CAPEX based investment projects related to electricity transmission and distribution infrastructure to augur growth of Low -Voltage Disconnect Switches Market
According to recent study, the low-voltage disconnect switches market is expected to experience substantial growth, expanding CAGR of over 6% from 2021 to 2031. The growth in demand is witnessing optimistic growth outlook. Rising investments for cross border expansion of electrical network to ascend the demand over the coming years.
What are the dynamics for Low-Voltage Disconnect Switches Market?
Low-voltage disconnect switches have extensive applications in large scale industries and power distribution applications as well. These are solid state electronic modules which automatically disconnect and reconnect the loads according to battery voltage. This, in turn, enable prolonged battery life by avoiding damage due to excessive discharge.
Implementation of low-voltage disconnect switches prevents damage due to excessive discharge and eliminate the need for voltage sensing relays, high current relays and separate timers. This results in simplified installation and wiring as well as enables streamlined design.
With hefty consumption of electricity by commercial and industrial sectors per annum, the demand for electricity is increased substantially in the recent few years. To comply with the increasing power demand the governments are investing substantially in the development of power transmission and distribution infrastructure. Which is subsequently fueling the demand for low-voltage disconnect switches over the coming years.
The competition between Power transmission and distribution sector with each other as well as partnerships with tech firms to deliver improved and innovative solutions is ascending the market growth. Moreover, rising cross-border expansion of electrical network along with the activities for retrofitting the existing networks is estimated to augment the growth in demand for low-voltage disconnect switches.
Fluctuations in raw material prices and intensity of competition in the market, owing to prevalence of large number of manufacturers, are the primary challenging factors for market growth.
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Sales estimated to recover sharply post the containment of COVID-19 pandemic
The ongoing COVID-19 pandemic has caused severe impact on the global economy. The crisis has caused complete closure of the manufacturing facilities and supply chain disruptions owing to national lockdowns and transport regulations, resulting in significant drop in the low-voltage disconnect switches market growth. However, with increasing prominence of online sales, the market is anticipated to recover sharply post the pandemic period.
Asia Pacific Market Growth Outlook
Asia Pacific is expected to dominance in terms of market value share in Low-voltage disconnect switches market on the back of expanding industrialization, urbanization and substantial employment system in various industrial segments. Increasing demand from the emerging economies of the region such as of China, India and Southeast Asia are projected to create positive prospects for demand growth in the near future.
North America is expected to hold substantial share in the global market owing to continuously increasing demand for low-voltage disconnect switches from industrial sector. Rapidly increasing activities for infrastructure development in U.S. and Canada with significant growth in commercial and residential construction would pave the way for increased consumption in the region, which in turn propels the Low-voltage disconnect switches Market over the estimated timeframe.
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Who are the Key Manufacturers and Suppliers of Low-voltage Disconnect Switches?
Some of the leading manufacturers and suppliers of in the market include
- Siemens AG
- ABB Group
- General Electric Company
- Fuji Electric Co. Ltd.
- Schneider Electric SE
- Eaton Corporation PLC
- CG Power & Industrial Solutions Ltd.
- Kraus & Naimer
- Benedict GmbH
- Ensto
- Katko
- Salzer Electronics Limited
- Littlefuse Inc
- Lovato Electric Corporation
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