The low voltage switchgear industry plays a critical role in ensuring the safe and reliable operation of electrical systems in various applications. Understanding the statistics and trends within this industry is essential for stakeholders to make informed decisions and drive innovation. In this blog post, we will delve into the key statistics shaping the low voltage switchgear industry and explore the factors influencing its growth and development.
The Latest Low Voltage Switchgear Industry Statistics Explained
The global Low Voltage (LV) switchgear market was valued at USD 46.43 billion in 2019.
The statistic indicates that the global Low Voltage (LV) switchgear market, which refers to electrical equipment used to control, protect, and isolate electrical circuits operating at lower voltages, was worth USD 46.43 billion in 2019. This value represents the total revenue generated by sales of LV switchgear globally during that year. The market size suggests the significant demand for LV switchgear products across various industries and locations worldwide, highlighting the importance of these devices in the safe and efficient operation of electrical systems. This statistic provides valuable insight for industry players, investors, and policymakers to understand the scale and growth potential of the LV switchgear market.
It is expected to expand at a CAGR of 9.4% from 2020 to 2027.
This statistic indicates that the value being measured is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.4% between the years 2020 and 2027. CAGR is a measure of the mean annual growth rate of an investment over a specified period of time longer than one year, assuming that the value grows at a steady rate every year. In this context, it suggests that the subject of the statistic is anticipated to experience steady growth of 9.4% per year on average over the specified period, with the potential for compounding effects to significantly increase its overall value by the end of 2027.
The Asia Pacific region has the largest proportion of the Low Voltage Switchgear market, at 34% in 2018.
This statistic indicates that within the global Low Voltage Switchgear market in 2018, the Asia Pacific region accounted for the largest share, with 34% of the market. This suggests that the Asia Pacific region was a significant player in the low voltage switchgear industry during that time period. Companies operating in this region likely played a crucial role in driving the market forward, either through production, consumption, or both. Understanding the geographical distribution of market shares can provide valuable insights for businesses looking to invest or expand in the low voltage switchgear industry, and may also indicate potential opportunities for growth and collaboration within the region.
The inclusion of automation in industries is expected to drive the Low Voltage Switchgear market at a rate of 4.6% from 2020 to 2027.
The statistic suggests that the adoption of automation technologies within various industries is projected to fuel growth in the Low Voltage Switchgear market, with an expected compound annual growth rate (CAGR) of 4.6% between the years 2020 and 2027. This growth rate indicates the anticipated expansion and demand for low voltage switchgear equipment due to the increasing use of automation in industrial settings. Automation technologies such as robotics, artificial intelligence, and Internet of Things (IoT) devices are likely driving the need for efficient and reliable low voltage switchgear solutions to support and protect these automated systems. As a result, the market for low voltage switchgear is predicted to experience steady growth over the forecasted period, reflecting the broader trend towards industrial automation.
In 2020, the value of the U.S. Low Voltage Switchgear market stood at USD 7.04 bn.
The statistic “In 2020, the value of the U.S. Low Voltage Switchgear market stood at USD 7.04 billion” indicates the total revenue generated by the low voltage switchgear industry in the United States for the year 2020. Low voltage switchgear refers to electrical equipment used to control and protect electrical equipment and circuits with voltage levels below 1 kV. The USD 7.04 billion value represents the combined sales of low voltage switchgear products by manufacturers, distributors, and retailers within the U.S. market during that year. This statistic provides insights into the size and financial performance of the low voltage switchgear market in the U.S. for the specified period, offering valuable information for industry stakeholders, policymakers, and investors.
Industry players are focusing mainly on technological advancements to gain competitive advantage.
The statistic that industry players are focusing mainly on technological advancements to gain competitive advantage suggests that companies within the industry are prioritizing the development and integration of innovative technologies to stay ahead of their competitors. By investing in and leveraging technological advancements such as cutting-edge software, automation systems, artificial intelligence, and data analytics tools, companies aim to streamline processes, enhance product quality, improve customer experiences, and ultimately differentiate themselves in the market. This strategic focus on technology indicates a recognition of the significant impact it can have on increasing efficiency, productivity, and overall competitiveness within the industry landscape.
Power utilities dominated the low voltage switchgear market in 2018.
