The global low voltage switchgear market reached a value of nearly $25,769.1 million in 2021, having increased at a compound annual growth rate (CAGR) of 7.8% since 2016. The market is expected to grow from $25,769.1 million 2021 to $39,961.3 million in 2026 at a rate of 9.2%. The market is then expected to grow at a CAGR of 7.6% from 2026 and reach $57,770.3 million in 2031.
Growth in the historic period resulted from a rise in power consumption, a rise in government initiatives, a rise in technological advancements, economic growth in emerging markets and an increase in investments. Factors that negatively affected growth in the historic period were political uncertainties and geopolitical tensions, susceptibility to hacking and the coronavirus pandemic.
Going forward, growing demand for electricity, growing use of electricity in transportation, rising investments in renewable energy and a rise in demand for electricity from manufacturing sectors will drive market growth. Factors that could hinder the growth of the low voltage switchgear market in the future include volatility in raw material prices and environmental regulations.
The low voltage switchgear market is segmented by product into fixed mounting, plug-in, withdrawable unit. The fixed mounting market was the largest segment of the low voltage switchgear market by product, accounting for 40.2% of the total market in 2021. The plug-in market is expected to be the fastest-growing segment in low voltage switchgear market by product, going forward at a CAGR of 9.8% during 2021-2026 period.
The low voltage switchgear market is segmented by end-user into residential, commercial, industrial. The residential market was the largest segment of the low voltage switchgear market by end-user accounting for 51.3% of the total market in 2021. The residential market is expected to be the fastest-growing segment in low voltage switchgear market by end-user, going forward at a CAGR of 9.4% during 2021-2026 period.
The low voltage switchgear market is segmented by voltage rating into less than 250V, 250-750V, 751-1000V. The less than 250V was the largest segment of the low voltage switchgear market by voltage rating, accounting for 50.0% of the total market in 2021. The less than 250V segment is expected to be the fastest-growing segment in low voltage switchgear market by voltage rating, going forward at a CAGR of 9.4% during 2021-2026 period.
The low voltage switchgear market is segmented by installation into indoor and outside. The indoor market was the largest segment of the low voltage switchgear market by installation, accounting for 52.2% of the total market in 2021. The outside segment is expected to be the fastest-growing segment in low voltage switchgear market by installation, going forward at a CAGR of 9.5% during 2021-2026 period.
Asia-Pacific was the largest region in the low voltage switchgear market, accounting for 40.3% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the low voltage switchgear market will be South America and Africa, where growth will be at CAGRs of 11.7% and 11.2% respectively from 2021-2026.
The global low voltage switchgear market is moderately fragmented, with a large number of regional players operating in the market. The top ten competitors in the market made up to 19.88% of the total market in 2021. Major players in the market include ABB, Siemens, Hitachi, Mitsubishi Electric, Schneider Electric SE, Eaton, Fuji Electric Co Ltd, Hyundai Electric, Chint Group and Hyosung.
The top opportunities in the low voltage switchgear market segmented by product will arise in the fixed mounting segment, which will gain $5,389.2 million of global annual sales by 2026. The top opportunities in the low voltage switchgear market segmented by end-user will arise in the residential segment, which will gain $7,523.6 million of global annual sales by 2026. The top opportunities in the low voltage switchgear market segmented by voltage rating will arise in the less than 250V segment, which will gain $7,322.0 million of global annual sales by 2026. The top opportunities in the low voltage switchgear market segmented by installation will arise in the indoor segment, which will gain $7,125.7 million of global annual sales by 2026. The low voltage switchgear market will gain the most in the USA at $2,868.6 million.
Market-trend-based strategies for the low voltage switchgear market include focus on offering premium low voltage switchgear, focus on deploying new technologies, focus on producing energy-efficient products and focus on strategic partnerships and collaborations.
Player-adopted strategies in the low voltage switchgear market include focus on improving product portfolio, focus on expanding low-voltage power business through strategic acquisitions and focus on strengthening business operations through launching innovative next generation products.
To take advantage of the opportunities, the publisher recommends the low voltage switchgear companies to increase focus on technological advancements, focus on energy-efficient and eco-friendly switchgears, expand in emerging markets, focus on strategic partnerships and collaborations, offer competitive pricing, increase focus on premium products, continue to use B2B promotions, continue to participate in events and conferences and focus on fast-growing end-users.
What is the estimated value of the Global Low Voltage Switchgear Market?
What is the growth rate of the Global Low Voltage Switchgear Market?
What is the forecasted size of the Global Low Voltage Switchgear Market?
