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Low Voltage Switchgear Market Share & Growth | Forecast 2031
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Low Voltage Switchgear Market Share & Growth | Forecast 2031

Segments - Low Voltage Switchgear Market by Types (<1kv, 1kV - 5kV, 6kV - 15kV, 16kV - 27kV, and 28kV - 38kV), Applications (Commercial, Industrial, Residential, and Utilities), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-654 | 4.9 Rating | 69 Reviews | 130 Pages | Format : PDF Excel PPT

Report Description


Low Voltage Switchgear Market Outlook 2031:

The global low voltage switchgear market size was valued at USD 71.21 Billion in 2022 and is projected to reach USD 115.30 Billion by 2031, expanding at a CAGR of 5.5% during the forecast period 2023 - 2031. The market growth is attributed to rising investment in renewable energy. 

Three types of switchgear such as low-voltage, medium-voltage, and high-voltage are used in various industries. Low voltage switchgear is a three-phase power distribution product. It is designed to supply electric power at voltages up to 1,000 volts and current up to 6,000 amps. Metal-clad switchgear is enclosed with two different types of metals and offers medium-voltage capacity.

Low Voltage Switchgear Market Outlook

In addition, high-voltage switchgear deals with a voltage above 36KV. Industrialization and urbanization require continuous electricity supply, and the reliability of the electricity depends on the performance of switchgear. The production of energy is the basic need for the rural and urban areas development. Many industries use digital switchgear for better efficiency.

Digital switchgear uses collected information to analyze the performance of current levels, temperature, operating cycles, and load levels that aid in improving the performance and reliability of switchgear. Smart switchgear allows grid optimization, improved quality, and reduces both transmission and operating losses.

According to World Health Organization (WHO) the COVID-19 pandemic has impacted the demand and supply of the low voltage switchgear market. Adverse situations similar to lockdowns across the globe, mess in the supply chain and oscillating supply of raw materials enforced the manufacturers to shut down production leading to a decline in market growth. 

  • Rising inclination towards digital low voltage switchgear is expected to boost the market during the forecast period.
  • Rapid growth of industrial sector is the major factor driving the market.
  • High maintenance cost and lack of awareness among the consumers is projected to hamper the market growth.
  • Development of rural and urban areas is expected to create immense market opportunities for market players.
  • R&D investments and technological advancements in switchgears are anticipated to create immense growth opportunities for the market players.

Scope of the Low Voltage Switchgear Market Report

The report on the global low voltage switchgear market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Low Voltage Switchgear Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Types (<1kv, 1kV - 5kV, 6kV - 15kV, 16kV - 27kV, and 28kV - 38kV) and Applications (Commercial, Industrial, Residential, and Utilities)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

ABB, Powell Industries, Siemens, Schneider Electric, Bharat Heavy Electricals, Crompton Greaves, Eaton, Hyosung, Mitsubishi Electric, GE, and OJSC Power Machines.

Low Voltage Switchgear Market Segment Insights:

The <1kv segment is projected to hold major market share during the forecast period

Based on types, the global low voltage switchgear market is segregated as <1kv, 1kV - 5kV, 6kV - 15kV, 16kV - 27kV, and 28kV - 38kV. The electrical switchgear rated up to 1KV is termed as low voltage switchgear.

The term LV Switchgear includes low voltage circuit breakers, switches, off load electrical isolators, HRC fuses, earth leakage circuit breaker, miniature circuit breakers (MCB), and molded case circuit breakers (MCCB)

6kV - 15kV low voltage switch is used in VB1 generators. It is suitable for all kinds of connection in the system. These can also be used in all kinds on equipment and machinery supply board.

Low Voltage Switchgear Market Region

The residential sector is estimated to expand at a high CAGR during the forecast period

On the basis of applications, the low voltage switchgear market is segregated into commercial, industrial, residential, and utilities. The residential sector is projected to hold a major market share during the forecast period, owing to rising construction of housing units.

To fulfill the increasing housing demand governments across different countries is planning to construct new housing units, which are estimated to boost the segment. In commercial sector switchgears are used for controlling the power supply of lights, fan, and AC.

Low Voltage Switchgear Market Application

The market in North America is projected to expand a robust CAGR

In terms of regions, the global low voltage switchgear market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to hold a major market share during the forecast period, due to urbanization in developing countries such as India and China. Moreover, connection of new substations coupled with existing electrical infrastructure, is projected to boost the market in the region.

North America switchgear market size is predicted to surpass its annual installation of over 11 million units during the forecast period. North America switchgear industry by vacuum insulation holds the majority market share on account of its high consumer reliability and low carbon emission.

Low Voltage Switchgear Market Region

Segments

The global low voltage switchgear market is segmented on the basis of

Types

  • <1kv
  • 1kV - 5kV
  • 6kV - 15kV
  • 16kV - 27kV
  • 28kV - 38kV

Applications

  • Commercial
  • Industrial
  • Residential
  • Utilities

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Key players in the global low voltage switchgear market include ABB, Powell Industries, Siemens, Schneider Electric, Bharat Heavy Electricals, Crompton Greaves, Eaton, Hyosung, Mitsubishi Electric, GE, and OJSC power machines.

