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

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).

The ageing power distribution infrastructure is the main factor driving the growth of the low voltage switchgear market worldwide. Furthermore, it is anticipated that the adoption of performance-based incentive programmes would present a chance for the companies involved in the low voltage switchgear market. Nonetheless, during the forecast period, unfavorable environmental circumstances are anticipated to limit the growth of the low voltage switchgear market to some degree. Utility-backed distribution grid networks have been impacted by government and regulatory regulations about the configuration of electrical infrastructure ever since. The market share of low voltage switchgear will increase due to the decentralized micro-grid networks' integration across grid-isolated areas and the government's supportive policies for rural electrification.

Growth in the industry will also be aided by the expanding demand for produced goods and flexible product operations throughout the primary and secondary distribution networks. The market for indoor low voltage switchgear is anticipated to expand due to its use in emerging nations' real estate sectors, while the market for outdoor low voltage switchgear is anticipated to flourish due to widespread integration of distributed power generation technologies and rapid industrial growth. The market for low voltage switchgear will be stimulated by the trend towards renewable energy sources for electricity generation. The primary driver of the global low voltage switchgear market is the ongoing increase in infrastructure investments coupled with the rising need for renewable energy sources. Furthermore, the growing adoption of smart grid technology and ongoing investments in transmission modernization.