Fixed Mounted LV Switchgear Market Analysis

Fixed Mounted LV Switchgear Market Analysis

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The AC segment held approximately 59% of the market share in 2023. The demand for AC current units within the LV switchgear industry is poised for significant growth due to several key product attributes. These include reduced heat generation, lower transmission losses, as well as flexible and efficient high-voltage capabilities. Additionally, the ease of handling, excellent conductivity, and simplified transformation properties will contribute to bolstering the business outlook for AC current units in the industry.
 

Based on application, the substation segment will grow at a CAGR of over 6.7% through 2032. There is a growing trend towards digitalization and automation in LV switchgear systems. This includes the integration of smart technologies, such as sensors and IoT devices, to enable remote monitoring, diagnostics, and predictive maintenance. Manufacturers are developing more energy-efficient components and systems to meet regulatory requirements and reduce operational costs for end-users.
 

The Asia Pacific fixed mounted LV switchgear market is forecasted to exceed USD 29 billion by 2032, due to poor electrical supply stemming from an ineffective grid network. For instance, in 2022, Hokkaido blackout caused by an earthquake and the 2016 South Australian blackout resulting from severe storms underscore the importance of grid stability and security. The regional power sector is experiencing increased focus and investment from both public and private entities, supported by favorable regulatory schemes in recent years. Additionally, the integration of renewable technologies into the grid and the ongoing expansion of cross-border transmission networks will further enhance the business outlook positively.