Low Voltage Switchgear Global Market Report 2024

The low voltage switchgear market size has grown strongly in recent years. It will grow from $30.92 billion in 2023 to $33.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to several factors, including a rise in power consumption, government initiatives supporting the sector, technological advancements, economic growth in emerging markets, and an increase in investments in the low voltage switchgear industry.

The low voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $43.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to the growing demand for electricity, the increasing use of electricity in transportation, rising investments in renewable energy, and a heightened demand for electricity from the manufacturing sectors. Noteworthy trends expected in this period include a focus on offering premium low voltage switchgear, deploying new technologies, producing energy-efficient products, and emphasizing strategic partnerships and collaborations.

The low voltage switchgear market is poised for growth, driven by the increasing demand for electricity generation. The continuous need for electricity supply, particularly in the context of industrialization and urbanization, underscores the importance of reliable electrical infrastructure. Sustainable growth in energy production, coupled with the ongoing enhancements in supply protection, is expected to boost industry expansion. As of January 2022, the International Energy Agency reported a 6% global increase in electricity demand in 2021, with China experiencing a notable rise from 296 TWh in 2020 to 744 TWh in 2021. This surge in electricity demand is anticipated to drive the demand for low voltage switchgear.

The growth of the low-voltage switchgear market is further propelled by the escalating demand for data centers. These specialized facilities, crucial for various applications such as cloud computing and e-commerce, rely on low-voltage switchgear for efficient power distribution and protection against electrical disturbances. Notably, the Korea Data Center Council reported a substantial increase in the overall capacity of colocation data centers in Korea. Projections indicate further growth in the Asia-Pacific region, emphasizing the pivotal role of low-voltage switchgear in catering to the rising demand for data centers.

Major companies in the low-voltage switchgear market are introducing IoT-enabled solutions. These innovations, equipped with Internet of Things (IoT) technology, enable remote monitoring and control of electrical systems within buildings. For instance, Elmeasure, an India-based energy management company, launched a range of IoT-enabled low-voltage switchgear, including automatic transfer switches (ATeS), to enhance energy efficiency and operational effectiveness. ATeS serves as an advanced power reliability protection solution, safeguarding mission-critical facilities from power uncertainties.

Strategic partnerships are becoming a key avenue for companies to expand their global presence in the low-voltage switchgear market. In September 2021, Eaton Corporation PLC partnered with Electrotrade Industries Inc. in the Philippines to introduce xEnergy low-voltage switchgear solutions. Electrotrade Industries became the exclusive distributor of Eaton's xEnergy switchboard system in the country, offering a range of electrical solutions for industrial, hospital, and data center applications. This partnership also granted Electrotrade Industries distribution rights for Eaton's circuit protection and control products.

In March 2021 , Siemens India's acquisition of C&S Electric for $252 million (INR 2,100 crore) exemplifies strategic moves within the low-voltage switchgear market. C&S Electric Limited, an India-based manufacturer of low-voltage switchgear, including circuit breakers and industrial sockets, presents Siemens India with significant business opportunities.

Major companies operating in the low voltage switchgear market report are ABB, Siemens, Hitachi, Mitsubishi Electric, Schneider Electric SE, Eaton, Fuji Electric Co Ltd., Hyundai Electric, Chint Group, Hyosung, Ls Electric Co. Ltd., Noja Power, Meidensha, Toshiba, Nissin Electric, Shihlin Electric, Chem, Fortune Electric, Anchor Electricals Pvt Ltd., Havells India Ltd., Cg Power And Industrial Solutions Limited (Crompton Greaves), Orecco Electric, Tamco, Lan Electrical Limited, Tenaga Switchgear, Lucy Electric, Bmc Manufacturing, Twyver Switchgear, Alstom, Switchgear Company Nv (Sgc), Electroshield Samara, S&C Electric Company, Powell Industries, G&W Electric, Abunayyan Holding Company, Tiepco, Wahah Electric Supply Company Of Saudi Arabia Ltd., Kfb Holding Group, Afcon , Actom, Matelec Group, Egyptian German Electrical Manufacturing Co.

Asia-Pacific was the largest region in the low voltage switchgear market in 2023. Western Europe was the second-largest region in the low voltage switchgear market share. The regions covered in the low voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the low voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The main product categories of low voltage switchgear include fixed mounting units, plug-in units, and withdrawable units. Withdrawable switchgear is a type of electrical switchgear that can be withdrawn and reinserted into the switchgear for maintenance or replacement purposes. The products come with voltage ratings, such as less than 250V, 250-750V, and 751-1000V. Low voltage switchgear finds applications among residential, commercial, and industrial end-users.

The low voltage switchgear market research report is one of a series of new reports that provides low voltage switchgear market statistics, including low voltage switchgear industry global market size, regional shares, competitors with a low voltage switchgear market share, detailed low voltage switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the low voltage switchgear industry. This low voltage switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The low voltage switchgear market consists of sales of low voltage circuit breakers, switches, off load electrical isolators, earth leakage circuit breakers, and other low voltage switchgear. They are used to protect the low voltage system. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.