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Global Low Voltage Switchgear Market Share, Size, Forecast: By Product: Fixed Mounting, Plug-In, Withdrawable Unit; By Installation: Indoor, Outdoor; By Voltage Rating: Less than 250V, 250-750V, 751-1000V; By Application; By End Use; Regional Analysis; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Low Voltage Switchgear Market Outlook
The global low voltage switchgear market size has reached a value of more than USD 61.44 billion in 2021. The market is expected to grow at a CAGR of 7.70% in the forecast period of 2023-2028 and is expected to reach a value of USD 95.88 billion in 2027.
Global Low Voltage Switchgear Market Trends
Low voltage switchgear is comprised of circuit breakers, switches, HRC fuses, earth leakage circuit breakers, off load electrical isolators, and other components to ensure the safety of electrical equipment. It is designed to distribute power safely and efficiently at a voltage of up to 1,000 volts.
Favourable Government Regulations
Governments are implementing regulations for the incorporation of sustainable energy resources for residential and commercial organisations. Furthermore, plans are being implemented for the electrification of rural areas, which will further stimulate the market growth.
Upgrading Old Infrastructure
Management authorities across the world are making changes to reduce blackouts which frequently happen due to old infrastructure and lack of investment. This step will propel the market growth as the infrastructure is developed.
Rising electricity consumption
Industrial development is at its peak in developing countries and with new technological advancements, the electricity demand has elevated across various sectors. This will augment the market growth with the development of new power generation facilities.
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Development of Smart Electric Grids to Provide Significant Opportunities to the Market
Smart grids are advanced electric networks that will incorporate next-generation technologies for smart operations. As proper monitoring systems are implemented, the switchgear can be utilised to monitor the grid and inform the operator about any fault or old component which is on the verge of failure.
High Installation Cost and Lack of Skilled Manpower to Pose as Major Challenges for the Market
The installation of low voltage switchgear requires a significant amount of capital investment as it needs to be in a proper environment to reduce the chances of a fault occurring. The installation and maintenance process for low voltage switchgear can be time-consuming and requires skilled workers to reduce the occurrence probability of accidents, such as arcing faults.
Global Low Voltage Switchgear Market Analysis
Based on product, the market divisions include fixed mounting, plug-in, and withdrawable units. Based on the installation, the market bifurcations include indoor and outdoor. Based on voltage rating, the different segments of the market include less than 250V, 250-750V, and 752-1000V. Based on application, the market can be divided into distribution, power factor correction, motor control, substation, and sub-distribution, among others. Based on end-use, the market is divided into residential, commercial, and industrial.
The regional markets for the low voltage switchgear market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The extensive E.M.R. report provides an in-depth evaluation of the market based on Porter's five forces model and a SWOT analysis
The low voltage switchgear market report comprehensively analyses key players in the market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- ABB Ltd
- Al Hassan Engineering Co. S.A.O.G
- Eaton Corporation plc
- Vertiv Group Corporation
- Hubbell Incorporated
- Hyosung Heavy Industries
- Fuji Electric Co., Ltd.
- Others
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Global Low Voltage Switchgear Market Share by Product
Based on product, the market can be segmented into fixed mounting, plug-in, and withdrawable units.
The fixed mounting low voltage switchgear is expected to hold a major market share during the forecast period. This is due to the low failure rate among these types of low-voltage switchgear.
With the inclination toward upgrading existing grid infrastructure, withdrawable units are expected to experience rapid growth. Withdrawable switchgear enables end-users to change to get a new circuit breaker without affecting the remaining parts of the electrical system.
Global Low Voltage Switchgear Market Share by installation
Based on installation, low voltage switchgear can be segmented into indoor and outdoor. Indoor LV switchgear is a block module which has electrical switchgear equipment. It is made with a combination of fuses, disconnect switches, and circuit breakers, to ensure safety equipment.
Outdoor low voltage switchgear is comprised of the same components, they are used in outdoor substations of an electric power system.
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Competitive Landscape
ABB Ltd. is a multinational technology company founded in 1988. It is headquartered in Switzerland. The company works in four business sectors including electrification, motion (which includes generators, electrical motors, drives and services), process automation, and robotics and discrete automation.
ABB has an extensive focus on research and development to innovate a new range of products, systems and services to increase energy efficiency and reliability for the industrial and infrastructure and other end-users.
Vertiv Group Corporation is an American company, that provides power management and IT solution services. Their products include critical power management systems, thermal management services, intelligent centres and centralised management systems, and other services for management and increasing efficiency.
Hubbell Incorporation is a manufacturer of electrical and electronic products for residential and industrial applications. It was founded in 1888 and is headquartered in the United States.
They provide products in four different categories including data and communications, electrical and electronics, lighting and controls, power and utilities.
