Sellbyville, DE -- (SBWIRE) -- 02/11/2019 -- Global Low Voltage Switchgear Market size is positively impacted by increasing investment towards infrastructure sector owing to involvement of public and private entities across the real state. Escalating demand for electricity along with ongoing expansion of microgrid network have established a competitive business scenario. Technological advancement in design of smart monitoring and control distribution products will further complement the business growth.

Low Voltage Switchgear Market is expected to surpass USD 22 billion by 2024. Favorable government measures pertaining to the integration of renewable resources across the commercial and residential sectors will drive the industry growth. Feed in tariff, tax rebates, net metering are some of the incentives which will boost the product penetration over the forecast timeline. Moreover, growing demand for refurbishment and expansion of distribution network will further complement the industry outlook.

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The U.S. low voltage switchgear market share is predicted to exceed 1 million units by 2024. Introduction of regulations and policies toward retrofitting and upgradation of existing distribution network will augment the industry outlook. Growing demand for cost effective products coupled with installation of smart low voltage control units will further complement the business growth.

Power factor correction low voltage switchgear market is projected to witness growth owing to rapid expansion in electric load capacity across developed & developing countries. Increasing demand for peak load coupled with ongoing expansion of aging electric networks has established a glut of distribution lines leading to frequent power fluctuations and legs.

Increasing demand for off grid electricity from remote area primarily in Africa & Asia Pacific region will stimulate the low voltage switchgear market. ADB, collaborated institutes and IFC are some of the entities which have been economically assisting the regional power sector. Growing demand for refurbishment of distribution network across the war affected nations including Syria, Iraq and Sudan will propel the business growth.

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Germany low voltage switchgear market is predicted to witness growth owing to rapid urbanization and industrialization coupled with ongoing installation of distributed power plants. Increasing adoption of manufacturing industries to fulfil the growing requirement for manufactured products will positively impact the demand for distributed power plants. Rising electricity demand from residential and commercial sector will further complement the industry growth.

Positive outlook toward deployment of renewable energy will foster the China low voltage switchgear market share. Introduction of several regulations and policies to promote the development and deployment of sustainable technologies along with growing energy demand from manufacturing industries will further complement the industry growth.

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Key players in low voltage switchgear market includes Mitsubishi, Siemens, Rittal, Powell, Skema, Norelco, Lucy Electric, EATON, Schneider, Hubbell, Hyosung, Hyundai, E+I Engineering, START, Al Hassan, GE, Hitachi, Siemens, Fuji Electric, ABB, Larson & Toubro and Powertech Switchgear.

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