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Load Break Switch Market Size | Global Industry Analysis, Opportunity Assessment and Competitive Landscape till 2023

Load Break Switch Market Size by Type, by Voltage type, Installation Type, By End-User, Forecast till 2023

ID: 1555952
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(businesspress24) - Global Load Break Switch 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.

Some other factors favoring the Load Break Switch Market Size are growing investment in power distribution sector and refurbishment of aging electrical infrastructure. The expanding renewable-based power generation is touted to bolster the demand for load break switches in the years ahead. To elaborate, significant government initiatives across various regions are striving to boost renewable energy generation. These eco-friendly initiatives are bound to motivate market growth during the conjectured timeframe.

Global Load Break Switch Industry 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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published by: mrfr123
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Date: 02/13/2020 - 08:11
Language: English
News-ID 1555952
Character count: 4937
Firma: Market Research Future
Ansprechpartner: Avni Feedback to about Pressrelease-id:
Stadt: Pune

Meldungsart: Financial
Versandart: send
Freigabedatum: 13/2/2020

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