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North America Low Voltage (LV) Switchgear Market Size

Report ID: GMI6773
Published Date: Sep 2023
Report Format: PDF

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North America LV Switchgear Market Size

North America LV Switchgear Market size was valued at around USD 13.1 billion in 2023 and is estimated to expand at 7.8% CAGR between 2024 and 2032. Driven by increasing deployment of data centers, industrial automation, and commercial construction projects. The aging power infrastructure and the imperative for grid resilience are prompting investments in LV switchgear for upgrading infrastructure and enhancing grid reliability.

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As the shift towards cleaner energy sources gains momentum, low voltage switchgear becomes crucial for efficiently distributing electricity from various renewable generation systems. Moreover, government initiatives focused on energy efficiency, grid modernization, and carbon emission reduction are fostering a supportive regulatory environment, encouraging the adoption of LV switchgear with advanced features and capabilities.

North America LV Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America LV Switchgear Market Size in 2023:	USD 13.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.8%
2032 Value Projection:	USD 23.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	247
Tables, Charts & Figures:	409
Segments covered:	Protection, Product, Rated Current, Voltage Rating, Current, Application, and Country
Growth Drivers:	Renovation and enhancement of existing grid infrastructure The growth and expansion of smart grid networks Rising peak load demand
Pitfalls & Challenges:	Increasing cost of raw materials

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market valuation of LV switchgear in North America was exceeded USD 13.1 billion in 2023 and may record over USD 23.2 billion by 2032, due to the increasing deployment of data centers, industrial automation, and commercial construction projects in the region.

North America LV switchgears circuit breakers market is expected to witness over 6% CAGR from 2023 to 2032, due to higher application scope within large industrial sectors, such as metal and mining industries, as well as railway infrastructure.

U.S. LV switchgear industry size is expected to register over 5.5% CAGR from 2023 to 2032, owing to the substantial surge in the adoption of renewable energy sources, particularly solar and wind power in the nation.

Powell Industries, Mitsubishi Electric Corporation, Hyosung Heavy Industries, General Electric, Chint Group, Eaton, WEG, Regal Rexnord Corporation, ABB, Hitachi, Ltd., Schneider Electric, among others.