Other key market players include Al Hassan Engineering Co. S.A.O.G, Eaton Corporation plc, Hyosung heavy industries, and Fuji Electric co., Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Installation |
|
| Breakup by Voltage Rating |
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Low Voltage Switchgear Market Analysis
8.1 Key Industry Highlights
8.2 Global Low Voltage Switchgear Historical Market (2018-2022)
8.3 Global Low Voltage Switchgear Market Forecast (2023-2028)
8.4 Global Low Voltage Switchgear Market by Product
8.4.1 Fixed Mounting
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Plug-In
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Withdrawable Unit
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Low Voltage Switchgear Market by Installation
8.5.1 Indoor
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Outdoor
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Low Voltage Switchgear Market by Voltage Rating
8.6.1 Less than 250V
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 250-750V
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 751-1000V
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.7 Global Low Voltage Switchgear Market by Application
8.7.1 Substation
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Distribution
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Power Factor Correction
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Sub Distribution
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Motor Control
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
8.7.6 Others
8.8 Global Low Voltage Switchgear Market by End Use
8.8.1 Residential
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Commercial
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Industrial
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.9 Global Low Voltage Switchgear Market by Region
8.9.1 North America
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2018-2022)
8.9.1.3 Forecast Trend (2023-2028)
8.9.2 Europe
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2018-2022)
8.9.2.3 Forecast Trend (2023-2028)
8.9.3 Asia Pacific
8.9.3.1 Market Share
8.9.3.2 Historical Trend (2018-2022)
8.9.3.3 Forecast Trend (2023-2028)
8.9.4 Latin America
8.9.4.1 Market Share
8.9.4.2 Historical Trend (2018-2022)
8.9.4.3 Forecast Trend (2023-2028)
8.9.5 Middle East and Africa
8.9.5.1 Market Share
8.9.5.2 Historical Trend (2018-2022)
8.9.5.3 Forecast Trend (2023-2028)
9 North America Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ABB Ltd
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Al Hassan Engineering Co. S.A.O.G
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Eaton Corporation plc
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Vertiv Group Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Hubbell Incorporated
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hyosung Heavy Industries
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Fuji Electric Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Low Voltage Switchgear Market: Key Industry Highlights, 2018 and 2028
2. Global Low Voltage Switchgear Historical Market: Breakup by Product (USD Billion), 2018-2022
3. Global Low Voltage Switchgear Market Forecast: Breakup by Product (USD Billion), 2023-2028
4. Global Low Voltage Switchgear Historical Market: Breakup by Installation (USD Billion), 2018-2022
5. Global Low Voltage Switchgear Market Forecast: Breakup by Installation (USD Billion), 2023-2028
6. Global Low Voltage Switchgear Historical Market: Breakup by Voltage Rating (USD Billion), 2018-2022
7. Global Low Voltage Switchgear Market Forecast: Breakup by Voltage Rating (USD Billion), 2023-2028
8. Global Low Voltage Switchgear Historical Market: Breakup by Application (USD Billion), 2018-2022
9. Global Low Voltage Switchgear Market Forecast: Breakup by Application (USD Billion), 2023-2028
10. Global Low Voltage Switchgear Historical Market: Breakup by End Use (USD Billion), 2018-2022
11. Global Low Voltage Switchgear Market Forecast: Breakup by End Use (USD Billion), 2023-2028
12. Global Low Voltage Switchgear Historical Market: Breakup by Region (USD Billion), 2018-2022
13. Global Low Voltage Switchgear Market Forecast: Breakup by Region (USD Billion), 2023-2028
14. North America Low Voltage Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2022
15. North America Low Voltage Switchgear Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Europe Low Voltage Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Europe Low Voltage Switchgear Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Asia Pacific Low Voltage Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Asia Pacific Low Voltage Switchgear Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Latin America Low Voltage Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Latin America Low Voltage Switchgear Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Middle East and Africa Low Voltage Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2022
23. Middle East and Africa Low Voltage Switchgear Market Forecast: Breakup by Country (USD Billion), 2023-2028
24. Global Low Voltage Switchgear Market Structure
Key Questions Answered in the Report
In 2021, the value for low voltage switchgear reached a size of USD 61.44 billion.
The low voltage switchgear market is expected to grow at a CAGR of 7.70% during the period 2023-2028.
The low voltage switchgear market is expected to reach a value of USD 95.88 billion by 2027.
The market is driven by the rising implementation of smart grids and the development of new grids for rural areas in emerging economies.
Favourable government plans for electric system development and rising electricity consumption in the commercial and industrial sectors are key trends in the market.
The regional markets for the global low voltage switchgear market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The products in the market include fixed mounting, plug-in, and withdrawable units.
The installation types in the market include indoor and outdoor.
The voltage ratings available in the market include less than 250V, 250-750V, and 752-1000V.
The product finds applications in substation, distribution, power factor correction, sub-distribution, and motor control, among others.
Based on end-use, the market segments include residential, commercial, and industrial.
The key players in the market include ABB Ltd, Al Hassan Engineering Co. S.A.O.G, Eaton Corporation plc, Vertiv Group Corporation, Hubbell Incorporated, Hyosung Heavy Industries, and Fuji Electric Co., Ltd., among others.
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