The Low Voltage Switchgear Global Market Report 2023 by The Business Research Company, provides low voltage switchgear market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Low Voltage Switchgear Global Market Report 2023, the market size is expected to grow from$28.16 billion in 2022 to $30.8 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of low voltage switchgear (<=1kv) is expected to grow to $42.54 billion in 2027 at a CAGR of 8.4%.
The demand for electricity generation is projected to drive the low voltage switchgear market. Development of industrialization and urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Production of energy is sustainable growth with demand in rural and urban areas with ongoing improvements to the integration of protection of supply, which will drive industry growth
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The low voltage switchgear market is segmented:
1) By Product: Fixed Mounting, Plug-in, Withdrawable Unit
2) By End User: Residential, Commercial, Industrial
3) By Voltage Rating: Less than 250V, 250-750V, 751-1000V
4) By Installation: Indoor, Outdoor
The development of digital switchgear has become an emerging trend in the low voltage switchgear market. Digital switchgear uses the collected information to analyse the performance of current levels, temperature, operating cycles, and load levels which help in improving the performance and reliability of switchgear. Smart switchgear allows grid optimization, improved quality, and reduces both transmission and operating losses. For instance, in November 2020, ABB Ltd., a Switzerland-based automation company, introduced NeoGear low-voltage switchgear. It is safer, smarter, and more sustainable, increasing efficiency while decreasing expenses for digitalized industries. It includes real-time condition monitoring and predictive maintenance, remote support, fault and solution diagnostics, and data analytics for Industry 4.0. Therefore, digital switchgear is expected to gain popularity in the low voltage switchgear market.
The low voltage switchgear market report table of contents includes:
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