The low voltage switchgear (LVSG) market is well established globally. This This research service provides an overview of the global LVSG market with a focus on protection and switching device components such as air circuit breakers, molded case circuit breakers, miniature circuit breakers, residual current circuit breakers, contactors, and other surge protection and control devices used inside the LVSG assembly with ratings below 1 kilovolt (kV).
New York, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Low Voltage Switchgear Growth Opportunities" - https://www.reportlinker.com/p06183701/?utm_source=GNW
LVSG components are used in applications such as electrical distribution, industrial automation, and process control, and their end users include residential buildings, commercial buildings, industrial buildings, and others such as utilities and public sector buildings. The study does not cover the outer panels and structure of the LVSG assembly.
Detailed discussions on LVSG applications and end users are also not included. The global COVID-19 pandemic has caused a slowdown in multiple industries, notably delaying construction activities and new investments in retrofits of building systems. The sales and overall development of the LVSG market were negatively affected in 2020 and most of 2021. The pandemic’s adverse effects on the market are likely to last throughout 2021. The market is only expected to improve in mid-2022 when economic investments gain momentum as vaccination rates increase.In 2020, the LVSG market registered a negative growth rate of 6.5% due to global economic shutdowns in response to the COVID-19 pandemic. In particular, the construction industry was badly affected which resulted in the postponement or cancellation of LVSG components’ shipment as building projects were delayed or shelved. Nonetheless, the market is projected to recover in 2021 with a marginal 2.0% growth before gaining momentum in 2022 and beyond. The market is forecast to register a compound annual growth rate of 4.3% from 2020 to 2026. With the resumption of building construction projects and retrofits, the market revenue is estimated to reach $41.74 billion by 2026.Key growth drivers for the LVSG market include retrofit opportunities in old buildings for newly installed distributed energy resource systems, new LVSG with monitoring and analytics capabilities for energy management, construction and rural development activities going full swing in 2022, and technological advancements and innovations such as digital LVSG, smart switchgear, reduced physical footprint, and eco-efficient switchgear. The market’s primary growth restraints include end users’ preference for lower-priced LVSG components, cost volatility due to raw materials’ constrained availability and skilled labor shortage, and economic slowdowns in various industries such as construction and power.
Author: Melvin Leong
Read the full report: https://www.reportlinker.com/p06183701/?utm_source=GNW
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