According to Market Research Future (MRFR), the global low voltage switchgear market is estimated to reach 20 million at a CAGR of approximately 9% from 2017 to 2023 (forecast period). The report assesses the effects of coronavirus on major companies in the global low voltage switchgear market and provides a detailed description of the COVID-19 market impact analysis by product, application, and region.
Low voltage switchgear can be defined as a combination of several components, such as circuit breakers, lightning stoppers, current transformers, protection panels, and disconnects. They are used to efficiently monitor and distribute electrical power across residential, commercial, and industrial premises to prevent electrical circuits and equipment from unchecked power thwarts.
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Key Players
Some of the industry giants in the global low voltage switchgear market are Eaton Corporation Plc. (Ireland), Hitachi, Ltd. (Japan), General Electric (U.S.), Schneider Electric SE (France), Fuji Electric Co., Ltd. (Japan), Hubbell Incorporated (U.S.), Mitsubishi Motors Corporation (Japan), Rittal (Germany), Siemens AG (Germany) ,ABB (Switzerland) among others.
Eaton Corporation Plc., a prominent player in the low-voltage switchgear industry, offers centralized control and protection of low-voltage power equipment and circuits in industrial, commercial, and utility installations like generators, motors, feeder circuits, and transmission and distribution lines. General Electric, a key player in the low voltage switchgear market, has developed a range of low voltage switchgear. It has designed a product called as AKD 20 low voltage switchgear that provides enhanced arc flash protection. It fits into a smaller area for the most common configuration and replaces the AKD-10 switchgear. Mitsubishi Motors Corporation is an S-N Motor Control Mitsubishi Electric’s S-N Series contactors, which is ideally suited for the control of 3 phase power, either for direct control of the motor, for power supply to the drive or the servo, or the control of resistive loads, like heating and lighting. The company has designed a compact and robust S-N series designed to meet global standards and provide safe, reliable solutions that are used and trusted around the globe.
Market Dynamics
Favorable government regulation for the incorporation of sustainable energy resources across residential and commercial establishments is a key driver of the low-voltage switchgear industry's growth. Net metering, feed in tariff, tax rebates, and subsidies are some of the primary measures that will stimulate demand for products. Furthermore, the rapid growth of micro-grid networks will further complement the business outlook by increasing off-grid energy demand across emerging markets.
Market Segmentation
The global market for low voltage switchgear has been divided by protection, product, rated current, rated voltage, installation, and application.
By protection, the market has been segmented into circuit breaker and fuse. The circuit breaker is further divided into ACB, MCCB, MCB, MSP, and MPCB. The fuse is further divided fuse-switch disconnector, switch disconnector with fuse, and others.
By product, the market has been segmented into fixed mounting, plug-in, and withdraw able.
By rated current, the market has been segmented into ≤ 1000 Ampere, 1001 to 5000 Ampere, and > 5000 Ampere.
By rated voltage, the market has been segmented into ≤ 250 Volt, 251 to 750 Volt, and > 750 Volt.
By installation, the global market has been segmented into AC and DC.
By application, the global market has been segmented into substations, distribution, power factor correction, sub-distribution, and motor control.
Regional Analysis
Region-wise, the global low voltage switchgear market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World.
The Asia Pacific market accounts for the largest share of the low voltage switchgear industry. It is noted that China's low-voltage switchgear market size is likely to show substantial growth in clean-energy deployments. The nation has countersigned strong progress in renewable energy adoption in line with its ambitious clean energy goals. Thus, the continuous adoption of sustainable energy technologies, together with the large-scale energy demand from manufacturing plants, will positively affect product deployment.
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