According to a report by TechSci Research titled "Global Low Voltage Switchgear Market - By Region, Competition, Forecast & Opportunities, 2028," the global low voltage switchgear market is poised to experience a 8.25% Compound Annual Growth Rate (CAGR) between 2024 and 2028. This growth is attributed to the increasing emphasis on expanding renewable energy-based capacity.

Explore a comprehensive set of market data figures across 180 pages and a detailed Table of Contents on the "Global Low Voltage Switchgear Market."

Market Data: https://www.techsciresearch.com/report/low-voltage-switchgear-market/15977.html 

Segmented by product type into Fixed Mounting, Plug-In, and Withdrawable Unit, the market is expected to be dominated by the Fixed Mounting segment. This particular segment is projected to witness a high CAGR until 2030, driven by the adoption of units with low failure rates and limited adjoining components. The market outlook is further positively influenced by the lack of sustainable electrical infrastructures in underdeveloped and developing economies, coupled with a trend towards enhancing existing networks. Additionally, the integration of advanced technological systems and smart solutions is expected to contribute to market growth.

In terms of geographical regions, the Asia Pacific is anticipated to lead the low voltage switchgear market during the forecast period. The region's rapid industrialization and urbanization have resulted in increased electricity demand, necessitating the expansion of Transmission and Distribution (T&D) infrastructure. China, in particular, is expected to witness significant growth, with the State Grid Corporation of China projecting a substantial increase in energy demand by 2030. This underscores the need for expanding power transmission networks and, consequently, driving the demand for low voltage switchgear. Furthermore, efforts to improve electricity access in Southeast Asia are expected to contribute to market growth.

Major companies operating in the Global Low Voltage Switchgear market are:

  • ABB Ltd

  • Schneider Electric SE

  • General Electric Company

  • Toshiba International Corporation

  • Mitsubishi Electric Corporation

  • Siemens AG

  • Larson & Turbo Limited

  • Bharat Heavy Electricals Limited

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Mr. Karan Chechi, Research Director at TechSci Research, highlighted several key drivers shaping the growth and development of the global low voltage switchgear market. These include the continuous growth in global electricity demand, the transition towards renewable energy sources, modernization and expansion of electrical grids, industrialization and infrastructure development, technological advancements, a focus on energy efficiency, and government regulations promoting sustainability.

The report titled "Low Voltage Switchgear Market – Global Industry Size, Share, Trends, Opportunity, and Forecast," provides a detailed analysis of the market segmented by product type, installation, application, and region for the period 2018-2028. It aims to offer cutting-edge market intelligence to aid decision-makers in making informed investment decisions, identifying emerging trends, and understanding the challenges and opportunities in the global low voltage switchgear market.

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