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NEW YORK, Feb. 23, 2023 /PRNewswire/ --
Major players in the low voltage switchgear market are ABB Limited, Al Hassan Engineering Co. S.A.O.G., E + I Engineering Ltd., Eaton Corporation, Fuji Electric, General Electric, Hitachi Limited, Hubbell Power Systems, Hyosung Corporation, Hyundai Electric & Energy Systems, and L&T Electrical and Automation.
Source: ReportLinker
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The global low voltage switchgear (<=1kv) market will grow from $28.16 billion in 2022 to $30.8 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The low voltage switchgear (<=1kv) market is expected to grow to $42.54 billion in 2027 at a CAGR of 8.4%.
The low voltage switchgear market consists of sales of low voltage circuit breakers, switches, off load electrical isolators, earth leakage circuit breakers, and other low voltage switchgear.They are used to protect the low voltage system.
Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Low voltage switchgear refers to electrical switchgear rated up to 1KV. They are used in low voltage distribution boards to protect the low voltage system.
Asia Pacific was the largest region in the low voltage switchgear market in 2022.Western Europe was the second-largest region in the low voltage switchgear market.
The regions covered in the low voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of low voltage switchgear are fixed mounting, plug-in, and withdrawable units.Withdrawable switchgear is electrical switchgear that can be withdrawn and reinserted into the switchgear.
The products are installed indoors and outdoor with various voltage ratings such as less than 250V, 250-750V, and 751-1000V. Low voltage switchgear is used by residential, commercial, and industrial end-users.
The demand for electricity generation is projected to drive the low voltage switchgear market.Development of industrialization and urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear.
Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth For instance, in January 2022, according to electricity market report published by International Energy Agency, a France-based intergovernmental organisation, the global electricity demand grew by 6% in 2021.Additionally, the demand for electricity in China reached to 744 TWh in 2021 from 296 TWh in 2020.
Therefore, the demand for electricity generation is projected to propel the demand for low voltage switchgear market.
Unpredictable economic conditions in commercial and residential sectors are hindering market growth.Increasing prices of raw materials and limited flow of investments in the energy sector act as a restraint for the market.
For instance, according to the International Monetary Fund, global economic growth will slow to 4.4% in 2022due to sluggish industrial activities from construction, factories, and commercial firms, as they consume about half the country's electricity. Thereby, the uncertain economic situation significantly affects the growth of the low voltage switchgear market.
The development of digital switchgear has become an emerging trend in the low voltage switchgear market.Digital switchgear uses the collected information to analyse the performance of current levels, temperature, operating cycles, and load levels which help in improving the performance and reliability of switchgear.
Smart switchgear allows grid optimization, improved quality, and reduces both transmission and operating losses. For instance, in November 2020, ABB Ltd., a Switzerland-based automation company, introduced NeoGear low-voltage switchgear. It is safer, smarter, and more sustainable, increasing efficiency while decreasing expenses for digitalized industries. It includes real-time condition monitoring and predictive maintenance, remote support, fault and solution diagnostics, and data analytics for Industry 4.0. Therefore, digital switchgear is expected to gain popularity in the low voltage switchgear market.
In January 2020, Siemens Ltd, a Germany-based engineering and electronics company acquired C&S Electric Limited for Rs 2,100 crore (294.4 million). With this acquisition, Siemens aimed to cater to the demand for reliable and efficient power supply in India. C&S Electric Limited is an Indian-based switchgear and power equipment manufacturing company.
The countries covered in the low voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The low voltage switchgear market research report is one of a series of new reports that provides low voltage switchgear market statistics, including low voltage switchgear industry global market size, regional shares, competitors with a low voltage switchgear market share, detailed low voltage switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the low voltage switchgear industry. This low voltage switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06247521/?utm_source=PRN
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