This statistic indicates that power utilities, such as electricity companies and providers, were the leading players or had a significant market share in the low voltage switchgear market in the year 2018. Low voltage switchgear refers to electrical equipment used to control, protect, and isolate electrical circuits with voltages below 1,000 volts. The dominance of power utilities in this market suggests that they were key stakeholders driving the demand for low voltage switchgear, whether for expanding their infrastructure, upgrading existing systems, or improving overall efficiency and reliability of electricity distribution. This could also imply that power utilities had a competitive advantage, strong market presence, or tailored solutions that resonated well with the requirements of customers within the low voltage switchgear sector in that particular year.
The fixed mounting product segment held the highest market share of around 65% in 2019.
The statistic indicates that in 2019, the fixed mounting product segment accounted for approximately 65% of the total market share within its industry. This means that out of all the products available in the market, the fixed mounting products were the most popular and widely used by consumers or businesses. The high market share suggests that there is strong demand for fixed mounting products in the industry, possibly due to their reliability, effectiveness, or cost-efficiency compared to other product segments. This information is valuable for companies operating in this industry as it highlights the dominance of fixed mounting products and may influence their strategic decisions related to product development, marketing, and sales efforts.
Industrial applications are projected to contribute to over 40% of market revenue by 2026.
This statistic indicates that industrial applications are expected to play a significant role in generating revenue within a specific market, with a projected contribution of over 40% by the year 2026. This suggests that industries such as manufacturing, construction, and technology are anticipated to drive substantial growth and demand for products or services within this market segment. This projection highlights the importance of industrial applications as key revenue-generating sectors and underscores the potential for businesses operating in these industries to capitalize on market opportunities and expansion in the coming years.
The low voltage switchgear market in India valued USD 1.38 billion in 2021.
The statistic indicates that the low voltage switchgear market in India had a total value of USD 1.38 billion in the year 2021. This figure represents the total market size for low voltage switchgear products in India for that particular year. Low voltage switchgear refers to the electrical equipment used for controlling, protecting, and isolating electrical circuits operating at voltages below 1000 volts. The market value of USD 1.38 billion demonstrates the significant size and importance of the low voltage switchgear industry in India, indicating a high demand for these products within the country’s electrical infrastructure sector.
The Middle East & Africa is expected to grow at a significant CAGR of over 5% from 2020 to 2027.
The statistic indicates that the Middle East & Africa region is anticipated to experience robust growth, with a Compound Annual Growth Rate (CAGR) exceeding 5% between 2020 and 2027. This suggests that the economy in this region is projected to expand steadily over the specified period. A CAGR of over 5% signifies a more rapid growth rate compared to many other regions, indicating potential economic development, increased investment opportunities, and overall positive business prospects. Such growth may be attributed to factors such as increased infrastructure development, rising consumer demand, expanding industries, and favorable government policies that are driving economic expansion in the Middle East & Africa region.
The residential segment is expected to reach USD 11.2 billion by 2027.
The statistic stating that the residential segment is projected to reach USD 11.2 billion by 2027 signifies the anticipated total market value attributed to residential properties within a specific industry or sector. This forecasted figure suggests an estimated increase in the cumulative value of residential properties within the specified market by the year 2027. The statistic likely reflects trends in housing demand, property values, and overall economic conditions that are expected to drive growth within the residential segment over the specified timeframe. This projection can be valuable for stakeholders, investors, policymakers, and industry participants to better understand and plan for future developments and opportunities within the residential market.
The withdrawable segment of the LV switchgear market will grow at a CAGR of 6.9% during 2020 to 2027.
This statistic indicates that the withdrawable segment of the market for LV (low voltage) switchgear is projected to experience a Compound Annual Growth Rate (CAGR) of 6.9% over the period from 2020 to 2027. This suggests that the demand for and market size of withdrawable LV switchgear, which refers to switchgear with components that can be withdrawn and replaced without disrupting the electrical system, is anticipated to steadily increase at an average annual rate of 6.9% during this timeframe. This growth rate highlights the potential opportunities and expansion in this specific segment of the LV switchgear market, which could be driven by factors such as technological advancements, increasing industrialization, and growing infrastructure investments.
