Israel Low Voltage Components Market Synopsis
The Israel Low Voltage Components Market is projected to experience significant expansion in the coming years. This growth is expected to be fueled by the rising demand for electricity and the flourishing infrastructure sector, which is set to attract investments of approximately $9.5 billion in the design, development, building, and maintenance of various physical facilities and systems that support and enable commercial and social activities. It comprises a wide range of critical structures and networks essential to a country's growth and development, which would start in 2023 and last for years. accounting for nearly 7.5% of the annual budget. One of the primary drivers of this market growth is the infrastructure gap compared to other countries like Sweden, Austria, and similar peers. To bridge this gap, the Israeli government is actively involved in various infrastructure projects. As a result, the low-voltage components industry is expected to remain a major revenue generator in the country, presenting promising opportunities for businesses in this sector.
According to this research, Israel Low Voltage Components Market size is projected to grow at a CAGR of 5.4% during 2023-2029. The Low Voltage Components Market in Israel is poised for substantial growth in the foreseeable future, primarily due to the Israeli government's ambitious plans to invest $27 billion in diverse infrastructure projects. These projects encompass the development of roads, bridges, ports, tunnels, railways, and subways, all of which are anticipated to drive significant demand for electrical components in the Israeli market. Additionally, a collaborative effort between the finance, interior, construction, and housing ministries has resulted in a shared objective to commence the construction of 280,000 housing units by the year 2025. This strategic initiative is likely to further boost the demand for low voltage components in the country. As a result, the market holds promising opportunities for stakeholders in the electrical components industry looking to capitalize on the expanding infrastructure and housing sectors in Israel.
Market by Industry
Residential & Commercial Buildings acquired the majority share in the Israel Low Voltage Component Industry on account of robust housing construction across the country. For instance, the ongoing construction of 1,300 homes in west bank region along with upcoming construction of 4,427 housing units in the same region would increase the demand of LV components in upcoming years.
Market by Application
Miniature circuit breaker (MCB) acquired the major share in Israel Low Voltage Components Market by virtue of the development of the residential and commercial sector in Israel evident from projects such as Meir Yaari 11, Netanya residential project, H-Shadal tower and others. Further, MCB is expected to grow at a faster rate in upcoming years owing to the upcoming infrastructure projects in Israel such as Metro Line developments in Tel Aviv, and national highway development throughout Israel.
Market by Vertical
Apartments on the basis of construction acquired the majority revenue share due to the development of residential buildings and housing units in Israel. For instance, the development of 1,800 homes and a further 1,500 houses in Jerusalem. Furthermore, with the government having a high completion rate of 90-95% for their plan to construct nearly 70,000 new homes (apartments and private residences) annually by 2025, an increase from the previous target of 55,000 homes per year, the demand for apartments and high-end offices is expected to sustain its current trend in the foreseeable future. Power grid reconstruction acquired the majority revenue share in the low voltage components market of Israel owing to continuous development of grid facility in Israel evident from projects such as addition of 400 KW power line Galilee -Caesarea, 161-kilowatt line towards the Bar’on Junction and more. Further the upcoming projects such as development 400-kilowatt line in Tsafit -Gezer, 161-kilowatt powerline for Mitzpe Ramon would carry the market forward in the future. IECo will oversee both the construction and reconstruction projects of the power grid, with a specific focus on procuring low voltage components through tender processes.
Market by LV and MV Panels
Low voltage panel holds the higher revenue share in the Low Voltage components market of Israel on the back of their application in residential and industrial sectors which observed significant growth in recent years and is expected to grow even more in the upcoming period. Further, the market for MV panels in Israel is expected to observe significant growth owing to the development of power grids and the renewable energy sector in the upcoming period.
Market by Wall Socket and Switches
Switches would observe the highest growth over the coming years owing to governments investment of nearly $28 million in infrastructure projects throughout Israel by 2025 along with development of 7,287 housing units in West Bank region residential buildings and complexes in Israel.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Israel Low Voltage Components Market Overview
- Israel Low Voltage Components Market Outlook
- Israel Low Voltage Components Market Forecast
- Historical Data and Forecast of Israel Low Voltage Components Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Israel Low Voltage Components Market Revenues, By Industry for the Period 2019-2029F
- Historical Data and Forecast of Israel Low Voltage Components Market Revenues, By Application for the Period 2019-2029F
- Historical Data and Forecast of Israel Low Voltage Components Market Revenues, By Vertical for the Period 2019-2029F
- Historical Data and Forecast of Israel Low Voltage Components Market Revenues, By LV & MV Panels for the Period 2019-2029F
- Historical Data and Forecast of Israel Low Voltage Components Market Revenues, By Wall Socket & Switches for the Period 2019-2029F
- Market Drivers and Restraints
- Industry Life Cycle
- Israel Low Voltage Components Market - Porter’s Five Forces
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Industry
- Residential & Commercial Buildings
- Infrastructure
- Industrial
By Application
- Cabinet/ Panels
- MCB
- RCCB/ RCBO
- MCCB
- ACB
- Thermal Relays
- Starters
By Vertical
- Construction
- Power Grid Construction & Reconstruction
By LV and MV Panels
- LV Panel
- MV Panel
By Wall Socket and Switches
- Wall Socket
- Switches
Table of Contents
1. Executive Summary
Companies Mentioned
- ABB Israel
- Siemens Ltd
- Schneider Electric
- L&T Technology Services
- Eaton Corporation
- Allen Bradley
- E-T-A
- Weidmuller
