Market Size of Low Voltage Protection Control Industry
|2021 - 2029
|Base Year For Estimation
|> 2.50 %
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Low Voltage Protection Control Market Analysis
The low voltage protection control market is projected to register a CAGR of over 2.5% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as an increase in power consumption, the rising influx of renewable sources in the energy mix, and the rising number of data centers and electric vehicles are expected to drive the market during the forecast period.
- On the other hand, the high cost of monitoring devices and the rising stability of electricity supply, which further reduces the need for switching equipment like circuit breakers, are likely to restrain the growth of the low voltage protection control market in the coming years.
- Nevertheless, 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 major companies.
- Asia-Pacific has dominated the low voltage protection control market in recent years. It is expected to witness significant market growth during the forecast period, with majority of the demand coming from China and India.