Low Voltage Protection and Control Market - Overview
Irregularity in voltage is a major concern faced by industry
and home alike, and often times responsible for damaging electrical equipment.
Low voltage protection devices are required for protection of both the system
and the user from fault; hence, electrical equipment are not permitted to
operate without installing any low voltage protection device. Power system
fault is an adverse condition that arises in the power system and can lead to
current leakage, ground short, short circuit, over current, and under and over
voltage.
Low Voltage Protection and Control Market - Trends and
Opportunities
Growing per capita consumption of energy and increasing
demand for renewable energy products as well as for secure and safe electrical
systems are responsible for driving the low
voltage protection and control market toward growth
trajectories. Players in the low voltage protection and control market are
investing in research and development activities to enhance product
capabilities. In February 2018, Siemens AG announced the launch of its new
generation soft starters to streamline the demanding electrical system’s
requirements. In October 2016, Rockwell Automation, Inc. expanded the Allen
Bradley Bulletin 140G molded case circuit breakers to offer more comprehensive,
fast-acting short-circuit protection and safety against overload and
ground-fault conditions. These devices help engineers achieve higher short
circuit ratings in the control panel due to their current-limiting ability and
reduction of energy let-through by more than 50%.
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Favorable government regulations concerning integration of
sustainable energy resources across residential and commercial establishments
are likely to boost the demand for low voltage protection and control devices
during the forecast period. Further, rapid development of micro-grid networks
to cater to the rising demand for off-grid energy across emerging markets is
expected to augment the growth of the market in the near future. However,
presence of inferior quality products, besides the high cost of monitoring
devices, is expected to restrict the growth of the low voltage protection and control
market.
Low Voltage Protection and Control Market - Segmentation
The global low voltage protection and control market can be
segmented based on component, product type, end-user, and region. In terms of
product type, the market can be divided into protection equipment, switching
equipment, and monitoring devices. Based on component, the market can be
classified into hardware, software (further segmented into on-premise and
cloud-based) and services (further segmented into professional and managed services).
In terms of end-user, the global low voltage protection and control market can
be divided into residential, commercial, and industrial.
In terms of region, the global low voltage protection and
control market can be categorized into North America, South America, Europe,
Asia Pacific, and Middle East & Africa. Asia Pacific is expected to hold
the leading share of the global low voltage protection and control market
during the forecast period. The region has registered substantial growth in
adoption of renewable sources of energy toward fulfilling its ambitious clean
energy targets. Continuous adoption of sustainable energy technologies, along
with large-scale demand for energy from manufacturing plants, is expected to
positively influence deployment of low voltage protection and control devices.
North America and Europe are expected to provide lucrative opportunities to the
low voltage protection and control market in the near future. Rapid
industrialization, along with ongoing deployment of distributed power
generation plants, is expected to foster the growth of the low voltage
switchgear market in Germany. In Middle East & Africa and South America,
the low voltage protection and control market is expected to grow rapidly
during the forecast period.
Low Voltage Protection and Control Market - Key
Players
Major players operating in the global low voltage protection
and control market include ABB Ltd, Eaton Corporation Plc., Fuji Electric co.
ltd, Hitachi Ltd., Mitsubishi Motors, Rockwell Automation, Schneider Electric,
Siemens AG, Yaskawa Corporation, CHINT Group, WEG SA, Legrand, Toshiba
Corporation, and Emerson Electric Co.
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