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Low Voltage Switchgear Market outlook, regional
growth industry share by 2030

• A New report covers Low Voltage Switchgear Market
  outlook providing historical facts, current
  status and future development trends information
  along with data on leading players and
  regions.Global low voltage (LV) switchgear
  industry size is projected to exceed 136 billion
  by 2030, as per estimates from Global Market
  Insights Inc.
• A streamlined process that controls, switches,
  isolates, and protects electrical equipment and
  circuits is paramount in modern power systems.
  The rise of low voltage (LV) switchgear
  configurations to protect power distribution
  systems is therefore expected in industries where
  electrical faults are a common occurrence.
• LV switchgear panels are also considered an
  essential part of renewable power and other
  building electrical infrastructure. According to
  the World Energy Investment 2021 report of the
  International Energy Agency, renewables are
  expected to account for over 70 of 530 billion
  in spending on all new generation capacity, which
  could contribute to the popularity of different
  types of LV switchgear.

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• One of the key factors responsible for
  low-voltage (LV) switchgear market expansion is
  the escalating investment to enhance grid
  reliability and resilience and to expand
  transmission lines. For example, the 1.2
  trillion infrastructure bill passed by U.S.
  President Joe Biden includes 65 billion for
  upgrading the electric grid, which consists of
  above 7,300 powerplants and millions of
  low-voltage power lines.

• Over the years, electric services companies have
  been emphasizing the expansion of grid
  infrastructure. To cite an instance, in September
  2021, Public Service Enterprise Group (PSEG)
  announced its plan to invest over 900 million in
  grid improvements. The largest expense in these
  proposed upgrades of PSEG was the 450 million
  earmarked for the modernization of electrical
  substations as well as gas metering and
  regulating stations. Switchgears are crucial
  parts of these substations and can execute the
  functions of clearing fault currents. The
  burgeoning spending on electrical infrastructure
  could thus augment low voltage (LV) switchgear
  installation activities.

• With the focus on strengthening the power
  distribution and transmission lines as well as
  the growing investment in power development
  projects growing rapidly, the low voltage (LV)
  switchgear market is slated to witness a
  considerable upsurge in years to come.

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• Regional Analysis

• In addition, refurbishing and improving the aging
  electric grid is a cornerstone of U.S. President
  Joe Bidens Bipartisan Infrastructure Law. The
  U.S. Department of Energys Independent Estimates
  indicated that the nation requires an expansion
  of power transmission systems by over 60 by
  2030. Also, more than 70 of the power
  transformers and grid transmission lines are over
  25 years old, thereby driving up demand for
  refurbishment activities.

• Competitive Analysis

• Siemens, ABB, Hyosung Heavy Industries, Hitachi
  Ltd., Eaton, Powell Industries, Hyundai Electric,
  Lucy Group, EI Engineering, Chint Group, Regal
  Rexnord Corporation, Skema S.p.A., and Fuji
  Electric Co., Ltd.

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