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Fixed Mounted LV Switchgear Market Size
Fixed Mounted LV Switchgear Market was valued at USD 36.4 billion in 2023 and is estimated to register over 7.5% CAGR between 2024 and 2032, due to rising demand for efficient transmission and distribution (T&D) control systems. This growth is driven by increasing requests for the upgrade and refurbishment of existing energy networks, alongside heightened investments in establishing reliable, efficient, and enhanced grid infrastructures.
Significant investments have been made in IT implementations across the energy industry, with key players prioritizing capacity expansion within their respective segments. However, there is a noticeable shift in this trend, as attention gradually turns towards providing interactive and smart services tailored to consumer demand.
How big is the fixed mounted LV switchgear market?
The market valuation of the fixed mounted LV switchgear was reached USD 36.4 billion in 2023 and is set to grow at a CAGR of over 7.5% through 2032, driven by the rising demand for efficient transmission and distribution (T&D) control systems.
Why is the demand for AC fixed mounted LV switchgear increasing?
AC current segment held a market share of more than 59% in 2023 and is set to gain traction by 2032, owing to its qualities of reduced heat generation, lower transmission losses, as well as flexible and efficient high-voltage capabilities.
What factors are pushing the growth of Asia Pacific fixed mounted LV switchgear market?
Asia Pacific fixed mounted LV switchgear market size surpass USD 29 billion by 2032, driven by the integration of renewable technologies into the grid and the ongoing expansion of cross-border transmission networks.
Which companies define the competitive landscape of fixed mounted LV switchgear market?
ABB, Chint Group, E + I Engineering, Eaton, Fuji Electric Co., Ltd., Hitachi Energy Ltd., Hyosung Heavy Industries, Hyundai Electric & Energy Systems Co., Ltd., Lucy Group Ltd., Mitsubishi Electric Corporation are some of the major industry contenders.