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Low Voltage Residential Switchgear Market Trends

  • Report ID: GMI11422
  • Published Date: Sep 2024
  • Report Format: PDF

Low Voltage Residential Switchgear Market Trends

The low voltage residential switchgear industry is having a growth with the demand for reliable, safe, and energy-efficient electrical infrastructure in homes. The growing global emphasis on energy efficiency, safety and the integration of smart technologies in residential settings is profoundly influencing the market. The shifts towards electrification with the need for robust and efficient switchgear systems that can safely manage and distribute electricity in residential buildings is becoming more crucial. Governments and regulatory bodies across the region are enforcing stricter energy codes and standards to reduce energy consumption and carbon footprints in residential areas.
 

Smart switchgear systems are capable of remote monitoring with control features and diagnostics to offer homeowners greater control over their electrical systems. These systems can be integrated with home automation platforms for allowing real-time monitoring of energy usage, automated responses to electrical faults, and enhanced safety features. The ability to remotely control and monitor electrical systems through smartphones or other devices is increasing more rapidly. Modular switchgear systems offer flexibility in installation and can be easily expanded as electrical needs evolve.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of low voltage residential switchgear was reached USD 16.1 billion in 2023 and is anticipated to register 9.7% CAGR between 2024 and 2032, driven by the increasing demand for reliable and safe electrical distribution systems in residential settings.

The AC segment in the low voltage residential switchgear market is expected to record 9.5% CAGR through 2032, driven by residential energy efficiency regulations and increased home construction or upgrades.

Asia Pacific low voltage residential switchgear market is expected to reach USD 12.1 billion by 2032, due to increasing technological advancements.

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., and Mitsubishi Electric Corporation, among others.

Low Voltage Residential Switchgear Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 9
  • Countries covered: 23
  • Pages: 110
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