The low voltage switchgear market significantly consists of sales of low voltage switchgears (?1KV) and connected services that producer low voltage switchgears which are electrical switchgear rated up to 1KV. The Low voltage switchgear is utilized in low voltage distribution board and it involves low voltage circuit breakers, switches, off load electrical isolators and earth leakage circuit breaker to safeguard the low voltage system.
According to the report analysis, ‘Low Voltage Switchgear Global Market Report 2020’ states that in the low voltage switchgear global market there are several companies which presently operating more actively for leading the highest market growth and registering the handsome value of market share around the globe while delivering the better consumer satisfaction, decreasing the linked prices, employing the young work force, implementing the profitable strategies, analyzing and studying the strategies and policies of competitors and government, developing the specifications of the production technologies and enhancing the applications of such includes 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 and Hyundai Electric & Energy Systems.
The worldwide low voltage switchgear market was worth USD 29.7 billion during 2019. It is projected to increase at a compound annual growth rate (CAGR) of 12% and reach USD 46.72 billion by 2023.
While, the changeable economic situation in commercial and residential segments is hampering the market growth. Augmenting the prices of raw materials and restricted flow of investments in energy sector performs as a restraint for the market. For instance, during April 2019, as per The Economic Times news, India’s economy slowed down to 6.6% throughout Oct-Dec 2018 quarter from 6.8% during July-September 2017 quarter associated to past six quarters owing to sluggish industrial activities from the construction, factories and commercial firms, as they devour about half the country’s electricity. Thereby, undefined economic situation suggestively affects the growth of the low voltage switchgear market.
The low voltage switchgear market has been geographically classified into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the low voltage switchgear market throughout 2019.
The requirement for electricity generation is predicted to propel the low voltage switchgear market. Improvement of industrialization, urbanization demands continuous electricity supply, and steadfastness of the electrical supply depends profoundly on the performance of the switchgear. Introduction of energy is a maintainable growth with requirement in rural and urban areas with ongoing enhancements to the integration of protection of supply, will propel industry growth. For instance, during 2019, as per a research study, Indian government is functioning on two of the most vital electrification developments that are the ‘Pradhan MantriSahajBijliHarGharYojana’ and the ‘DeenDayalUpadhyaya Gram JyotiYojana’ to deliver the electricity with a budget distribution of USD 6.98 billion (INR.50,000 crores) for the project.
Advancement of digital switchgear has become a developing trend in the low voltage switchgear market. The Digital switchgears use the gathered information to analyze recital of current levels, temperature, functioning cycles and load levels that supports in improving the performance and consistency of switchgears. Smart switchgears enable grid optimization, advanced quality, and decrease both transmission and operating losses. For instance, during 2019, ABB group established low-voltage digital switchgear which monitors and allows safe, flexible and smart electrical distribution. Therefore, digital switchgear is projected to gain acceptance in the low voltage switchgear market.
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Ankur Gupta, Head Marketing & Communications