted to be the dominant player in the world. Government laws pertaining to electrification and the integration of decentralized microgrids in Latin America and the Middle East

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Low Voltage Switchgear Market Size, Share, Growth Analysis, By Product(Fixed Mounting, Plug-In, and Withdrawable Unit), By Installation(Indoor and Outdoor), By Application(Substation, Distribution, Power Factor Correction, Sub-Distribution and Motor Control), By Region - Industry Forecast 2024-2031

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