The market for low voltage protection control is expected to grow at a CAGR of over 2.5% during the forecast period. Factors such as an increase in power consumption, rise of an influx of renewable sources in the energy mix, along with a rising number of data centers and electric vehicles are expected to drive the market in the forecast period. On the other hand, high cost of monitoring devices and rise in the stability of electricity supply thereby reducing the need for switching equipment’s like circuit breakers is likely to restrain the growth of the low voltage protection control market in the coming years.
– Industrial sector is expected to be the largest segment during the forecast period, with majority of the demand coming from industries like oil and gas, power, data centers, telecom, etc.
– With the increasing closures of fossil-fueled generation, an influx of wind, solar, small-hydro, and other renewables-based power generation, rising electric vehicle and heat pump demand, and increasing export requirements via interconnectors have resulted in increased requirements for installation of transmission and distributions (T&D) lines, creating several opportunities for the major companies.
– Asia-Pacific has dominated the low voltage protection control market in recent years and is expected to witness significant market growth in the forecast period, with majority of the demand coming from China and India.
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Key Market Trends
Industrial Sector to Dominate the Market
– The motor or generator protection is still a novelty, and still not a priority among users. The high numbers of faults that occur in industries are mainly due to overloads, locked rotor, phase failure or imbalance, heavy bursts of long duration or high duty cycle of operations or overheating.
– Hence, to overcome these faults, there are certain switchgear equipment’s used in any sector such as circuit breakers, disconnectors, load-break switches, and fuses etc.
– Factors such as growing electric vehicle infrastructure (EV’s) and data centers establishments along with its operations are expected to drive the low voltage DC circuit breakers, which, in turn, drives the industrial segment for low voltage protection control market.
– With rising electrification projects in Africa, the focus has increased on investments and the development of renewable energy. As a result, the extensive development of new renewable projects, and rising electricity usage is expected to increase the demand for low voltage protection control market.
– Major companies like ABB Ltd, Siemens AG, etc. provides a full range of low voltage solutions to connect, protect, control, and measure a wide range of electrical installations, enclosures, switchboards, electronics, and electromechanical devices. For example, the main products that ABB provides under oil and gas industry were power distribution equipment, industrial & explosion proof cable protections systems, E-houses, Integration, and optimization etc.
– In the industrial sector, users of switchgears are available in industrial load applications. Oil and gas, pharmaceuticals, power, paper, data centers are the major industries that are expected to drive the market because protection and control can be handled through these equipment’s.
– Therefore, based on the above-mentioned factors, industrial sector is expected to dominate the market during the forecast period.
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