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Home » Market Report » LV switchgear market revenue set to surge past .89 bn by 2030

LV switchgear market revenue set to surge past $57.89 bn by 2030

March 29, 2024 4:46 pm

LV switchgear market revenue set to surge past $57.89 bn by 2030
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The market projections indicate a robust Compound Annual Growth Rate (CAGR) of 10.40% from 2022 to 2030.

The Low Voltage Switchgear Market is poised for substantial growth, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 10.40% from 2022 to 2030, reaching a value exceeding $57,890.1 million by 2030, as per analysis by Market Research Future (MRFR). Several key drivers are steering this growth trajectory, including the escalating pace of infrastructure development and urbanisation.

Rapid urbanisation and burgeoning industrial activities are fuelling demand for reliable and efficient power distribution systems, wherein low voltage switchgear assumes a pivotal role in ensuring safe and uninterrupted power supply. Moreover, the surging adoption of renewable energy sources like solar and wind power necessitates the integration of low voltage switchgear into power grids, given their decentralized nature and the need for efficient power flow management.

The pressing need to revamp aging grid infrastructure in many developed nations is another significant driver propelling the low voltage switchgear market. Outdated switchgear is being replaced with modern, efficient, and reliable equipment to enhance grid performance and reliability. Additionally, the advent of smart grid technologies is fostering demand for intelligent switchgear capable of remote monitoring and control, thereby enhancing grid efficiency, reliability, and self-healing capabilities.

Market segmentation reveals distinct product categories such as fixed mounting, plug-in, and withdrawable switchgear, catering to diverse application areas including smartphone applications and lighting-as-a-service. Asia-Pacific emerges as the epicenter of market activity, boasting the largest market size and growth rate. The region’s growth is underpinned by factors such as rapid urbanization, industrialization, and escalating electricity demand. Countries like China and India, in particular, are witnessing remarkable growth in their manufacturing sectors, driving substantial demand for low voltage switchgear.

The Low Voltage Switchgear Market is set for dynamic expansion, propelled by a confluence of factors including urbanisation, renewable energy adoption, grid modernisation initiatives, and burgeoning industrialisation, especially in the Asia-Pacific region. This presents significant opportunities for stakeholders across the value chain to capitalise on the burgeoning demand for efficient power distribution solutions.

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