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Fixed Mounted LV Switchgear Market Trends

Report ID: GMI8202
Published Date: Feb 2024
Report Format: PDF

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Fixed Mounted LV Switchgear Market Trends

Economies characterized by sustainable population growth, higher income levels, and increased electricity consumption are driving the expansion of smart grid networks. The swift adoption of smart devices is contributing to the acceptance of advancing smart transmission and distribution technologies globally. Countries facing frequent electricity deficits are expected to experience heightened demand for smart monitoring and control technologies. Additionally, the growing concern to manage intermittency arising from the expanded utilization of solar power worldwide will positively impact the deployment of smart grids.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.