DIN-Rail Low Voltage Panel Market, by type (fused & Non-fused), By Mount (Panel, DIN Rail & others), By voltage (0-240 V, 240-480 V, 480-690 V), By End User (Industrial & commercial), By Application (Electricity, Mechanical Equipment, Rail Transmit, Telecommunications, Automation, Solar Energy, Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global DIN-Rail Low Voltage Panel market size was estimated at USD 3.85 billion in 2023 and is projected to reach USD 5.3 billion in 2030 at a CAGR of 4.7% during the forecast period 2023-2030.
Rising global transmission and distribution costs, increasing infrastructure and industry development, and increasing safety concerns will impact the low voltage panel market. These factors are expected to drive the growth of the low voltage disconnect switch market.
The report also segments the Low Voltage panel market on the basis of Type; fused and unfused. The market for non-fuse circuits is expected to grow rapidly due to the increase in industrial activity in developing countries. The global market share of fuse able circuit breakers is decreasing, as this type is being replaced by fuseless circuit breakers due to the use of other protective devices in combination with disconnecting switches.
In terms of mounting techniques, the two most commonly used configurations for mounting disconnect switches are panel mount and DIN rail mount. DIN rail mount dominated the low voltage switchgear market in 2022 and is expected to maintain its dominant position during the forecast period.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Global shutdown of companies led to a great shortage of DIN low voltage panels. Since then, Countries in the region are undertaking many smart grid and substation projects as per the standards to fulfill the growing demand for energy which would create a gret demand for global DIN rail low voltage panels.
North America to Dominate the Market