Low Voltage Switchgear Market to Rise at 9% CAGR by 2023
Research Reports
Dec 29, 2020
Market Scenario
The global low voltage switchgear market 2020 report published by Market Research Future (MRFR), reveals the influential forces of the market.
As per MFR study, the world low voltage switchgear market can rise at approximately 9% CAGR during the assessment period (2017-2023). According to MRFR findings, the voltage switchgear market is poised at USD 20 Bn by 2023.
Low voltage switchgears are defined as lightning arrestors, circuit breakers, protection panels, current transformers, and disconnections combined. Their high performance in controlling and distributing electric power across commercial, residential, and industrial premises to prevent electrical circuits or equipment from dampening effect of unregulated power can boost the expansion of the low voltage switchgear market.
The prime factor that drive the expansion of the world low voltage switchgear market favorable government regulations that allow the integration of sustainable energy aids across commercial and residential establishments. Net metering, subsidies, Feed in Tariff, and tax rebates are other key reforms that can encourage the rise in product demand. In addition, the fast paced expansion of micro-grid networks to meet the rise in off-grid energy demand in emerging markets can further support the business.
Key Players
MRFR profiled reputed players functioning in low voltage switchgear global market.
- General Electric (U.S.)
- Eaton Corporation Plc. (Ireland)
- Hitachi, Ltd. (Japan)
- Mitsubishi Motors Corporation (Japan)
- Siemens AG (Germany)
- Schneider Electric SE (France)
- Hubbell Incorporated (U.S.)
- Fuji Electric Co., Ltd. (Japan)
- ABB (Switzerland)
- Rittal (Germany)
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MRFR used product line, origin, key innovations, industrial expertise, and regional branches to sort these reputed low voltage switchgear dealers. The report delivers valuable insights on the world market of voltage switchgear. Factors that influence the voltage switchgear market are elaborated, and reinforced by effective evidences and lucid justifications. Chief roles played by these key players are discussed that can shape the market progress.
Market Segments
The world low voltage switchgear market segment study is based on product, protection, rated voltage, installation, rated current, and application. The protection based segments of the market are circuit breaker and fuse. The circuit breaker segments are MCCB, ACB, MSP, MCB, and MPCB. The fuse segments are Switch disconnector with fuse, Fuse-switch disconnector, and others. The product based market segments are plug-in, fixed mounting, and withdraw able. The rated current based segments of the market are 1001 to 5000 Ampere, ≤ 1000 Ampere, and > 5000 Ampere. The rated voltage based segments are 251 to 750 Volt, ≤ 250 Volt, and > 750 Volt. The installation based segments are AC and DC. The application based segments of the low voltage switchgear market are distribution, substations, sub-distribution, power factor correction, and motor control.
Regional Analysis
Asia Pacific stands in the forefront of the global voltage switchgear market. It accounts for the grand share of the world low voltage switchgear market revenue. It is noted that China low voltage switchgear market size is expected to surge at a significant growth rate due to the inclination towards clean energy utility. The continuous rise in the adoption of sustainable energy technologies with high demand for large scale energy in manufacturing plants and other industries can positively influence the regional market rise. North America is expected to register a high growth rate. The existence of reputed voltage switchgear dealers in the region can support the expansion of North America market in the forecast period. Europe is observed to hold numerous growth pockets. The rise in renewable energy generation can favor the low voltage switchgear market in Europe in the years to come.
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