Low Voltage Protection and Control Market
Low Voltage Protection and Control Market - Global Industry Assessment & Forecast
- By Product Type Protection equipment, Switching Equipment, Monitoring devices
- By End User Residential, Commercial, Industrial
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 15.51 Billion|
|Revenue 2028:||USD 23.02 Billion|
|Revenue CAGR (2022 - 2028):||5.8%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
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Low Voltage Protection and Control Market: By Product Type, End-use, and Region
The global Low Voltage Protection and Control market is valued at USD 15.51 Billion in 2021 and is estimated to reach a value of USD 23.02 Billion by 2028 at a CAGR of 5.8% during the forecast period. The need for electrical protection and control devices is increasing because the current demand for green technologies, power electronic systems and innovative installations is growing at a healthy CAGR. Moreover, the end user industries are becoming increasingly demanding for electrical protection and control devices. For example, the current need for power electronic systems is due to several factors such as growing demand of efficient methods, reliability, size reduction of components, etc. This is resulting in newer grid-protection requirements around the world. Growth in these technologies is expected to continue pushing market growth in near future which can be attributed to increasing number of installations worldwide.
Growing Focus on Gaining Approval Certificates and Safety Standard to Drive Growth of Low Voltage Protection and Control Market
Low Voltage Protection and Control Market Size, 2021 To 2028 (USD 23.02 Billion )
Increasing stringency on product approvals has created added value for companies with successful safety certificates & worldwide certifications like TUV Rheinland, UL, CE etc. These companies also see increased sales opportunities through distribution networks of certified products.
Following the Fukushima nuclear accident in Japan in 2011, countries around the world including India are reinforcing their safety standards for critical infrastructure protection. This has resulted in requirements for stringent Voltage Transient Suppression (VTS) levels with improved immunity to transients & outages along with enhanced N-1 availability of power system equipment over conventional stringency levels. Such demands provide significant groundwork for UL 810A/B type III VTS approvals against new market segmentation especially in emerging countries like India, China and Brazil where rapid growth is expected in next 5 years.
The global market is segmented into product type, end-use, and region. Based on product type, the market is segmented into protection equipment, switching equipment, and monitoring devices. On the basis of end user, the market is segmented into residential, commercial, and industrial. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Protection Equipment Segment is Gaining Momentum in the Demand
The Protection market is growing significantly in Asia-Pacific, driven by the demand for both physical and electrical protection. While protecting equipment from damage caused by overloads or short circuits, these devices also provide data on parameters such as current, voltage and temperature to help proactively monitor conditions that can lead to downtime.
Extensive infrastructure projects are being undertaken in countries such as India and China; while many industrial plants are under construction or coming up on a large scale across different regions of Asia Pacific. This has led to an increased focus on new power generation and distribution facilities across the region. In coming years, this will add significantly to energy consumption, which will boost demand for industrial automation solutions and thus drive growth in end markets such as oil & gas, chemical, mining and metals.
Asia Pacific is the Largest Low Voltage Protection and Control Market
Protection & control equipment's are used in wide range of applications for various industries such as power distribution, telecommunication, oil & gas etc. Power Utility business is the largest application segment for Low Voltage Protection and Control followed by telecommunication sector. On an overall basis, Asia-Pacific accounts for the majority share in the total market for Low Voltage Protection and Control equipment's across the globe.
The demand for Low Voltage Protection and Control (LVP&C) in Asia Pacific is expected to grow steadily over the next seven years. Growing infrastructure investment should result in increasing demand for LVP&C technologies across the region, particularly electricity transmission networks; railways; oil & gas; petrochemicals; water & wastewater management; and commercial sector building automation. While investments in renewable energy sources are starting to increase significantly, bringing an additional source of electricity into developing countries will require installing a lot of additional capacity.
Market for LVP&C in Australia is likely to grow at CAGR of over 7.9% during the forecast period with significant investments being made in electricity transmission and distribution networks. In India, meanwhile, the increasing demand for infrastructure is expected to result in a CAGR of 10% over the next seven years. Indonesia's power infrastructure is also likely to see strong investment from 2018 onwards as it invests heavily this decade on new electricity generation projects. This could result in a CAGR of 7 percent through 2022-2028. In China, demand for LVP&C technologies has been driven by growing need to protect against natural disasters and economic growth.
Key players in the global LVP&C market are Eaton (Ireland), ABB (Switzerland), Fuji Electric co. ltd (Japan), Rockwell Automation (US), Hitachi (Japan), Schneider Electric (France), Yaskawa (Japan), Siemens (Germany), CHINT Group (China), Legrand (France), Toshiba (Japan), WEG SA (Brazil), and Emerson Electric Co. (US).
The Low Voltage Protection and Control is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
The global Low Voltage Protection and Control valued at USD 15.51 Billion in 2020 and is expected to reach USD 23.02 Billion in 2028 growing at a CAGR of 5.8% .
The prominent players in the market are Eaton (Ireland), ABB (Switzerland), Fuji Electric co. ltd (Japan), Rockwell Automation (US), Hitachi (Japan), Schneider Electric (France), Yaskawa (Japan), Siemens (Germany), CHINT Group (China), Legrand (France), Toshiba (Japan), WEG SA (Brazil), and Emerson Electric Co. (US)..
The market is project to grow at a CAGR of 5.8% between 2021 and 2028.
The driving factors of the Low Voltage Protection and Control include
- Protection Equipment Segment is Gaining Momentum in the Demand
Asia Pacific was the leading regional segment of the Low Voltage Protection and Control in 2020.