A New report covers Low Voltage Switchgear Market outlook providing historical facts, current status and future development trends information along with data on leading players and regions.
A streamlined process that controls, switches, isolates, and protects electrical equipment and circuits is paramount in modern power systems. The rise of low voltage (LV) switchgear configurations to protect power distribution systems is therefore expected in industries where electrical faults are a common occurrence.
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One of the key factors responsible for low-voltage (LV) switchgear market expansion is the escalating investment to enhance grid reliability and resilience and to expand transmission lines. For example, the $1.2 trillion infrastructure bill passed by U.S. President Joe Biden includes $65 billion for upgrading the electric grid, which consists of above 7,300 powerplants and millions of low-voltage power lines.
In addition, refurbishing and improving the aging electric grid is a cornerstone of U.S. President Joe Biden’s Bipartisan Infrastructure Law. The U.S. Department of Energy’s Independent Estimates indicated that the nation requires an expansion of power transmission systems by over 60% by 2030. Also, more than 70% of the power transformers and grid transmission lines are over 25 years old, thereby driving up demand for refurbishment activities.
With the focus on strengthening the power distribution and transmission lines as well as the growing investment in power development projects growing rapidly, the low voltage (LV) switchgear market is slated to witness a considerable upsurge in years to come.
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LV switchgear panels are also considered an essential part of renewable power and other building electrical infrastructure. According to the World Energy Investment 2021 report of the International Energy Agency, renewables are expected to account for over 70% of $530 billion in spending on all new generation capacity, which could contribute to the popularity of different types of LV switchgear.
Despite disruptions to the electrical and switchgear sector during the initial phase of the COVID-19 pandemic, the sector witnessed a strong rebound in 2021 and is expected to continue an upward trajectory, which could in turn prove beneficial for the low-voltage (LV) switchgear industry.
Key participants contributing towards Siemens, ABB, Hyosung Heavy Industries, Hitachi Ltd., Eaton, Powell Industries, Hyundai Electric, Lucy Group, E+I Engineering, Chint Group, Regal Rexnord Corporation, Skema S.p.A., and Fuji Electric Co., Ltd.
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