Who are the key companies in the Global Low Voltage Switchgear Market?
|No. of Pages||265|
|Forecast Period||2021 - 2031|
| Estimated Market Value ( USD
||USD 25769.1 Million|
| Forecasted Market Value ( USD
||USD 57770.3 Million|
|Compound Annual Growth Rate||8.4%|
Table of Contents
9.1.3. Withdrawable Unit
21.1.2. Economic Growth in Emerging Markets
21.1.3. Favorable Government Initiatives
21.1.4. Susceptibility To Hacking
21.1.5. Economic Growth in Emerging Markets
21.1.6. Contributions of Policies and Consumer Choice
21.1.7. Increase in Investments
21.1.8. Market Drivers 2016 - 2021
21.1.9. Restraints On The Market 2016 - 2021
23.1.2. Restraints On The Market 2021 - 2026
32.1.2. Market Overview
32.1.3. Market Information
32.1.4. Background Information
32.1.5. Government Initiatives
32.1.7. Regulatory Bodies
32.1.8. Major Associations
32.1.9. Taxes levied
32.1.10. Corporate Tax Structure
32.1.12. Major Companies
37.1.2. Market Overview
37.1.3. Market Information
37.1.4. Background Information
37.1.5. Government Initiatives
37.1.7. Regulatory Bodies
37.1.8. Major Associations
37.1.9. Corporate Tax Structure
37.1.10. Taxes Levied
37.1.12. Major Companies
67.1.2. Market Overview
67.1.3. Market Information
67.1.4. Background Information
67.1.5. Government Initiatives
67.1.7. Regulatory Bodies
67.1.8. Major Associations
67.1.9. Taxes levied
67.1.10. Corporate Tax Structure
67.1.12. Major Companies
87.1.2. Market Overview
87.1.3. Market Information
87.1.4. Background Information
87.1.5. Government Initiatives
87.1.7. Regulatory Bodies
87.1.8. Major Associations
87.1.9. Taxes Levied
87.1.10. Corporate Tax Structure
87.1.12. Major Companies
97.1.2. Market Overview
97.1.3. Market Information
97.1.4. Background Information
97.1.5. Government Initiatives
97.1.7. Regulatory Bodies
97.1.8. Major Associations
97.1.9. Taxes levied
97.1.10. Corporate Tax Structure
97.1.12. Major Companies
102.1.2. Market Overview
102.1.3. Market Information
102.1.4. Background Information
102.1.5. Government Initiatives
102.1.7. Regulatory Bodies
102.1.8. Major Associations
102.1.9. Corporate Tax Structure
102.1.10. Taxes Levied
102.1.12. Major Companies
107.1.2. Market Overview
107.1.3. Market Information
107.1.4. Background Information
107.1.5. Government Initiatives
107.1.7. Regulatory Bodies
107.1.8. Major Associations
107.1.9. Corporate Tax Structure
107.1.11. Major Companies
117.1.2. Market Overview
117.1.3. Market Information
117.1.4. Background Information
117.1.5. Government Initiatives
117.1.7. Regulatory Bodies
117.1.8. Major Associations
117.1.9. Corporate Tax
117.1.10. Taxes Levied
117.1.12. Major Companies
122.1.2. Market Overview
122.1.3. Market Information
122.1.4. Background Information
122.1.5. Government initiatives
122.1.7. Regulatory Bodies
122.1.8. Major Associations
122.1.9. Corporate Tax Structure
122.1.11. Major Companies
140.1.2. Products And Services
140.1.3. Business Strategy
140.1.4. Financial Overview
141.1.2. Products And Services
141.1.3. Business Strategy
141.1.4. Financial Overview
142.1.2. Products And Services
142.1.3. Financial Overview
143.1.2. Products And Services
143.1.3. Financial Overview
144.1.2. Products And Services
144.1.3. Business Strategy
144.1.4. Financial Overview
148.1.2. Competitor Strategies
Low Voltage Switchgear Global Market Opportunities And Strategies To 2031 from the publisher provides the strategists; marketers and senior management with the critical information they need to assess the global low voltage switchgear market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest growing market for low voltage switchgear? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The low voltage switchgear market global report from the publisher answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider low voltage switchgear market; and compares it with other markets.
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the low voltage switchgear market
- Key Trends - Highlights the major trends shaping the global low voltage switchgear market. This section also highlights likely future developments in the market
- Global Market Size and Growth - Global historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods
- Regional Analysis - Historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values and growth and market share comparison by region
- Market Segmentation - Contains the market values (2016-2031) and analysis for each segment by product, by end-user, by voltage rating, and by installation in the market
- Regional Market Size and Growth - Regional market size (2021), historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and growth and market share comparison of countries within the region. This report includes information on the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years
- Market Opportunities And Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets
- Conclusions And Recommendations - Includes recommendations for low voltage switchgear providers in terms of product/service offerings, geographic expansion, marketing strategies and target groups
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report
- 1) By Product: Fixed Mounting; Plug-In; Withdrawable Unit
- 2) By End-User: Residential; Commercia; Industrial
- 3) By Voltage Rating: Less Than 250V; 250-750; 751-1000V
- 4) By Installation: Indoor; Outside
Companies Mentioned: ABB; Siemens; Hitachi; Mitsubishi Electric; Schneider Electric SE
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; low voltage switchgear indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
A selection of companies mentioned in this report includes:
- Mitsubishi Electric
- Schneider Electric SE