Low Voltage (LV) Switchgear Market
Low Voltage (LV) Switchgear Market Trends, Opportunity, and Forecast Analysis, 2024-2033
Low Voltage (LV) switchgear market revenue to generate USD 95.3 Billion by 2033, according to KDMI analyst’s growth analysis. The market is segmented by type, component, voltage rating, application, end-user, and by Region.
Low Voltage (LV) Switchgear Market Size Survey Report – In a Glance
As per the survey report on global Low Voltage (LV) switchgear market, the market is projected to foresee a CAGR of 7.9% between 2024-2033, and further generate a market size of USD 95.3 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 57.3 billion revenue.
- The global Low Voltage (LV) switchgear market is projected to grow on account of the growing global energy consumption.
- In Japan, the Low Voltage (LV) switchgear market growth can be attributed to the increasing technological investments.
- KDMI analyst’s growth analysis foresees high upfront expenses to challenge the market growth.
- Asia Pacific, having the highest market share in the Low Voltage (LV) switchgear market, is projected to dominate the global market.
Low Voltage (LV) Switchgear Market Analysis
Low Voltage (LV) switchgear is a protective system of electrical devices designed to control power flow, prevent faults, and ensure safety in different environments like commercial, residential, and industrial settings. Energy is vital for survival but the world demands reliable and affordable energy. Besides, with the rapid surge in population and industrial development in today’s world, global energy has risen exponentially in the last 150 years which is a cause of concern. According to a new IEA report, the world’s electricity consumption is predicted to increase at an unprecedented rate lately, climbing close to 4% annually through 2027. Therefore, to ensure reliable, secure, and optimized power flow in modern power systems, the demand for advanced switchgear solutions escalates, driving the LV switchgear market. GE Industrial Solutions, Siemens, Schneider, are some of the significant parties in the global market for Low Voltage (LV) switchgear.
Analyst’s Observation on Japan Low Voltage (LV) Switchgear Market Survey
Japan’s economic growth is mainly powered by innovation. Moreover, the country is a hub of high-quality products that attract buyers from all parts of the world. Within this economy, the market growth for Low Voltage (LV) switchgear can be attributed to the increasing technological investments. In 2022, the market size for digital transformation-related solution services was 12.96 billion USD* (1,961.9 billion JPY) recording a gradual growth rate of 19% yearly since 2019. However, modernized power technologies like IoT integration and digital monitoring systems create the need for modern switchgear solutions because of their enhanced automation, energy efficiency, and safety in power distribution. Hence, LV switchgear is a great choice for electricity management in buildings, industries, or other infrastructure which drives its market to grow rapidly. Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Terasaki Electric Co. Ltd., are some of the significant parties in the market for Low Voltage (LV) switchgear in Japan .
Low Voltage (LV) switchgear Market: Report Scope |
|
Base Year |
2023 |
Estimated Market Size |
USD 57.3 Billion in 2024 |
Forecast Year |
2024-2033 |
Projected Market Size |
USD 95.3 Billion in 2033 |
CAGR Value |
CAGR value 7.9% |
Low Voltage (LV) switchgear Market Key Trends/Major Growth Drivers |
|
Restraint Factors |
|
Low Voltage (LV) switchgear Market Segmentation |
|
Low Voltage (LV) switchgear Market Key Players |
Eaton Corporation plc, Fuji Electric Co. Ltd., General Electric Company, Hyosung Corporation, Larsen & Toubro Ltd, Mitsubishi Electric Corporation, Rittal GmbH & Co. KG, Schneider Electric SE, Siemens AG, Terasaki Electric Co. Ltd., and others. |
Low Voltage (LV) Switchgear Market Growth Drivers and Challenges
Growth Drivers
Greater focus on green energy:
As the world faces drastic climate change, the need for a cleaner and greener planet has become a global priority. Hence, an amplified focus on green energy is strongly driving the low-voltage switchgear market as it offers safe and reliable power distribution. Nowadays, there is a growing use of wind power, solar, or other sources of renewable energies to ensure safe, reliable and efficient power distribution. Based on reports, the total global renewable capacity is assumed to surge by 2.7 times by 2030, exceeding national goals by nearly 25%. Therefore, with the increase in renewable energy projects across the globe, the demand for strong and pocket-friendly switchgear to support modern grid systems rises too, further driving the low voltage switchgear market.
Increasing emphasis on safety and standards:
A diverse range of industries are bound by regulatory frameworks, safeguarding financial resources, workforce safety and power infrastructure. This heightened priority of occupational safety and regulatory adherence is boosting the requirement for standardized low-voltage switchgear (LV). Every worker has the inherent right to a sidk-free workspace but occupational risks continue to exist. According to WHO findings, the South-East Asia Region (SEAR) is subjected to an unequal burden of workplace mortality, with 36.5 deaths each 100,000 of the working population. Besides that, organizations are also directing their attention to innovative products delivering continuous round-the-clock monitoring, fault detection, and preventive maintenance to minimize potential hazards. Therefore, with increasing stricter enforcement of global regulatory frameworks, the demand for advanced switchgear will see sustained growth across industries, ultimately driving the LV switchgear market.
Restraints
High upfront expenses:
The significant initial costs of the modern low-voltage (LV) switchgear pose barriers to its widespread adoption. Generally, smaller companies and projects with limited budgets encounter difficulties in setting aside funds for these cutting-edge systems. Even though these modern technologies offer numerous benefits, the huge initial investment remains a major issue, thereby, limiting the LV market.
Worldwide distribution challenges:
Due to trade limitations, transport delays, or geopolitical conflicts, the availability of vital materials like metals and semiconductors is becoming limited, resulting in price spikes. Furthermore, these may cause various troubles such as manufacturing delays and shortfall in supplies. Therefore, these logistical constraints are creating barriers to the hassle-free adoption of low-voltage (LV) switchgear across the world, restricting the market.
