Market Research Report
Low Voltage Switchgear - Global Market Outlook (2017-2026)
|Published by||Stratistics Market Research Consulting||Product code||907674|
|Published||Content info||148 Pages
Delivery time: 2-3 business days
|Low Voltage Switchgear - Global Market Outlook (2017-2026)|
|Published: August 19, 2019||Content info: 148 Pages||
According to Stratistics MRC, the Global Low Voltage Switchgear market accounted for $27.73 billion in 2017 and is expected to reach $56.36 billion by 2026 growing at a CAGR of 8.2% during the forecast period. Some of the key factors such as favorable government rules towards the integration of sustainable energy resources across residential and commercial segments and rising expansion of micro-grid networks which provide the increasing off-grid energy demand are driving the market growth. However, the uncertain economic climate significantly affects the commercial and industrial segments and low-cost Chinese and South Korean products that challenge the overall business revenue act as the restraining factor for the market growth.
LV Switchgear consists of low voltage circuit breakers, switches, off load electrical isolators, HRC fuses, earth leakage circuit breaker, miniature circuit breakers (MCB) and molded case circuit breakers (MCCB) etc i.e. all the accessories required to protect the LV system. The most common use of LV switchgear is in LV distribution board. They are used for electrical protection, local or remote switching and electrical isolation of the electrical installation, circuits or individual equipment.
By Protection, Circuit Breakers segment is likely to grow due to its ability to reset in line with operational safety pose immense growth potential across networks having frequent current outages and faults. Furthermore, these units owing to their wide applicability across utility based and industrial installations will further augment the business scenario.
By geography, North American low voltage Switchgear Market is likely to raise expenses towards infrastructural expansion all along with narrow measures across the isolated regions will expand this market in North America. In addition, considerable increase in power demand in line with growing concern toward the enhancement of conventional power grid will propel the industry scenario.
Some of the key players profiled in the low voltage Switchgear Market include ABB Limited, Al Hassan Engineering Co. S.A.O.G., E + I Engineering Ltd., Eaton Corporation, Fuji Electric, General Electric, Hitachi Limited, Hubbell Power Systems, Hyosung Corporation, Hyundai Electric & Energy Systems, L&T Electrical and Automation, Lucy Electric UK Ltd., Mitsubishi Electric Corporation, Norelco Oy, Powell Industries, Schneider Electric, Siemens AG, Skema S.p.A., and START Electrical Switchgear Assembly LLC.
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
NOTE: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa are represented in the same manner above.