The projected expansion of the low voltage protection and control market is driven by increased power consumption, growing adoption of renewable energy sources, and rising demands from data centers and electric vehicles.
NEWARK, Del, March 21, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the low voltage protection and control market is anticipated to be valued at US$ 18 Billion by 2024. The market valuation is expected to be US$ 32.7 Billion by 2034, projected at a CAGR of 6.1%.
The expansion in the market for low voltage protection and control is rising due to several causes. The surge in the need for dependable and effective electrical infrastructure in sectors like industry, construction, and utilities is one of the main drivers.
Advancements in protection and control solutions are becoming increasingly necessary for protecting low voltage electrical systems from faults, overloads, and other hazards as the importance of safety and operational reliability grows.
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With the rise in drivers, the market also faces some dangers and difficulties. The price fluctuation of raw materials poses a serious risk, mainly for components like copper and aluminum needed to make control and protection systems. Variations in the cost of materials can extensively affect the profit margins and product prices of the producers.
The market also introduces some market opportunities. Technological developments like digitization, integrating the Internet of Things, and smart grid projects present chances to improve the performance and efficiency of control and protection systems.
Boosting the need for creative solutions leads to the optimization of power usage, thus lessening its environmental effect due to the increased focus on sustainability and energy efficiency.
Key Takeaways from the Market Study:
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Under product type, the protection equipment registered to expand at 5.8% CAGR by 2034.
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Japan is estimated to register at a CAGR of 5% by 2034.
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South Korea registers significant growth, projected at a CAGR of 8.5% by 2034.
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Based on application, the residential segment is anticipated to expand at 5.5% CAGR by 2034.
“The boom in the intensity on safety and reliability in electrical infrastructure across industries is one significant driver for the low voltage protection and control market,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Key competitors in the low voltage protection and control market provide various control and protection solutions mainly needed for various commercial and industrial uses.
Strong competition thus encourages product invention and quality enhancement by guaranteeing consumers access to dependable and effective goods. Some of the key developments are:
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In December 2021, Mitsubishi Electric Corporation was recognized by R&D World with a 2021 R&D 100 Award for its world-class AE V Series C-class low-voltage air circuit breaker, a unique product.
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In November 2021, ABB introduced the IEC low-voltage switchgear portfolio, debuting the NeoGear 4-pole and 690 V versions. The solutions improved operational effectiveness and safety in industrial environments by fusing Industry 4.0 digital capabilities with cutting-edge safety features.
Key Companies Profiled in the Report:
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ABB
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Eaton
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Fuji Electric Co. ltd
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Hitachi
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Rockwell Automation
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Schneider Electric
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Siemens
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WEG SA
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Legrand
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Emerson Electric Co.
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Low Voltage Protection and Control Market Segmentation Analysis:
By Product Type:
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Protection Equipment
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Switching Equipment
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Monitoring Devices
By Application:
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Residential
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Commercial
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Industrial
By Region:
About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one Billion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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