November 15, 2021 06:58 ET | Source: Research and Market Research and Market
Dublin, November 15, 2021 (GLOBE NEWSWIRE) - ResearchAndMarkets.com has added the "Global Low-Voltage Switchgear (LVSG) Market Growth Opportunities, Forecast for 2026" report to ResearchAndMarkets.com's products.
The market is expected to recover with a small growth rate of 2% in 2021, and then gain momentum in 2022 and beyond. It is estimated that from 2020 to 2026, the compound annual growth rate of the market is 4.3%. With the restoration of construction projects and renovation, by 2026, market revenue is expected to reach 41.74 billion U.S. dollars.
The low-voltage switchgear (LVSG) market has been established globally. This research service provides an overview of the global LVSG market, focusing on protection and switchgear components, such as air circuit breakers, molded case circuit breakers, miniature circuit breakers, residual current circuit breakers, contactors, and other surge protection and control equipment used by LVSG Inside the module, the rated voltage is less than 1 kilovolt (kV).
LVSG components are used in applications such as power distribution, industrial automation, and process control. Its end users include residential buildings, commercial buildings, industrial buildings, and other applications such as utilities and public sector buildings.
The global COVID-19 pandemic has caused a slowdown in many industries, especially delays in construction activities and new investments in building system renovation. The sales and overall development of the LVSG market have been negatively affected for most of 2020 and 2021. The adverse impact of the epidemic on the market may continue throughout 2021. The market is expected to improve only when economic investment gains momentum in the middle of 2022. The increase in vaccination rates is expected.
In 2020, due to the global economic shutdown due to the COVID-19 pandemic, the LVSG market experienced a negative growth rate of 6.5%. In particular, the construction industry has been severely affected, resulting in the postponement or cancellation of the shipment of LVSG components due to the delay or shelving of construction projects.
The main growth drivers of the LVSG market include retrofit opportunities for newly installed distributed energy systems in old buildings, new LVSG energy management with monitoring and analysis capabilities, construction and rural development activities to be fully launched in 2022, as well as technological progress and innovation. For example, digital LVSG, smart switchgear, reduced physical footprint and eco-efficient switchgear.
The main growth constraints of the market include end users' preference for lower-priced LVSG components, cost fluctuations due to limited supply of raw materials and shortage of skilled labor, and economic slowdowns in various industries such as construction and power.
For more information about this report, please visit https://www.researchandmarkets.com/r/b69qmv