Low voltage protection and control market to reach USD 23.02 billion by 2028 – Growing per capita consumption of energy and increasing demand for renewable energy source is boosting the market – Vantage Market Research
Low-voltage release (LVR) or low voltage protection and control devices are very useful for circuits where re-energization after a brief or temporary loss of power is safe and desirable. When a high load of voltage is being drawn, no machine can control that. In the case of short circuits or loops or lightning, millions of volts strike the power supply. In that case low voltage protection and control devices are installed, states Vantage Market Research, in a report, titled “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).” The market size stood at USD 15.51 Billion in 2021. The global Low Voltage Protection and Control Market size is expected to reach USD 23.02 Billion by 2028, exhibiting a CAGR of 5.8% during the forecast period.
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Rising Demand Renewable Energy Source and Safeguarding Industrial Equipment is Expected to Boost the Low Voltage Protection and Control Market
A low voltage protection and control devices are part of the electrical system of the house. Not only in residential areas but also in various industries, it is helping people to save millions of short circuits, technical faults, and some other problems that can be solved with this single device. Nowadays, the need for renewable source of energy is gaining huge demand and various government organisations are emphasizing to include low voltage protection and control devices in industrial as well as commercial spaces. The advantages of this are the energy is distributed evenly and hence can save huge number of resources for generating electricity. The industrial segment is expected to gain huge importance for Low Voltage Protection and Control Market by 2027, with increasing installation of EV charging stations, IT and Data Centres, and renewable energy installations. EV charging stations are expected to have the highest growth rate with several countries offering incentives and increased sales of electric vehicles.
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High Cost of Monitoring Devices is Restraining the Low Voltage Protection and Control Market
Low voltage protection control devices are expensive and needs high cost of monitoring devices. The assembly and installation expense are quite high as experienced manpower and special techniques are required for the same.
Rising Demand in Low Voltage Protection and Control Market in Asia Pacific Region
The emerging economies of Asia Pacific such as India, China, Indonesia, and Thailand are expected to fuel the growth of the Low Voltage Protection and Control Market. Rising industrialization and urbanization are the key factors that are expected to generate huge revenue over the coming years. This is due to the growing population in these countries. India and China are investing huge amount of funds for developing low voltage protection and control units as these countries are among the fastest growing economies globally.
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List of Prominent Players in the Low Voltage Protection and Control Market:
- 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)
- Emerson Electric Co. (US)
The COVID-19 outbreak has affected various industries worldwide. The pandemic has affected most countries in the world, with severe impacts on the global economy and distribution sector. The low voltage protection and control equipment manufacturing industry also had a huge impact due to global shutdown. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Browse market data Tables and Figures spread through 177 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)”. View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/low-voltage-protection-and-control-market-936693
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Low Voltage Protection and Control Market?
- How will the Low Voltage Protection and Control Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Low Voltage Protection and Control Market?
- What is the Low Voltage Protection and Control market drivers and restrictions?
- What will be the CAGR and size of the Low Voltage Protection and Control Market throughout the forecast period?
Recent Developments in the Industry:
In November 2021, Schneider Electric Launches Green Yodha initiative to Support India Meet its Sustainability Commitments. Schneider Electric, the leader in the digital transformation of energy management and automation today launched its sustainability engagement initiative in India, Green Yodha to encourage and support businesses, industries and individuals to come together and take concrete climate action. This urgent call to action intends to back the increased commitment of the Indian government made at COP26.
In December 2021, ABB is investing USD 12.75 million in its Installation Products Division manufacturing facility in Pointe-Claire, Canada. This enables expanded production capacity to meet the growing needs of customers from coast to coast.
This market titled “Low Voltage Protection and Control Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size in 2021||USD 15.51 Billion|
|Projected Market Size in 2028||USD 23.02 Billion|
|CAGR Growth Rate||CAGR of 5.8% From 2022 – 2028|
|Historic Years||2016 – 2020|
|Forecast Years||2022 – 2028|
|Segments Covered||Product Type: – Protection equipment, Switching Equipment, Monitoring devices|
End User: – Residential, Commercial, Industrial
|Quantitative Data – Units||Revenue in USD Billion/Billion and CAGR from 2022 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
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