With the low voltage protection and control trend picking across the world, the global low voltage protection and control market is set to gain from this phenomenon and jump from a value of USD 18 billion in 2024 to USD 32.7 billion by 2034, expanding at a CAGR of 6.1%.
| Attributes | Details |
|---|---|
| Low Voltage Protection and Control Market Value for 2024 | USD 18 billion |
| Low Voltage Protection and Control Market Value for 2034 | USD 32.7 billion |
| Low Voltage Protection and Control Market Forecast CAGR for 2024 to 2034 | 6.1% |
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The global low voltage protection and control market players aim to focus more on sustainable performance, which is underpinned by a culture of integrity and transparency that they aim to embed across the value chain.
A key player has majorly focused on digitalization and the Internet of Things (IoT) to advanced materials, additive manufacturing, power electronics and Artificial Intelligence (AI)
In 2019, the global low voltage protection and control market was estimated to reach a valuation of USD 12.5 billion, according to a report from Future Market Insights (FMI). The low voltage protection and control market witnessed significant growth, registering a CAGR of 7.8% during the historical period, 2019 to 2023.
| Historical CAGR | 7.8% |
|---|---|
| Forecast CAGR | 6.1% |
The market expanded significantly at a CAGR of 7.8% from 2019 to 2023. Reasons for the rise in growth included a surge in industrialization, the development of infrastructure, and the need for dependable electrical systems across industries.
The low voltage protection and control market is anticipated to develop at a projected CAGR of 6.1%, which is moderate growth. The perseverance leading this expansion is attributed to continuous investments in infrastructure, technological developments in protection and control systems, and the rise in focus on safety and efficiency in electrical operations.
According to historical performance and future prognosis data, the market for low-voltage protection and control systems is booming and growing, driven by changing industry demands and regulatory requirements.
The below section shows the leading segment. Based on product, the protection equipment segment is registered to expand at a CAGR of 5.8% by 2034. Based on application, the residential segment is anticipated to rise at 5.5% CAGR by 2034.
Rising electrical safety awareness and the requirement for dependable power distribution networks create demand for protective equipment.
Urbanization and population increase drives the demand for residential infrastructure is partly fueled by the need for low voltage protection and control systems in homes.
| Category | CAGR by 2034 |
|---|---|
| Protection Equipment | 5.8% |
| Residential | 5.5% |
Based on products, the low voltage protection and control market protective equipment category is anticipated to grow rapidly, with a CAGR of 5.8% by 2034. The expansion is explained by the growth in need for cutting-edge protection solutions and securing low voltage electrical systems in a range of commercial, residential, and industrial settings.
Protection devices like circuit breakers, fuses, and surge protectors are becoming popular for ensuring safe and dependable electrical operations. The devices are thus necessary for preventing equipment damage and power outages.
The residential segment is expected to develop significantly in terms of application, with a predicted CAGR of 5.5% by 2034.
Upsurge in Urbanization, population, and the escalation of global demand for housing are some of the causes driving this expansion. The installation of low voltage protection and control systems improves safety, regulates power distribution, and safeguards electrical equipment and gadgets within homes, thus growing exponentially with the expansion of residential infrastructure.
The growth in popularity of energy-efficient and smart home solutions is driving demand for sophisticated control and security systems in residential settings, which helps to maintain the steady growth trajectory of the segment.
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The table mentions the top five countries ranked by revenue, with South Korea holding the top position.
The low voltage protection and control market in South Korea encourages technical innovation and the semiconductor manufacturing industry. Robust protection and control solutions are vital for securing important processes and equipment.
The ongoing improvements guarantee the dependability and productivity of the electronics sector and establish the nation as a global leader in technological innovation in South Korea.
Forecast CAGRs from 2024 to 2034
| Countries | CAGR through 2034 |
|---|---|
| United States | 6.4% |
| United Kingdom | 7.6% |
| China | 7.3% |
| Japan | 5% |
| South Korea | 8.5% |
Energy management and industrial automation are the main functions for low voltage protection and control in the United States market. For example- ABB Frosinone embeds sustainability throughout the value chain for circuit breakers, and it drives smart decision-making for continuous improvements in emissions and energy costs for sites
Industries use advanced protection and control solutions to maximize production efficiency, improve operational effectiveness, and guarantee electrical system safety.
The integration of renewable energy sources and the modernization of infrastructure are considerably critical tasks for the low voltage protection and control sector in the United Kingdom. For example, the Eaton bolt provides superior protection in panelboards and offers easy installation on miniature circuit breakers (Quicklag).
The market is used to modernize electrical infrastructure and facilitate the seamless integration of renewable energy technologies into the grid, all while ensuring sustainability.
Smart grid development projects and industrial expansion promote crucial growth in the low voltage protection and control market in China. The industrial sector continues to expand quickly, and there is a growing need for dependable protection and control solutions to maintain operational continuity and safety.
The development of smart grid infrastructure, facilitating effective energy management and distribution drives the market.
Precision manufacturing and the electronics sector are the main users of the low voltage protection and control market in Japan. Prioritization of quality and innovation of the manufacturers are mostly considered in Japan.
Reliance on cutting-edge protection and control solutions is done for maintaining control over manufacturing processes and guaranteeing the dependability of electronic devices and equipment.
Semiconductor production and technological advancement plays a major role in the low voltage protection and control industry. For example, LS Electric acquired a controlling stake in a local electric power equipment manufacturer, by strengthening its position in the market and expanding its product portfolio.
South Korea, a pioneer in electronics and semiconductor manufacturing, mainly depends on reliable protection and control systems for securing vital machinery and processes, which promotes ongoing innovation and technological growth.
Local businesses and specialty vendors typically help enhance the market by presenting specific products and services. Strong competition ensures that consumers have complete access to dependable and efficient low-voltage protection and control solutions, which helps in the promotion of innovation and quality.
Key developments in the Low Voltage Protection and Control industry
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 18 billion |
| Projected Market Valuation in 2034 | USD 32.7 billion |
| Value-based CAGR 2024 to 2034 | 6.1% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Market Segments Covered | Product Type, Application, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | ABB; Eaton; Fuji Electric Co. ltd; Hitachi; Rockwell Automation; Schneider Electric; Siemens; WEG SA; Legrand; Emerson Electric Co. |
As of 2024, the market for low voltage protection and controls is expected to be valued at USD 18 billion.
The low voltage protection and control market is projected to expand at a CAGR of 6.1% between 2024 and 2034.
The protection equipment segment is projected to dominate the industry.
By 2034, the market value of low voltage protection and control is expected to reach USD 32.7 billion.
South Korea is likely the top-performing market, with a CAGR of 8.5%.
| Estimated Market Value (2023) | USD 144.5 billion |
|---|---|
| Projected Market Size (2033) | USD 255.0 billion |
| Predicted Market CAGR (2023 to 2033) | 5.8% |
| Market Estimated Size (2023E) | USD 11000 million |
|---|---|
| Projected Market Valuation (2033F) | USD 15500 million |
| Value-based CAGR (2023 to 2033) | 4.5% |
| Market Value (2022) | USD 418.1 Million |
|---|---|
| Market Anticipated Value (2032) | USD 635 Million |
| Projected CAGR (2022 to 2032) | 4.3% |
| Expected Market Value (2022) | USD 39.1 Billion |
|---|---|
| Anticipated Forecast Value (2032) | USD 75 Billion |
| Projected CAGR (2022 to 2032) | 5.2% |
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