Several business strategies adopted by the major players include mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

ABB in 2019 launched Neogear as low voltage switchgear which offers digital capabilities including data analytics, remote assistance, predictive & monitoring management, and real-time condition.

 Low Voltage Switchgear Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Low Voltage Switchgear Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Low Voltage Switchgear Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Low Voltage Switchgear Market - Supply Chain
  4.5. Global Low Voltage Switchgear Market Forecast
     4.5.1. Low Voltage Switchgear Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Low Voltage Switchgear Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Low Voltage Switchgear Market Absolute $ Opportunity
5. Global Low Voltage Switchgear Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Low Voltage Switchgear Market Size and Volume Forecast by Types
     5.3.1. <1kv
     5.3.2. 1kV - 5kV
     5.3.3. 6kV - 15kV
     5.3.4. 16kV - 27kV
     5.3.5. 28kV - 38kV
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Low Voltage Switchgear Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Low Voltage Switchgear Market Size and Volume Forecast by Applications
     6.3.1. Commercial
     6.3.2. Industrial
     6.3.3. Residential
     6.3.4. Utilities
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Low Voltage Switchgear Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Low Voltage Switchgear Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Low Voltage Switchgear Demand Share Forecast, 2019-2026
8. North America Low Voltage Switchgear Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Low Voltage Switchgear Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Low Voltage Switchgear Market Size and Volume Forecast by Types
     8.4.1. <1kv
     8.4.2. 1kV - 5kV
     8.4.3. 6kV - 15kV
     8.4.4. 16kV - 27kV
     8.4.5. 28kV - 38kV
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Low Voltage Switchgear Market Size and Volume Forecast by Applications
     8.7.1. Commercial
     8.7.2. Industrial
     8.7.3. Residential
     8.7.4. Utilities
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Low Voltage Switchgear Demand Share Forecast, 2019-2026
9. Latin America Low Voltage Switchgear Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Low Voltage Switchgear Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Low Voltage Switchgear Market Size and Volume Forecast by Types
     9.4.1. <1kv
     9.4.2. 1kV - 5kV
     9.4.3. 6kV - 15kV
     9.4.4. 16kV - 27kV
     9.4.5. 28kV - 38kV
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Low Voltage Switchgear Market Size and Volume Forecast by Applications
     9.7.1. Commercial
     9.7.2. Industrial
     9.7.3. Residential
     9.7.4. Utilities
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Low Voltage Switchgear Demand Share Forecast, 2019-2026
10. Europe Low Voltage Switchgear Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Low Voltage Switchgear Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Low Voltage Switchgear Market Size and Volume Forecast by Types
     10.4.1. <1kv
     10.4.2. 1kV - 5kV
     10.4.3. 6kV - 15kV
     10.4.4. 16kV - 27kV
     10.4.5. 28kV - 38kV
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Low Voltage Switchgear Market Size and Volume Forecast by Applications
     10.7.1. Commercial
     10.7.2. Industrial
     10.7.3. Residential
     10.7.4. Utilities
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Low Voltage Switchgear Demand Share Forecast, 2019-2026
11. Asia Pacific Low Voltage Switchgear Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Low Voltage Switchgear Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Low Voltage Switchgear Market Size and Volume Forecast by Types
     11.4.1. <1kv
     11.4.2. 1kV - 5kV
     11.4.3. 6kV - 15kV
     11.4.4. 16kV - 27kV
     11.4.5. 28kV - 38kV
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Low Voltage Switchgear Market Size and Volume Forecast by Applications
     11.7.1. Commercial
     11.7.2. Industrial
     11.7.3. Residential
     11.7.4. Utilities
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Low Voltage Switchgear Demand Share Forecast, 2019-2026
12. Middle East & Africa Low Voltage Switchgear Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Low Voltage Switchgear Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Low Voltage Switchgear Market Size and Volume Forecast by Types
     12.4.1. <1kv
     12.4.2. 1kV - 5kV
     12.4.3. 6kV - 15kV
     12.4.4. 16kV - 27kV
     12.4.5. 28kV - 38kV
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Low Voltage Switchgear Market Size and Volume Forecast by Applications
     12.7.1. Commercial
     12.7.2. Industrial
     12.7.3. Residential
     12.7.4. Utilities
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Low Voltage Switchgear Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Low Voltage Switchgear Market: Market Share Analysis
  13.2. Low Voltage Switchgear Distributors and Customers
  13.3. Low Voltage Switchgear Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. ABB
     13.4.2. Powell Industries
     13.4.3. Siemens
     13.4.4. Schneider Electric
     13.4.5. Bharat Heavy Electricals
     13.4.6. Crompton Greaves
     13.4.7. Eaton
     13.4.8. Hyosung
     13.4.9. Mitsubishi Electric
     13.4.10. GE
     13.4.11. OJSC Power Machines

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