The global low voltage switchgear market is slated to rise at a CAGR of approximately 9% during the forecast period 2017-2023. The market is also expected to witness a successful growth trajectory and reach USD 20 billion by 2023.
Drivers and Restraints
The major factors driving the low-voltage switchgear market ‘s growth are supportive policy regulation toward incorporating renewable energy services through residential and commercial establishments. Net metering, feed in tariff, subsidies, and tax rebates are some of the main changes that will fuel demand for the drug. In addition , the rapid expansion of micro grid networks will further complement the business outlook by supplying the growing demand for off-grid energy across the emerging markets. The increased demand for electricity in the coming years is expected to propel the market on an upward trajectory. The rapid transition to renewable energy is likely to catalyze the development of the global low-voltage switchgear industry in order to meet nation power requirements. In addition, governments’ attempts to encourage renewable energy adoption are expected to fuel demand for low-voltage switchgears.
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The widespread use of technology in residential , industrial and commercial premises to efficiently monitor and transmit electricity is expected in the near future to accelerate the growth of the demand for low-voltage switch gear. Other factors responsible for the proliferation of the low-voltage switchgear market include increased investment in infrastructural projects, increased demand for rural electricity, among others.
The worldwide market for low voltage switchgear is segmented by safety, model, rated current, rated voltage, installation and operation.
The market is sub-segmented into circuit breakers and fuse by safety type. Further the circuit breaker is segmented into ACB, MCCB, MCB, MSP, and MPCB. The fuse is sub-segmented into disconnector Fuse-switch, disconnector Switch with fuse, and others.
The market is segmented by product into fixed mounting, plug-in and capacity to remove.
The graded present is divided into 1000 Ampere, 1001 to 5000 Ampere, and > 5000 Ampere. The average voltage is 250 Volt, 251 Volt to 750 Volt and > 750 Volt.
The Section of Installation consists of AC and DC.
The device section consists of substations, distribution, correction of power factor, sub-distribution, and control of engines.
The global demand for color detection is being researched for Asia Pacific , North America, Europe and the rest of the world.
The Asia Pacific region holds the largest share in the demand for low voltage switchgears. It is observed that the market size of China’s low voltage switchgear is about to show substantial growth towards the clean energy deployments. The nation has counter-signed a major growth towards renewable adoption linked to its aggressive clean energy goals. Continuous adoption of renewable energy technologies along with large-scale demand from manufacturing plants would thus have a positive impact on product deployment. The shift towards the generation of renewable energy has led the growth of the regional market. Also, the rising number of production units being built in the area has exacerbated the need for power generation. This, in effect, was projected to drive the growth of the demand for low voltage switch gears in the coming years.
By 2023, North America is expected to experience positive growth. During the forecast period the consolidation of key players in the area is expected to remain favorable to the regional low voltage switchgear market. Europe is another significant area of global business growth. In the coming years, the rising amount of renewable energy generation is expected to benefit the demand for low voltage switchgear.
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Some of the prominent players in the global low voltage switchgear market are General Electric (U.S.), Eaton Corporation Plc. (Ireland), Mitsubishi Motors Corporation (Japan), Schneider Electric SE (France), Hitachi, Ltd. (Japan), Siemens AG (Germany), Hubbell Incorporated (U.S.), Fuji Electric Co., Ltd. (Japan), ABB (Switzerland) Rittal (Germany), among others.