Increasing number of initiatives undertaken with respect to decentralized microgrid networks integration is bound to impact low voltage switchgear market share. The product demand is also expected to be driven by the rising number of microgrid installations, that require high-performance low voltage switchgears. Recently, energy producer EDL said that it has completed a massive, 56-MW, wind, solar, and battery project that will power a gold mine in Western Australia. This is the apparently the largest microgrid of its kind in the country and the first one to be using electricity generated by wind energy to power a mine.
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As per Global Market Insights, Inc., in 2018, low voltage switchgear market size exceeded 30,000 thousand units and is anticipated to surpass USD 80,000 million by 2025. This can be attributed to the rising demand for electricity in rural areas in tandem with the changing regulations being implemented pertaining to the safety and security of power supply. Additionally, efforts are being undertaken to reinstall power distribution infrastructure, especially in war zones, which will further increase the product demand.
The global low voltage switchgear market outlook is characterized by a number of trends, that will continue to define the industry dynamics in the years ahead. The following paragraphs present a gist of the same:
Indoor LV switchgears to gain traction
Indoor LV switchgear market size is anticipated to register commendable gains through 2025. This can be primarily credited to the expanding construction and infrastructural development industry wherein an increasing number of projects are being backed by private investors. With more and more residential and commercial establishments being constructed, alongside the changing regulatory norms, indoor LV switchgears are expected to depict an exponential demand.
≤ 1000 Ampere current-based LV switchgears to exhibit more demand
In terms of current, LV switchgears operate in three modes – ≤ 1000 Ampere, 1001 – 5000 Ampere, and > 5000 Ampere. Of these, the products that operate with a current of ≤ 1000 Ampere are expected to be in high demand, as they are extensively used across infrastructural development sector, power industry, and process industries.
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It is speculated that by 2025, the ≤ 1000 Ampere LV switchgear market size may surpass USD 18 billion. The growth of this segment can also be credited to the expansion of decentralized energy networks worldwide.
Companies to bring about technologically advanced LV switchgears
Numerous energy vendors have been vying to bring about massive advancements in LV switchgear industry. For instance, last year, ABB, at Hannover Messe, displayed its low-voltage MNS® innovations, which are designed to ensure flexible, safe, and smart power distribution. This LV switchgear platform is based on the MNS switchgear technology and boasts of an installed base with over 1.5 million sections globally. In addition, it is equipped with smart condition-based monitoring that enables customers to increase maintenance intervals by up to 30 percent.
Similar initiatives undertaken by energy producers are likely to add a different profit dimension to low voltage switchgear market.
Popularity of fixed mounted switchgears to increase market share
Fixed mounted LV switchgears are becoming particularly popular in recent times. This may be attributed to the low breakdown rate of these products. Additionally, they require the incorporation of very limited adjoining parts.
Estimates claim that in 2018, fixed mounted LV switchgears held more than 40% of the industry share.
Circuit breaker LV switchgears to define the industry trends
In terms of the protection mechanism, it would be imperative to state that circuit breaker infused low voltage switchgears are gaining commendable traction. This can be attributed to the operational safety provided by these products along with the ability to reset. In addition, these products depict massive application potential across grids having consistent outages and power faults.
Circuit breaker LV switchgear market size is anticipated to depict a CAGR of 6% through 2025, driven by increasing deployment across utility-based installations and industrial establishments. Rising efforts by industry players to bring forth innovative protection mechanisms will also influence the segment growth.
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For example, Mitsubishi Electric recently came up with an all-new WS-V series of moulded-case circuit-breakers. These LV switchgears are defined by their high breaking capacity and have the stamp of international approval to be used in marine and industrial applications. Additionally, these circuit breaker LV switchgears also offer enhanced energy consumption monitoring, network connectivity, and overload monitoring.
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