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.
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.
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.
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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