Market Scope
The
global load break switch market was worth USD 1.98 billion in 2017, and could
project a steady growth rate during the forecast period (2017-2023), predicts
Market Research Future (MRFR).
Growth Boosters and Key
Barriers
With
the fast-track growth in the worldwide population, the power industry is noting
a surge in the number of power generation and transmission projects. The
increasing need for access to power that benefits the economy works in favor of
the load break switch market. In the past decade, Asia Pacific has grown exponentially
backed by rising number of power plant installation projects. These projects
have been gaining momentum in countries like India and China where the burgeoning
population calls for higher power distribution. These factors are bound to
accelerate market growth in subsequent years.
The
load break switch market could note further growth during the review period as
a result of the mounting demand for compact load break switches for applications
in low and medium voltage. Surging industrialization coupled with increasing
investments in the electrification and infrastructure developments all over the
world has boosted the demand for load switches. These switches are progressively
being used to cut-off power in electrical equipment during maintenance, emergency
shutdowns as well as repairs. Consequently, the load break switch market is anticipated
to note an impressive growth in the ensuing years.
Load
Break Switch Market Segmentation
MRFR
has analyzed the Global
Load Break Switch Market with respect to type, voltage type,
installation type and end-user.
Type-wise,
the load break switch market can be considered for vacuum-insulated, gas-insulated,
oil-immersed and air-insulated. Between these, the gas-insulated segment could
seize the largest share on account of surging application in renewable energy
power system projects. However, the gas-insulated type is gaining immense
traction owing to long-life cycles as well as its ease of maintenance.
Depending
on installation type, the market can be broken down to outdoor and indoor. It
is estimated that the outdoor segment could acquire the larger share, given its
rising implementation in projects. The residential sector is set to demonstrate
steady growth thanks to increasing adoption of smart grid systems.
In
terms of voltage type, the load break switch market includes below 11kv,
11-33kv, 33-60kv.
The
end-users in the load break switch market are industrial, utilities, and commercial.
Regional Insight
The
key markets for load break switch studied in the MRFR report include Asia
Pacific, North America and Europe.
The
highest share of the load break switch market has been acquired by North
America, with Europe coming in a close second. These regions stress heavily on safety
and also on offering grid connectivity to remote locations. On top of this,
growing power generation capacity, focus on renewable power generation, and
plans to boost electrification rate are expected to intensify market growth in
these regions.
Asia
Pacific could grow at the highest CAGR in the following years, as a result of the
presence of a large number of power generation projects as well as grid
upgradation projects. Countries like India, China and Indonesia are at the
vanguard of the regional market, presenting tremendous opportunities in the
form of rising digitization in the utility sector. Apart from this, renowned
vendors in the region are concentrating on research and development of load
break switches to make them compact and ideal for low voltage devices. In
addition, these local companies are striving to offer customized solutions to
end-users for gaining a competitive edge and elevate their position in the
market.
Renowned Companies
Some
of the well-known companies shaping the worldwide load break switch market include
Rockwell Automation (U.S.), Fuji Electric (Japan), Siemens (Germany), Powell
Electric (U.S.), Socomec (France), ABB (Switzerland), Schneider (France), Ensto
(Finland), Eaton (Ireland), GE (U.S.), to mention a few.
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