Austin, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Low-Voltage Switchgear Market Size & Growth Insights:
According to the SNS Insider, “The Low Voltage Switchgear Market was valued at USD 41.83 billion in 2023 and is expected to reach USD 84.29 billion by 2032, growing at a CAGR of 8.15% from 2024-2032.”
Growing Demand for Efficient Power Distribution Fuels Market Expansion
The Low Voltage Switchgear market is experiencing significant growth, fueled by the increasing demand for reliable and efficient power distribution solutions. As industries expand and global populations rise, the need for safer electrical systems intensifies. Technological advancements in switchgear components like circuit breakers, fuses, and relays are further propelling market development. The integration of automation and smart grid technologies is heightening the demand for low voltage switchgear to ensure continuous power distribution and minimize downtime. Partnerships, such as Mitsubishi Electric and Siemens Energy’s collaboration to develop DC Switching Stations for renewable energy transmission, emphasize efforts to enhance system reliability. Key sectors like construction, manufacturing, and renewable energy contribute significantly to market growth. The shift toward energy efficiency, sustainability, and smart grids is increasing the need for intelligent switchgear solutions. Looking ahead, the rise of electric vehicles, grid modernization, and improved safety regulations will continue to fuel demand for innovative low voltage switchgear solutions.
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Leading Market Players with their Product Listed in this Report are:
- Schneider Electric (MasterPact MTZ, Acti9 Circuit Breakers)
- Siemens AG (SIVACON S8, 3WL Circuit Breakers)
- Eaton (Xiria, Power Xpert XG)
- ABB Ltd (System pro E power, Tmax XT Circuit Breakers)
- Legrand S.A. (DX3, Pulsotronic Switches)
- Mitsubishi Electric (S-North Circuit Breakers, NX Series Circuit Breakers)
- Rockwell Automation (Allen-Bradley PanelView, Series 140M Circuit Breakers)
- Chint Group (CHINT Fused Switches, CHINT Circuit Breakers)
- Nanyang Group (MCCB Breakers, Low Voltage Switchgear Panels)
- Fuji Electric (SENTRON Breakers, ZEN Series Switchgear)
- E + I Engineering (LV Switchgear Panels, Power Distribution Panels)
- Hitachi Ltd (HITACHI Low Voltage Switchgear, HA Series Circuit Breakers)
- Hyosung Corporation (HVAC Switchgear, Low Voltage Circuit Breakers)
- Hyundai Electric & Energy Systems (VDS-12, VDS-24 Circuit Breakers)
- Lucy Group (Lucy Electric Switchgear, Lucy LVS Panels)
- Powell Industries (Powell LV Switchgear, Powell Control Panels)
- Regal Rexnord Corporation (MagneGear Systems, Low Voltage Drives)
- Skema S.p.A. (Compact Switchgear, Protection & Control Panels)
- Vertiv (Vertiv Liebert Switchgear, UPS Power Distribution)
- Al Hassan Engineering (Low Voltage Panels, Power Distribution Boards)
- Hubbell Incorporated (Hubbell Circuit Breakers, Panelboards)
- Norelco Oy (Norelco Circuit Breakers, Distribution Boards)
- Havells India Limited (Havells Switchgear, Power Distribution Panels)
- Investcorp (RESA Power) (RESA Switchgear, RESA Circuit Breakers).
Low-Voltage Switchgear Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 41.83 Billion |
| Market Size by 2032 | USD 84.29 Billion |
| CAGR | CAGR of 8.15% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segmentation | • By Protection (Circuit Breakers, Fuse) • By Product (Fixed Mounting, Plug-in, Withdrawable Unit) • By Rated Current (≤ 1000 Ampere, > 1000 Ampere to ≤ 5000 Ampere, > 5000 Ampere) • By Voltage Rating (≤ 250 volts, > 250 volts to ≤ 750 volts, > 750 volts) • By Current (AC, DC) • By Application (Substation, Distribution, Power Factor Correction, Sub Distribution, Motor Control) |
| Key Drivers | • Technological Advancements in Digital Switchgear and Smart Grids Drive Efficiency, Safety, and Renewable Energy Integration Across Sectors. • Rising Global Energy Consumption Drives the Need for Efficient, Reliable, and Safe Power Distribution Through Low Voltage Switchgear. |
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AC and Fixed Mounting Segments Lead the Low Voltage Switchgear Market, While DC and Withdrawable Units Drive Future Growth
By Current
In 2023, the AC segment led the Low Voltage Switchgear Market, accounting for around 85% of the revenue share. This dominance is due to the widespread use of AC systems in residential, commercial, and industrial sectors, as well as their cost-effectiveness and compatibility with existing infrastructure. AC switchgear is also extensively deployed in traditional power distribution systems.
Meanwhile, the DC segment is expected to grow at a robust CAGR of approximately 10.49% from 2024 to 2032. This growth is driven by the increasing adoption of renewable energy, electric vehicles, and energy storage solutions that rely on DC power.
By Rated Current
In 2023, the Fixed Mounting segment dominated the Low Voltage Switchgear Market, holding around 48% of the revenue share. This is primarily due to the widespread use of fixed mounting systems in industrial and commercial applications, where reliability, ease of maintenance, and space efficiency are essential. Their robust design ensures long-term performance in high-demand environments, solidifying their market leadership.
The Withdrawable Unit segment is expected to grow at the fastest CAGR of 10.03% from 2024 to 2032, driven by the increasing demand for modular, flexible, and easily maintainable solutions, especially in dynamic and adaptable electrical systems.
Asia Pacific Dominates Low Voltage Switchgear Market, While North America Leads Growth Projections
In 2023, the Asia Pacific region led the Low Voltage Switchgear Market with around 41% of the revenue share, driven by rapid industrialization, urbanization, and rising energy demands in countries like China, India, and Japan. Expanding infrastructure and government initiatives focused on upgrading electrical systems and adopting renewable energy further fueled the demand for low voltage switchgear, reinforcing Asia Pacific's dominance.
The North American market is projected to grow at the fastest CAGR of 10.09% from 2024 to 2032. This growth is supported by modernization efforts in power grids, the integration of renewable energy sources, and the rise in demand for energy-efficient systems, positioning North America as a key growth driver for the sector.
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Recent Development
- On 5 Nov 2024, Eaton launched its xEnergy Elite low voltage motor control and power distribution centre, designed for loads up to 7,500 A and 690 VAC. The solution enhances uptime, reduces maintenance costs, and supports Super Premium Efficiency motors (IE4) while ensuring safety through advanced motor control and arc flash protection.
- On 6 June 2024, Power Pulse Podcast Explores the Backbone of High-Voltage Systems the Power Pulse podcast delved into high-voltage systems, highlighting the essential components powering the modern world. The episode explored the transformative role of high-voltage transmission lines, such as the groundbreaking 1907 Los Angeles project, and how they continue to ensure efficient energy delivery today.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Wafer Production Volumes, by Region (2023)
5.2 Chip Design Trends (Historic and Future)
5.3 Fab Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
7. Low-Voltage Switchgear Market Segmentation, by Protection
8. Low-Voltage Switchgear Market Segmentation, by Product
9. Low-Voltage Switchgear Market Segmentation, by Rated Current
10. Low-Voltage Switchgear Market Segmentation, by Voltage Rating
11. Low-Voltage Switchgear Market Segmentation, by Current
12. Low-Voltage Switchgear Market Segmentation, by Application
13. Regional Analysis
14. Company Profiles
15. Use Cases and Best Practices
16. Conclusion
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