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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.

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

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  1. 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. Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

  2. 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. Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

  3. Request for a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/243 Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

  4. Regional Analysis • In addition, refurbishing and improving the aging electric grid is a cornerstone of U.S. President Joe Biden’s Bipartisan Infrastructure Law. The U.S. Department of Energy’s 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, E+I Engineering, Chint Group, Regal Rexnord Corporation, Skema S.p.A., and Fuji Electric Co., Ltd. Make An Inquiry To Purchase This Report @ https://www.gminsights.com/inquiry-before-buying/243 Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

  5. Latest Research Report On Low Voltage Switchgear Market@ https://www.gminsights.com/industry-analysis/low-voltage-lv-switchgear-market Request for sample of this research report@ https://www.gminsights.com/request-sample/detail/243 Request for customization: https://www.gminsights.com/roc/243 Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

  6. Stay In Touch You can visit us at: www.gminsights.com Thank You…! © 2017 Global Market Insights, Inc. USA. All Rights Reserved www.gminsights.com www.gminsights.com

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