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Home » News » Global LVSG market forecasts modest recovery 3 percent revenue growth from 2024 onward

Global LVSG market forecasts modest recovery 3 percent revenue growth from 2024 onward

November 29, 2023 4:18 pm

Global LVSG market forecasts modest recovery 3 percent revenue growth from 2024 onward
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A study by Research and Market explores opportunities profiling key players in the global Low Voltage Switchgear (LVSG) market landscape.

In 2022, the global LVSG market experienced a marginal growth rate of 0.8 percent, primarily attributed to the post-pandemic repercussions on the economy, encompassing material shortages, cost inflation, and logistical challenges. The sluggish progression in building construction is anticipated to persist in 2023, with minimal expansion, consequently impacting the LVSG market. However, a modest recovery is forecasted, indicating a revenue growth of over 3 percent from 2024 onward.

In a study revealed by Research and Market on The “Global Low Voltage Switchgear (LVSG) Growth Opportunities”, provides an in-depth analysis of the low voltage switchgear (LVSG) market. This comprehensive study delves into the components of LVSG, encompassing protection and switching devices like air circuit breakers (ACB), molded case circuit breakers (MCCB), miniature circuit breakers (MCB), residual current circuit breakers (RCCB), contactors, and other surge protection and control devices utilised within LVSG assemblies with ratings below 1 kilovolt (kV).

During 2022, the Asia-Pacific (APAC) region dominated the LVSG market, contributing to 36.7 percent of the global market revenue. Maintaining the second-highest Compound Annual Growth Rate (CAGR) globally, APAC is projected to retain its status as the largest LVSG market globally by 2028. In 2022, the Latin American LVSG market held a 3.6 percent market share, standing as the smallest regional market but poised to exhibit the highest CAGR of 4.6 percent from 2022 to 2028.

Key drivers fueling the growth of LVSGs include advancements in electricity infrastructure, the installation of heat pumps, and the retrofitting of energy-efficient equipment such as HVAC, lighting, and metering systems. Additionally, the adoption of distributed energy and microgrids, coupled with the increasing integration of IoT and digital applications in building systems, plays a pivotal role in propelling market expansion.

The report further identifies four major growth opportunity areas within the LVSG market: data centers, electrification, residential heat pumps, and building construction. Through a meticulous Growth Opportunity Analysis, the report delineates the scope of analysis, segmentation by product, end-user, and region, alongside growth metrics, including drivers and restraints. Forecast assumptions and a detailed revenue forecast by product, region, and end-user are presented, offering a comprehensive understanding of the market landscape.

The competitive environment is thoroughly examined through a competitive framework, featuring key participant profiles of industry leaders such as ABB, Eaton, Legrand, Schneider Electric, and Siemens. The Growth Opportunity Universe section encapsulates the four identified growth opportunities, namely data centers, electrification, residential heat pumps, and building construction, providing stakeholders with strategic insights for informed decision-making.

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