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Low Voltage Switchgear Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2024

Author : Rahul Sankrityayan | Published Date : 2019-07-04 

Global Market Insights has announced the launch of Low Voltage Switchgear Market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

Low Voltage Switchgear Market in 2018 surpassed an annual installation of 30'000 thousand units and is predicted to exceed USD 80'000 million by 2025. Increasing rural energy demand coupled with ongoing amendments incorporating with security & safety of supply will foster the industry landscape. Furthermore, the reinstallation of power distribution infrastructure in warfare prone Middle East nations will further stimulate the product demand.

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Circuit breaker infused low voltage switchgear market is expected to grow at a rate of over 6% by 2025. Operational safety along with ability to reset, pose immense expansion potential across grids having persistent current faults and outages. In addition, these products on account of their wide application across industrial and utility-based installations will further positively influence the industry landscape.

In 2018, fixed mounted units accounted for over 40% of the global LV switchgear market share. The incorporation of limited adjoining parts coupled with low breakdown rate have inviolably influenced the unit installation across the industry.

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By 2025, the ≤ 1000 Ampere Low Voltage switchgear market is anticipated to exceed USD 18 billion. The products on account of wide application across process industries, infrastructure and power sectors in line with expanding decentralized energy networks will observe substantial development across the forecast timeline.

Rising demand for effective fault clearance facility supported by enhanced product efficiencies will fuel the demand for Direct Current (DC) LV switchgear market. The versatile operational support for Alternating Current (AC) circuits interconnection favored by lesser operational losses will further propel the product adoption.

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Government and regulatory directives have ever since affected utility backed distribution grid networks regarding the setup of electrical infrastructure. The decentralized micro-grid networks integration across grid isolated areas and favorable government regulations toward rural electrification will stimulate the LV switchgear market share.

The U.S. low voltage switchgear market is anticipated to grow at a rate of over 5% by 2025. Initiations by government toward the upgradation and replacement of conventional distribution networks in line with rising demand for cost efficient products will fuel the business outlook. In 2017, the U.S. regulators, announced an investment over USD 600 million in compliance with their Electrification Project hovering across the Peninsula Corridor.

Indoor LV switchgear market is expected to grow on account of growth in the real estate sector across developing countries. Significant growth in infrastructure investment from private funding institutions backed by regulatory reforms and initiatives have infused a competitive business outlook.

Leading LV switchgear market players include GE, Siemens, Schneider, ABB, Mitsubishi, Eaton, Hyundai Electric, Hyosung, E+I Engineering, Norelco START, L&T, Fuji, Skema, Hubbell, Hitachi, Al Hassan Engineering, Powell and Lucy Electric.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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