Global Low Voltage Industrial Controls Market to Reach $958 Million by 2026

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Low Voltage Industrial Controls - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 9; Released: February 2022
Executive Engagements: 22368
Companies: 45 - Players covered include ABB Ltd.; Chint Group Co., Ltd.; Eaton Corporation plc; Fuji Electric Co., Ltd.; General Electric Company; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; WEG S.A. and Others.
Coverage: All major geographies and key segments
Segments: Product (Circuit Breakers, Contactors & Relays, Motor Starters, Thermal Overload Relays, Other Products); Application (Process Industry, Manufacturing, Transportation, Aerospace & Defense, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Low Voltage Industrial Controls Market to Reach $958 Million by 2026
Low voltage industrial controls not only efficiently control machines and cut back on energy usage, but also ensure safety. Growth in the global is set to be driven by rapid urbanization and industrialization; popularity and adoption of renewable sources of energy; growing renovation, expansion works in distribution and transmission network; and increasing demand for electrical distribution systems that are safe and secure. Another key factor that is anticipated to drive long term growth is the use of industrial controls by the technology applications and devices market, which is witnessing growing demand, in turn causing the demand to increase for industrial controls. The low voltage industrial controls market also stands to benefit from the push towards energy efficient systems. Meanwhile, market growth will also be strengthened due to the rising demand for fuses, enclosure, change-over switches, residual current devices and several other switching systems. In the meantime, companies are also undertaking research and development investments to ensure that they develop much more technological advanced low voltage industrial circuits.

Amid the COVID-19 crisis, the global market for Low Voltage Industrial Controls estimated at US$780.7 Million in the year 2022, is projected to reach a revised size of US$958 Million by 2026, growing at a CAGR of 4.5% over the analysis period. Circuit Breakers, one of the segments analyzed in the report, is projected to grow at a 4.9% CAGR to reach US$372.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Contactors & Relays segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 22.5% share of the global Low Voltage Industrial Controls market. Circuit breakers, used to control the abrupt increase and decrease in the supply of current to electrical devices, is the largest segment, driven by widespread use in the electrical devices market and escalating demand from smart city and other projects. A contactor may be defined as an electrically operated switch, designed for making or breaking contacts, which a traditional switch also does. However, its difference from a conventional switch is that it has an electromagnet to hold all contacts and functions like a relay. Relays are switches used primarily to protect equipment and come with two circuits namely, control and power circuits.

The U.S. Market is Estimated at $212.5 Million in 2022, While China is Forecast to Reach $170.5 Million by 2026
The Low Voltage Industrial Controls market in the U.S. is estimated at US$212.5 Million in the year 2022. The country currently accounts for a 27.36% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$170.5 Million in the year 2026 trailing a CAGR of 6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market (as defined in the study) will reach US$181.8 Million by the end of the analysis period. Widespread adoption of LV industrial control systems in the US is mainly attributed to large manufacturing base, wider preference for advanced technology solutions in manufacturing environments, and federal regulations governing the manufacturing ecosystem. Another key market, China has rapidly transformed into a manufacturing hub, led primarily by rapidly flourishing infrastructural and industrial sector. Anticipated steady economic growth and rising GDP, favorable government policies, and rapid industrialization bodes well for the growth of LV industrial control systems in the country.

Motor Starters Segment to Reach $172.9 Million by 2026
A motor starter finds use in safely starting and shutting down a motor, while also reversing its direction. An electrical device somewhat similar to relays, a motor starter switches and shuts off power, while also providing protection from both overcurrent and low voltage situations in motors. In the global Motor Starters segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$89.7 Million will reach a projected size of US$124.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$23.9 Million by the year 2026, while Latin America will expand at a 5.9% CAGR through the analysis period. More

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SOURCE Global Industry Analysts, Inc.