Global Low Voltage Switchgear Market Size to worth USD 83.6 Billion by 2033: Market Insight Report

Global Low Voltage Switchgear Market Size to worth USD 83.6 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Low Voltage Switchgear Market Size is Expected to Grow from USD 42.7 Billion in 2023 to USD 83.6 Billion by 2033, at a CAGR of 6.95% during the forecast period 2023-2033. 

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Low Voltage Switchgear Market Size, Share, and COVID-19 Impact Analysis, By Protection (Circuit Breaker and Fuse), By Product (Fixed Mounting, Plug In, and Withdrawal Unit), By Installation (Indoor and Outdoor), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

Low voltage switchgear refers to the industry for equipment that supplies electrical power safely and efficiently in low-voltage systems. It is a three-phase switchgear used to safely, efficiently, and reliably supply up to 1000 volts and 6000 amperes of electrical energy. The investment generated by the government in the manufacturing sector for improving manufacturing capabilities is providing lucrative market growth opportunities for low voltage switchgear. The development of Industry 4.0 and rising investment in smart city initiatives have propelled the low voltage switchgear market expansion. Further, the aging electrical distribution infrastructure is contributing to propelling the market growth as it requires new switchgear to ensure the reliability of power supply by reducing disruptions and downtime in operations. On the contrary, the lack of skilled manpower, losses in the panel, protection of the motor, and delays in project execution are hampering the market growth for low voltage switchgear.

The circuit breaker segment dominated the market with the largest share of the low voltage switchgear in 2023.

Based on the protection, the global low voltage switchgear market is divided into circuit breaker and fuse. Among these, the circuit breaker segment dominated the market with the largest share of the low voltage switchgear in 2023. The increased residential and small-scale commercial buildings, along with an increase in infrastructure projects are propelling the market in the circuit breaker segment.

The fixed mounting segment is expected to hold the largest market share during the forecast period.

Based on the product, the global low voltage switchgear market is divided into fixed mounting, plug in, and withdrawal units. Among these, the fixed mounting segment is expected to hold the largest market share during the forecast period. Fixed mounting low voltage switchgear is the electrical switchgear used to distribute power safely and reliably. The cost-effectiveness, simplicity, and widespread adoption of this segment across industries are responsible for propelling the market.

The outdoor segment dominated the market with the largest market share in 2023.

Based on the installation, the global low voltage switchgear market is divided into indoor and outdoor. Among these, the outdoor segment dominated the market with the largest market share in 2023. Devices used for protecting and switching outdoor low voltage switchgear include fuse, reclosures, arrestors, transformers, and protective relays. Further, outdoor switchgear can function well in harsh weather conditions and is usually placed in areas with plenty of space.  

North America is projected to hold the largest share of the global low voltage switchgear market over the forecast period.

North America is projected to hold the largest share of the global low voltage switchgear market over the forecast period. The increasing installation of renewable energy and increasing construction activities are driving the market growth for low voltage switchgear. Further, the rapid increase in industrialization and urbanization leads to the emergence of numerous commercial and industrial entities significantly contributing to propel the regional market growth.

Asia Pacific is predicted to grow at the fastest CAGR in the low voltage switchgear market over the forecast period. The growing investment in the electricity sector along with the upgradation of electricity infrastructure and development of substations and distribution systems are driving the market demand. Further, the rapidly increasing power infrastructure as well as the strong emphasis on renewable energy are significantly contributing to market growth.

Competitive Analysis

Major key players in the low voltage switchgear market include ABB Ltd., Alfanar Group, Chint Group Co. Ltd., Eaton Corporation plc, Fuji Electric Co. Ltd., General Electric Company, Hyosung Corporation, Larsen & Toubro Ltd., Mitsubishi Electric Corporation, Rittal GmbH & Co. KG, Schneider Electric SE, Siemens AG, Terasaki Electric Co. Ltd., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In November 2024, CHINT Global and Shanghai Baoye signed a strategic cooperation agreement and started a dialogue around the fields of electric power, new energy, housing construction and industry in the global region, exchanged cooperation opportunities in-depth, and explored a new prospect of sea business.

• In November 2024, INTELLIGENT power-management company Eaton launched their new xEnergy Elite low-voltage motor control and power distribution centre for loads up to 7,500A and 690VAC.

• In August 2024, Mitsubishi Electric Corporation announced that it has signed an agreement with Siemens Energy Global GmbH & Co. KG headquartered in Munich, Federal Republic of Germany, to co-develop Direct Current (DC) Switching Stations and DC Circuit Breaker requirement specifications.

• In June 2024, Siemens is investing €100 million ($100 million) to expand its switchgear manufacturing plant in Frankfurt, Germany. The company inaugurated a new high-speed warehouse and expanded production area, which is expected to begin operations early in 2025.

• In May 2024, L&T Switchgear rebrands to Lauritz Knudsen, and announced Rs850 crore investment. The investment would focus on expanding the company’s capabilities in renewable energy and e-mobility solutions.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global low voltage switchgear market based on the below-mentioned segments:

Global Low Voltage Switchgear Market, By Protection

• Circuit Breaker
• Fuse

Global Low Voltage Switchgear Market, By Product

• Fixed Mounting
• Plug-In
• Withdrawal Unit

Global Low Voltage Switchgear Market, By Installation

• Indoor
• Outdoor

Global Low Voltage Switchgear Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa