Market Overview
In 2022, the Low Voltage Switchgear Market Size was estimated to be USD 43,332.2 million. The Low Voltage Switchgear Market industry is anticipated to experience a compound annual growth rate (CAGR) of 3.7% from USD 45,174.6 million in 2023 to USD 57890.06 million by 2030.
The aging electricity distribution infrastructure is the primary factor contributing to the anticipated growth of the Low Voltage Switchgear Market during the forecast period. In addition, the Low Voltage Switchgear Market is anticipated to generate an opportunity for participants through the implementation of performance-based incentive schemes. Nevertheless, the Low Voltage Switchgear Market is anticipated to experience a degree of growth constraint during the forecast period due to the severe environmental conditions. Low-voltage switchgear is frequently located on the secondary (low-voltage) side of a power distribution transformer. A substation is employed in conjunction with this transformer and switchgear combination.

Market segment insights

  • The global Low Voltage Switchgear Market has been segmented into Circuit Breaker and Fuse based on the protection.
  • Fixed Mounting, Plug In, and Withdrawal Unit are the three categories into which the market has been divided based on the product.
  • The Global Low Voltage Switchgears market has been segregated into three categories: <=1,000 Ampere, 1,000 TO 5,000 Ampere, and >5,000 Ampere, as determined by the Rated Current.
  • The market has been divided into three segments: UPTO 250V, 251V to 750V, and 750V to 1KV, as determined by the voltage.
  • The Global Low Voltage Switchgears market has been segmented into Indoor and Outdoor segments based on the installation.
  • The market has been divided into AC and DC based on the current.
  • T&D Utility, Commercial, Industrial, Residential, and Others are the segments into which the market has been divided based on the end-user.

Regional Perspectives
The Low Voltage Switchgear market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America, based on region. The North American Low Voltage Switchgear market maintained the highest market share and is anticipated to contribute a substantial revenue share during the forecast period. North America is a prominent regional market for low voltage switchgear due to the increasing demand for the upgrade of T&D networks and the increasing share of renewable energy sources. The region is currently experiencing a significant increase in investment in energy efficiency because of the decreasing cost of technology and the implementation of third-party energy efficiency programs.
The low voltage switchgear market in the United States is expected to experience substantial growth because of the growing demand for power in commercial and industrial applications, as well as the expansion of hydrocarbon production activities. Furthermore, to improve the electricity grid, Canada is investing in the smart grid technology of Ottawa’s net-zero energy communities. The implementation of microgrids in the country would be facilitated by this investment, which is valued at USD 5 million. The demand for low-voltage switchgear would be increased by these factors.

Major Players
Siemens, ABB, Schneider Electric, Eaton Corporation, Mitsubishi Electric Corporation, General Electric, Hyosung Corporation, Powell Industries, Hyundai Electric & Energy Systems CO, LTD, and other prominent companies are among the key players in the low voltage switchgear market.