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Low Voltage (LV) Switchgear Market Trends

Report ID: GMI243
Published Date: Jul 2024
Report Format: PDF

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Low Voltage Switchgear Market Trends

The shift towards renewable energy sources, such as solar and wind power, is driving the demand for advanced low voltage switchgear. These systems are crucial for managing the variable nature of renewable energy and ensuring stable and reliable power distribution. The growth in renewable energy projects is particularly notable in regions like Asia-Pacific and Europe?. There's a continued emphasis on safety features such as arc flash protection, enhanced insulation, and robust designs to ensure reliable operation and protect personnel and equipment from electrical hazards.

Switchgear is increasingly being integrated into smart grid infrastructure to support bidirectional energy flows, manage demand response programs, and enable grid stability and resilience. Additionally, The electrification of transportation, including electric vehicles (EVs) and charging infrastructure, is driving demand for switchgear solutions capable of handling increased electrical loads and ensuring reliable power distribution.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.