Low Voltage Switchgear Market: Trends and Insights
Low Voltage (LV) Switchgear Market is forecasted for robust growth due to unceasing momentum of advancements in energy efficiency, safety, and operational reliability as every industry needs to put more and more focus on energy conservation for economic advantage and environmental sustainability. Low Voltage (LV) switchgear is a generic term for electrical equipment used on or to control and protect low-voltage power systems. The equipment is used to serve as a point of control and the eventual distribution of electricity up to 1,000 volts to residential, commercial, and industrial customers. Market segmentation deals with carving the market for a better understanding of certain aspects by the stakeholders and is used to identify the Market trends and forecast the market over various applications and geographies. Market Overview The world market for LV switchgear is worth around US$ 47.83 billion in 2023. And it is expected to touch US$ 87.88 billion by 2031 growing at a compoun...