Circuit breakers are estimated to command a significant share of 65.6% in the LV switchgear market by 2027.
The statistic indicates that circuit breakers are expected to account for a substantial portion of 65.6% of the low-voltage (LV) switchgear market by the year 2027. This estimation suggests that circuit breakers are anticipated to be a dominant and preferred component within the LV switchgear market in the coming years. This high market share implies that circuit breakers are likely to be widely used for protecting electrical circuits and equipment in various applications and industries, reflecting their importance and reliability in ensuring the safety and proper functioning of electrical systems at low voltages.
The market size for Low Voltage Switchgear will exceed USD 80 billion by the end of 2026.
This statistic indicates that the total market value for Low Voltage Switchgear is projected to surpass USD 80 billion by the conclusion of the year 2026. Low Voltage Switchgear refers to electrical equipment used to control, protect, and isolate electrical circuits in various applications, such as power distribution, industrial, and commercial settings. The anticipated growth in market size suggests an increasing demand for Low Voltage Switchgear products, potentially driven by factors like industrial automation, expanding infrastructure projects, and the adoption of smart grid technologies. This projection indicates a promising market opportunity for manufacturers and suppliers in the Low Voltage Switchgear industry over the next few years.
Low Voltage Switchgear demand in Saudi Arabia is set to grow over 6% by 2025.
The statistic indicates that the demand for Low Voltage Switchgear in Saudi Arabia is projected to increase by at least 6% by the year 2025. This suggests a positive trend in the market for Low Voltage Switchgear products in the region, potentially driven by factors such as industrial expansion, infrastructure development, and increasing investments in the energy sector. The growth forecast of over 6% signals potential opportunities for manufacturers and suppliers operating in the Low Voltage Switchgear industry in Saudi Arabia, highlighting a growing market demand that could lead to increased production, sales, and overall business opportunities in the sector within the specified timeframe.
The medium-voltage switchgear market is projected to reach $44.5 billion by 2022.
The statistic indicates that the market for medium-voltage switchgear is expected to grow significantly and reach a value of $44.5 billion by the year 2022. This projection suggests a substantial increase in demand for medium-voltage switchgear products, which are essential components in electrical power distribution systems. The growing market size implies opportunities for companies operating in the switchgear industry to capitalize on this trend and potentially expand their market share. Factors driving this market growth could include increasing urbanization, infrastructure development, and investments in renewable energy projects that require efficient and reliable electrical distribution equipment like medium-voltage switchgear.
The distribution panel segment expected to hit USD 23.95 billion by 2027.
The statistic indicates that the distribution panel segment within a particular industry is forecasted to reach a value of USD 23.95 billion by the year 2027. This figure serves as a projected estimate of the total market size or revenue that is expected to be generated within this specific segment over the next several years. It suggests significant growth potential and opportunity within the distribution panel sector, potentially driven by factors such as increasing demand for infrastructure development, technological advancements, or regulatory changes. This statistic can be valuable for industry stakeholders, investors, and decision-makers to assess market trends, make informed business decisions, and strategize for future growth and development within the distribution panel segment.
The fuse protection device segment in the low voltage switchgear market is set to rise by 4.6% annually up to 2027.
The statistic indicates that the fuse protection device segment within the low voltage switchgear market is projected to experience a yearly growth rate of 4.6% until the year 2027. This suggests that there is an increasing demand for fuse protection devices within the low voltage switchgear market, potentially driven by factors such as enhanced safety regulations, technological advancements, and a growing focus on energy efficiency. The growth rate of 4.6% per year signifies a steady expansion of this market segment over the specified timeframe, indicating a positive outlook for manufacturers and suppliers operating within this sector.
ABB and Siemens together captured more than one-third of the LV switchgear market in 2019.
This statistic indicates that in 2019, the companies ABB and Siemens collectively held a substantial portion of the market share in the low-voltage (LV) switchgear industry. Specifically, the combined market dominance of ABB and Siemens exceeded one-third, suggesting that these two companies were key players in the LV switchgear market. This level of market concentration implies that ABB and Siemens were significant competitors in the industry, potentially leading to a strong influence on pricing, innovation, and overall market dynamics within the LV switchgear sector.
References
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