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Low Voltage Switchgear Market Size
Low voltage switchgear market size, in 2023, was assessed at USD 79.6 Bn and will grow at a CAGR of 8.1% by 2032 due to the increasing urbanization, industrialization, and the rising demand for electricity across various sectors. Advancements in automation and smart grid technologies are driving the adoption of low voltage switchgear for enhanced energy efficiency and reliability.
Additionally, the expansion of renewable energy sources, such as solar and wind power, requires efficient electrical distribution systems, further boosting market demand. Government initiatives for infrastructure development and the modernization of aging electrical networks also contribute to market growth.
Moreover, the rising focus on safety and the need to comply with stringent regulations are propelling the demand for advanced switchgear solutions. With technological innovations and increasing investments in the energy sector, the market is poised for robust expansion in the coming years.
How big is the Asia Pacific low voltage switchgear industry?
Asia Pacific low voltage switchgear market is anticipated to surpass USD 64.3 billion by 2032 due to the rapid urbanization, industrial growth, and increasing infrastructure development.
Who are the major low voltage switchgear industry players?
ABB, Chint Group, E + I Engineering, Eaton Corporation, Fuji Electric Co., Ltd., Hitachi Ltd., Hyosung Corporation, Hyundai Electric & Energy Systems Co., Ltd., Lucy Group Ltd., Mitsubishi Electric Corporation, and Powell Industries, among others.
Why is the use of circuit breaker low voltage switchgear rising?
The circuit breaker segment in the market is expected to reach USD 104 billion by 2032 owing to the increasing demand for reliable and efficient power distribution and protection solutions.
How big is the low voltage switchgear market?
Global low voltage switchgear industry was valued at USD 79.6 billion in 2023 and is anticipated to register 8.1% CAGR between 2024 and 2032, driven by expansion of micro grid networks and rising peak load demand.