Low Voltage Switchgear Global Market Opportunities And Strategies To 2031

This report describes and evaluates the global low voltage switchgear market. It covers 2016-2021, termed the historic period, 2021-2026 forecast period, and 2026-2031 forecast period.

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.