Low-voltage release (LVR) or low voltage protection and control devices are very useful for circuits where re-energization after a brief or temporary loss of power is safe and desirable. When a high load of voltage is being drawn, no machine can control that. In the case of short circuits or loops or lightning, millions of volts strike the power supply. In that case low voltage protection and control devices are installed, states Vantage Market Research, in a report, titled “Low Voltage Protection and Control Market by Product Type (Protection equipment, Switching Equipment, Monitoring devices), by End User (Residential, Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).” The market size stood at USD 15.51 Billion in 2021. The global Low Voltage Protection and Control Market size is expected to reach USD 23.02 Billion by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Rising Demand Renewable Energy Source and Safeguarding Industrial Equipment is Expected to Boost the Low Voltage Protection and Control Market
A low voltage protection and control devices are part of the electrical system of the house. Not only in residential areas but also in various industries, it is helping people to save millions of short circuits, technical faults, and some other problems that can be solved with this single device. Nowadays, the need for renewable source of energy is gaining huge demand and various government organisations are emphasizing to include low voltage protection and control devices in industrial as well as commercial spaces. The advantages of this are the energy is distributed evenly and hence can save huge number of resources for generating electricity. The industrial segment is expected to gain huge importance for Low Voltage Protection and Control Market by 2027, with increasing installation of EV charging stations, IT and Data Centres, and renewable energy installations. EV charging stations are expected to have the highest growth rate with several countries offering incentives and increased sales of electric vehicles.
Dec 30, 2022
