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 and Hyundai Electric & Energy Systems.
New York, June 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Low Voltage Switchgear Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06072073/?utm_source=GNW
The global low voltage switchgear market is expected to grow from $45.4 billion in 2020 to $49.07 billion in 2021 at a compound annual growth rate (CAGR) of 8.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $66.63 billion in 2025 at a CAGR of 8%.
The low voltage switchgear market consists of sales of low voltage switchgears (?1KV) and related services that manufacture low voltage switchgears which are electrical switchgear rated up to 1KV. Low voltage switchgear is used in low voltage distribution board and it includes low voltage circuit breakers, switches, off load electrical isolators and earth leakage circuit breaker to protect the low voltage system.
The demand for electricity generation is projected to drive the low voltage switchgear market.Development of industrialization, urbanization requires continuous electricity supply, and reliability of the electrical supply depends heavily on the performance of the switchgear.
Production of energy is a sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, will drive industry growth. For instance, in 2019, as per a research study, Indian government is working on two of the most vital electrification projects that are the ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’ and the ‘Deen Dayal Upadhyaya Gram Jyoti Yojana’ to provide electricity with a budget allocation of $6.98 billion (INR.50,000 crores) for the project.
Unpredictable economic conditions in commercial and residential sectors is hindering the market growth.Increasing prices of raw materials and limited flow of investments in energy sector acts as a restraint for the market.
For instance, in April 2019, as per The Economic Times news, India’s economy slowed down to 6.6% in Oct-Dec 2018 quarter compared to past six quarters due to sluggish industrial activities from construction, factories and commercial firms, as they consume about half the country’s electricity. Thereby, uncertain economic situation significantly affects the growth of the low voltage switchgear market.
The low voltage switchgear market covered in this report is segmented by product into fixed mounting, plug-in and withdrawable unit and by end user into residential, commercial and industrial.
Development of digital switchgear has become an emerging trend in the low voltage switchgear market.Digital switchgears use the collected information to analyse performance of current levels, temperature, operating cycles and load levels that helps in improving the performance and reliability of switchgears.
Smart switchgears allow grid optimization, improved quality, and reduce both transmission and operating losses.For instance, in 2019, ABB group introduced low-voltage digital switchgear which monitors and enables safe, flexible and smart electrical distribution.
Therefore, digital switchgear is expected to gain popularity in the low voltage switchgear market.
In December 2018, Hitachi Ltd., a Japanese based multinational conglomerate company, announced its decision to acquire 80.1% stake of ABB’s power grids unit for $11 billion. Acquisition of ABB’s power grids will strengthen Hitachi Ltd. in market of power transmission and distribution. ABB power grid, a Switzerland based company known for power transformers, long-distance transmission systems, and for designing energy storage units.
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