Low Voltage Protection Control Market Size Growth Analysis B...| MENAFN.COM

Thursday, 29 September 2022 02:18 GMT

Low Voltage Protection Control Market Size Growth Analysis By Size, Share, News, Demand, Opportunity 2022-2031


(MENAFN- America News Hour)

The market for low voltage protection control is expected to grow at a CAGR of over 2.5% during the forecast period. Factors such as an increase in power consumption, rise of an influx of renewable sources in the energy mix, along with a rising number of data centers and electric vehicles are expected to drive the market in the forecast period. On the other hand, high cost of monitoring devices and rise in the stability of electricity supply thereby reducing the need for switching equipment's like circuit breakers is likely to restrain the growth of the low voltage protection control market in the coming years.
– Industrial sector is expected to be the largest segment during the forecast period, with majority of the demand coming from industries like oil and gas, power, data centers, telecom, etc.
– With the increasing closures of fossil-fueled generation, an influx of wind, solar, small-hydro, and other renewables-based power generation, rising electric vehicle and heat pump demand, and increasing export requirements via interconnectors have resulted in increased requirements for installation of transmission and distributions (T&D) lines, creating several opportunities for the major companies.
– Asia-Pacific has dominated the low voltage protection control market in recent years and is expected to witness significant market growth in the forecast period, with majority of the demand coming from China and India.

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Key Market Trends
Industrial Sector to Dominate the Market

– The motor or generator protection is still a novelty, and still not a priority among users. The high numbers of faults that occur in industries are mainly due to overloads, locked rotor, phase failure or imbalance, heavy bursts of long duration or high duty cycle of operations or overheating.
– Hence, to overcome these faults, there are certain switchgear equipment's used in any sector such as circuit breakers, disconnectors, load-break switches, and fuses etc.
– Factors such as growing electric vehicle infrastructure (EV's) and data centers establishments along with its operations are expected to drive the low voltage DC circuit breakers, which, in turn, drives the industrial segment for low voltage protection control market.
– With rising electrification projects in Africa, the focus has increased on investments and the development of renewable energy. As a result, the extensive development of new renewable projects, and rising electricity usage is expected to increase the demand for low voltage protection control market.
– Major companies like ABB Ltd, Siemens AG, etc. provides a full range of low voltage solutions to connect, protect, control, and measure a wide range of electrical installations, enclosures, switchboards, electronics, and electromechanical devices. For example, the main products that ABB provides under oil and gas industry were power distribution equipment, industrial & explosion proof cable protections systems, E-houses, Integration, and optimization etc.
– In the industrial sector, users of switchgears are available in industrial load applications. Oil and gas, pharmaceuticals, power, paper, data centers are the major industries that are expected to drive the market because protection and control can be handled through these equipment's.
– Therefore, based on the above-mentioned factors, industrial sector is expected to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
– Asia-Pacific has dominated the low voltage protection control market, in 2019 and is expected to continue its dominance in the coming years as well.
– Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for guaranteed power supply is high. For addressing these demands, many countries are investing in the renewable energy sector and transmission and distribution infrastructure.
– As per the International Energy Agency (IEA), the world's most populated country China is likely to install 36% of total worldwide hydroelectricity generation capacity and 40% of all global wind energy between 2015-2021. Already, China has over 259,000 MW of new coal plants in various stages of development and accounts for more than 1/3 of the global coal plant pipeline.
– China has taken the lead over global peers in data center construction, with more enterprises looking to scale up their data centers to ensure the reliability and stability of data services. In 2018, the total data center market size of China stood at approximately USD 18 billion, representing an increase of almost 30% over the previous year.
– On the other hand, India's data center and telecom industries are thriving. The country contains several data center clusters providing plenty of colocation opportunities. The primary colocation data center markets in India are Mumbai, Bangalore, Chennai, Hyderabad, and New Delhi.
– Moreover, India is investing heavily in the renewable sector heavily, with USD 11.1 billion invested in 2018 alone. Most of these investments were directed towards the development of wind and solar farms.
– Therefore, based on these factors, Asia-Pacific region is likely to propel the demand for low voltage protection control market during the forecast period.

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