Low Voltage (LV) Switchgear Market Segmentation
Our experts at KD Market Insights have segmented the global Low Voltage (LV) switchgear market research report as:
By Type |
|
By Component |
|
By Voltage rating |
|
By Application |
|
By End-user |
|
By Region |
|
Low Voltage (LV) Switchgear Market Regional Synopsis
Based on global trends, Asia-Pacific (APAC) is a thriving market for low-voltage (LV) switchgear and is substantially fueled by quick urban development, rapid industrialization, and expanding infrastructure development. Another key growth driver of the regional low-voltage (LV) heightened government initiatives promoting rural electrification and advancements of existing electrical connections. China, India, and Japan are essential participants in the market growth, holding the largest revenue share in the region. In addition, China is foreseen to hold the largest share in the region because of the growing demand for electricity increasing investments in revamping electrical services. However, the continuously growing population, increasing use of renewable energy, and surging energy consumption in commercial, residential, and industrial sectors are further likely to drive the market in the coming future.
The North American region has established itself as the quickest growing market for low-voltage (LV) switchgear during the forecast period. The prime factor for the market growth in the region is power expansion and smart grid development. The GDO (Grid Deployment Office) invested about $14.5 billion to advance a more affordable, reliable, and resilient grid, within two years since its creation. Additionally, because of the increasing infusion of renewable energy sources and the growing demand for sustainable energy systems, the market is booming in the region.
In the European region, the development of infrastructure systems, rising acceptance of renewable energy, and implementation of stricter energy efficiency regulations are making a significant impact on the progression of the market. The market growth is further propelled by the increasing demand for sustainable and energy-efficient options. On the other hand, Latin America, the Middle East, and Africa are also recording impressive growth in the low-voltage (LV) switchgear market. In Latin America, the market expansion is mainly due to the increasing energy demand, grid modernization, and incorporation of renewable energy sources in Brazil. Moreover, Brazil's bid-based contract system for new generation and power transfer capability further promotes infrastructure investment while increasing demand for reliable and sustainable switchgear solutions. Lastly, in Middle East and Africa, the low voltage switchgear market is majorly driven by industrialization, infrastructure development, and growing energy sectors.
As per our analysts at KD Market Insights, the following five players lead the Asia-Pacific (APAC) Low Voltage (LV) switchgear market growth:
- Terasaki Electric Co. Ltd.
- Mitsubishi Electric Corporation
- Hyosung Corporation
- Fuji Electric Co. Ltd.
- Larsen & Toubro Ltd
- Others
Low Voltage (LV) Switchgear Market Competitive Landscape
Some of the key players who top the global Low Voltage (LV) switchgear market share:
- ABB Ltd
- Alfanar Group
- Chint Group Co. Ltd.
- Eaton Corporation plc
- Fuji Electric Co. Ltd.
- General Electric Company
- Hyosung Corporation
- Larsen & Toubro Ltd
- Mitsubishi Electric Corporation
- Rittal GmbH & Co. KG
- Schneider Electric SE
- Siemens AG
- Terasaki Electric Co. Ltd.
- Executive Summary
- Market Overview
- Key Findings
- Market Trends
- Market Outlook
- Introduction
- Scope of the Report
- Research Methodology
- Definitions and Assumptions
- Acronyms and Abbreviations
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Global Low Voltage (LV) Switchgear Market
- Market Overview
- Market Size and Forecast
- Market Segmentation
- By Type
- By Component
- By Voltage rating
- By Application
- By End-user
- By Region
- Market Segmentation by Type
-
- Air Insulated Switchgear (AIS)
- Gas Insulated Switchgear (GIS)
- Hybrid Switchgear
- Vacuum Circuit Breaker (VCB)
- Miniature Circuit Breaker (MCB)
- Others
-
- Market Segmentation by Component
-
- Switches
- Fuse
- Circuit Breakers
- Busbars
- Relays
- Others
-
- Market Segmentation by Voltage rating
-
- Low Voltage (Up to 1 kV)
- Medium Voltage (1 kV to 36 kV)
- High Voltage (Above 36 kV)
- Others
-
- Market Segmentation by Application
-
- Power Distribution
- Control Systems
- Electrical Protection
- Lighting
- Others
-
- Market Segmentation by End-user
-
- Residential
- Commercial
- Industrial
- Utility
- Others
-
- Regional Analysis
- North America
- United States
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Canada
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Mexico
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- United States
- Europe
- United Kingdom
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Germany
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- France
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Italy
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Spain
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Rest of Europe
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- United Kingdom
- Asia Pacific
- China
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Japan
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- India
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Australia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- South Korea
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Rest of Asia Pacific
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- China
- Latin America
- Brazil
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Argentina
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Colombia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Rest of Latin America
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Brazil
- Middle East & Africa
- South Africa
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Saudi Arabia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- UAE
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- Rest of Middle East & Africa
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Component, Voltage rating, Application and End-user
- South Africa
- North America
- Competitive Landscape
- Market Share Analysis
- Company Profiles
- Eaton Corporation plc
- Fuji Electric Co. Ltd.
- General Electric Company
- Hyosung Corporation
- Larsen & Toubro Ltd
- Mitsubishi Electric Corporation
- Rittal GmbH & Co. KG
- Schneider Electric SE
- Siemens AG
- Terasaki Electric Co. Ltd.
- Others
- Strategic Recommendations
- Appendix
- List of Tables
- List of Figures
- References
Need Customized Report for Your Business ?
Utilize the Power of Customized Research Aligned with Your Business Goals
Request for Customized Report- Quick Contact -
- ISO Certified Logo -


