Low Voltage Protection and Control Market to Reach Over USD 23.02 Billion by 2028
According to our latest report on the title the Low Voltage Protection and Control Market is expected to reach over by 2028, growing at a CAGR of over 2022 to 2028. Favorable government laws concerning the integration of sustainable energy sources across residential and commercial structures are likely to increase the need for low voltage protection and control machines during the predicted duration. The increasing preference of the public towards metropolitan lifestyle and rising awareness about the advantages of low voltage protection and control is expected to expand the development of the market.
- The protection equipment segment is projected to grow at substantial CAGR over the forecast period owing to the increasing urbanization and growing global middle class, the development of the residential, commercial, and industrial sector, especially EV charging and databases, is expected to drive the market for protective gear.
- The industrial segment held a significant market share in 2021. This share is due to the rising investments in the installation of electric vehicle charging stations, data centers, and renewable energy installations.
- expected to hold the largest share in 2021. This surge is attributed to the rising demand for low voltage protection and control systems in developing economies such as China and India.
Some of the key players in the low voltage protection and control market include - .
The rapid growth of micro-grid networks to cater to the growing demand for off-grid energy across materializing markets is anticipated to augment the growth of the market shortly A microgrid, the process can detect short-circuit defects. Using such a microgrid, the conduct under fault situation is followed by the basic concept to utilize a derivative inductor current to produce a predictive current emulation standard that is based on the analogizing measured and predicted inductor currents, this technique assures the safety of the microgrid system, which is then used to resolve the fault location and remove the fault lines.
North America is expected to grow at a significant CAGR owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. Furthermore, developed nations in the globe with growing per capita consumption of power due to advanced industrialization and production with fast infrastructure expansion are also expected to fuel the growth of the market.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the low voltage protection and control market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
Recent Developments: -
Nov 2019 - Siemens Smart Infrastructure expanded its soft starter’s portfolio for motors, with the launch of Sirius 3RW55 Failsafe and Sirius 3RW50.
Oct 2016- Industrial automation customers can improve their short-circuit protection with a new line of current-limiting, molded-case circuit breakers from Rockwell Automation. The line expands the Allen-Bradley Bulletin 140G molded-case circuit breakers and offers more comprehensive, fast-acting, short-circuit protection.
The Low Voltage Protection and Control is segmented as follows:
Browse market data Tables and Figures
Pages and in-depth TOC on "Low Voltage Protection and Control Market 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) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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