Market Research Future published a research report on “Low Voltage Switchgear Market Research Report- Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
The global low voltage switchgear market 2020 report published by Market Research Future (MRFR), reveals the influential forces of the market. As per MFR study, the world low voltage switchgear market can rise at approximately 9% CAGR during the assessment period (2017-2023). According to MRFR findings, the voltage switchgear market is poised at USD 20 Bn by 2023.
Low voltage switchgears are defined as lightning arrestors, circuit breakers, protection panels, current transformers, and disconnections combined. Their high performance in controlling and distributing electric power across commercial, residential, and industrial premises to prevent electrical circuits or equipment from dampening effect of unregulated power can boost the expansion of the Low Voltage Sitchgear Market.
The prime factor that drive the expansion of the world low voltage switchgear market. favorable government regulations that allow the integration of sustainable energy aids across commercial and residential establishments. Net metering, subsidies, Feed in Tariff, and tax rebates are other key reforms that can encourage the rise in product demand. In addition, the fast paced expansion of micro-grid networks to meet the rise in off-grid energy demand in emerging markets can further support the business.
MRFR profiled reputed players functioning in low voltage switchgear global market. They are; General Electric (U.S.), Eaton Corporation Plc. (Ireland), Hitachi, Ltd. (Japan), Mitsubishi Motors Corporation (Japan), Siemens AG (Germany), Schneider Electric SE (France), Hubbell Incorporated (U.S.), Fuji Electric Co., Ltd. (Japan), ABB (Switzerland), and Rittal (Germany) among others. MRFR used product line, origin, key innovations, industrial expertise, and regional branches to sort these reputed low voltage switchgear dealers. The report delivers valuable insights on the world market of voltage switchgear. Factors that influence the voltage switchgear market are elaborated, and reinforced by effective evidences and lucid justifications. Chief roles played by these key players are discussed that can shape the market progress.
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By protection, the global low voltage switchgear market is segmented into circuit breaker and fuse. The circuit breaker segment is further sub-segmented into ACB, MCCB, MCB, MSP, and MPCB. The fuse segment has been sub-segmented into Fuse-switch disconnector, Switch disconnector with fuse and others.
By product, the low voltage switchgear market has been segmented into fixed mounting, plug-in, and withdrawable.
By rated current, the global low voltage switchgear market is segmented into ≤ 1000 Ampere, 1001 to 5000 Ampere and > 5000 Ampere.
By rated voltage, the low voltage switchgear market has been segmented into ≤ 250 Volt, 251 to 750 Volt and > 750 Volt.
By installation, the global low voltage switchgear market is segmented into AC and DC.
By application, the low voltage switchgear market has been segmented into substations, distribution, power factor correction, sub-distribution, and motor control.
Asia Pacific stands in the forefront of the global voltage switchgear market. It accounts for the grand share of the world low voltage switchgear market revenue. It is noted that China low voltage switchgear market size is expected to surge at a significant growth rate due to the inclination towards clean energy utility. The continuous rise in the adoption of sustainable energy technologies with high demand for large scale energy in manufacturing plants and other industries can positively influence the regional market rise. North America is expected to register a high growth rate. The existence of reputed voltage switchgear dealers in the region can support the expansion of North America market in the forecast period. Europe is observed to hold numerous growth pockets. The rise in renewable energy generation can favor the low voltage switchgear market in Europe in the years to come.
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- Competition Analysis by Players
- Company (Top Players) Profiles
- Impact of COVID-19 on Low Voltage Switchgear Market Size by Type and Application
- US Market Status and Outlook
- EU Development Market Status and Outlook
- Japan Market Development Status and Outlook
- China Market Status and Outlook
- India Low Voltage Switchgear Market Status and Outlook
- Southeast Asia Market Status and Outlook
- Market Forecast by Region, Type, and Application
- Market Dynamics
- Market Effect Factor Analysis
- Research Finding/ Conclusion
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