The Business Research Company's low voltage switchgear market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, July 13, 2022 /PRNewswire/ -- Governments around the world are investing heavily in renewable energy sources; this is expected to drive the demand for power transmission and distribution, and control equipment such as switchgear. The global electricity generation from renewable energy is expected to grow from 5,383 TWh in 2016 to 14,271 TWh in 2040, leading to an increase in demand for renewable integration. It is estimated that about 5% ($0.4 trillion) of the global investment in transmission and distribution (T&D) will be for the integration of renewables by 2040. According to the International Energy Agency, in the pathway set out in the IEA's recent Roadmap to Net Zero by 2050, nearly three-quarters of global emissions reductions between 2020 and 2025 will take place in the electricity sector. To achieve this decline, the pathway calls for coal-fired electricity generation to fall by more than 6% a year. In the European Union (EU), around 9% of T&D investment is expected to be dedicated to renewable integration.
The global low voltage switchgear market size is expected to grow from $25.77 billion in 2021 to $29.54 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The low voltage (LV) switchgear market is expected to reach $46.34 billion in 2026 at a CAGR of 11.9%.
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Asia-Pacific Is The Largest Region In The Low Voltage Switchgear Market
The Asia-Pacific region's low voltage switchgear (=1kv) market was worth $10.37 billion in 2021. The low voltage switchgear market in Asia Pacific is supported by an increase in the number of strategic acquisitions. For instance, in March 2020, Eaton Corporation, an Ireland-based switchgear power management company, signed an agreement to acquire a 50% stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contractors in China and throughout the Asia-Pacific region.
Low Voltage Switchgear Market Segmentation
- By Product: Fixed Mounting, Plug-In, Withdrawable Unit
- By End-User: Residential, Commercial, Industrial
- By Voltage Rating: Less than 250V, 250-750V, 751-1000V
- By Installation: Indoor, Outdoor
Volatility In Raw Material Prices - A Limitation For The Low Voltage Switchgear Market
Volatility in raw material prices is expected to limit the growth of the LV switchgear market in the forecast period. Copper, steel, and silver are the major raw materials used in manufacturing switchgear, and they constitute around 75% of the total manufacturing cost. Steel prices are highly volatile and dependent on a variety of factors, such as global economic activity, the strength of the US dollar, trade tariffs, and a variety of other political and environmental factors. Steel prices are expected to increase in the near future, owing to the adverse effects of the COVID-19 pandemic and supply chain interruptions.
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