ID: MRFR/E&P/4433-HCR | February 2021 | Region: Global | 100 pages
Load Break Switch Market is projected to witness ~ 5.25% CAGR during the forecast period.
The global energy and power industry is witnessing a number of new power generation and transmission projects. As the per capita income increases, there is a need for increased access to power for enabling the growth of an economy. For instance, the past decade in the Asia Pacific region witnessed an exponential growth in power plant installation projects, especially in countries such as India and China. With the increase in demand for power, there is an increase in power generation projects that can enable providing power to the masses. With countries fighting to curb pollution caused due to thermal and fossil fuel plants operations, renewable energy installations are seeing a rise in number.
One of the main attributes of electricity power is that the power generated has to be utilized on a real-time basis. Even with energy storage, power generated still must be transmitted through a central grid for utilization. For effective transmission of power, it is necessary that the distributed power must be in line with the grid transmission specifications and frequency so that it doesn’t impact the grid. For smooth enabling of power transmission, components such as load break switches play a crucial role.
The key players of the global Load Break Switch market are ABB (Switzerland), Eaton (Ireland), Schneider (France), GE (U.S.), Siemens (Germany), Socomec (France), Rockwell Automation (U.S.), Fuji Electric (Japan), Powell Electric (U.S.), and Ensto (Finland).
The global load break switch market was valued at USD 1.98 billion in 2017, and the market is expected to witness a steady growth rate during the forecast period. Load break switches are devices that are designed to enable transmission or stoppage of specific types of current. This enables safe operations of the power system and protects the grid from blackouts. The global load break switch market has been segmented based on type, voltage type, installation type, end-use industries, and region. Based on type, the load break switch is further classified into gas-insulated, vacuum-insulated, air-insulated, and oil-immersed types. As per the study conducted by MRFR, the gas-insulated segment is projected to command a major share of the market because of its increased application in renewable energy power system projects. Furthermore, the gas-insulated type is gaining increased popularity, owing to its ease of maintenance and longer life cycles. With countries focusing on large-scale renewable energy projects, globally, the gas-insulated type is expected to command a larger market share among the different types of load break switches. Based on installation type, it is projected that the outdoor segment is expected to command a larger share of the market, owing to its increased implementation in commercial and utility projects. The residential sector is, moreover, witnessing a gradual growth, owing to multiple distributed grid and smart grid projects in the European and North American region. Load break switches are now manufactured with flexible mounting and installation options, which is further expected to boost the market. Based on region, the market was formerly dominated by North America and Europe as these regions had increased emphasis on safety and providing grid connectivity to the remote locations.
As per MRFR study, the Asia Pacific region will dominate the load break switch market as the region is witnessing rapid power generation project implementations. With countries, such as China, India, Indonesia, and Malaysia, investing in major power generation and grid upgrade plans, the region is expected to command a major share of the market. In addition to this, aging grid infrastructure in countries, such as the U.K, Germany, and France, is expected to drive the market growth in the Europe region.
Global Load Break Switch Market
The Asia Pacific region is expected to dominate the market for global load break switches. With major power generation projects and grid upgrade projects being implemented in countries such as China, India, and Indonesia, the market is projected to grow rapidly in the region. With remote grid access being another major agenda in these countries, remote power generations projects also contribute to the growth of the load break switch markets. The market is expected to witness a huge opportunity through the digitization of the utility sector. The Europe region is expected to command the second largest market share with major countries in the region focusing on grid upgrade projects.
|Market Size||2027: Significant Value|
|CAGR||5.25% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Voltage Type, Installation Type and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Eaton (Ireland), Schneider (France), GE (U.S.), Siemens (Germany), Socomec (France), Rockwell Automation (U.S.), Fuji Electric (Japan), Powell Electric (U.S.), and Ensto (Finland)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The load break switch market can surge at 5.25% CAGR by 2023.
By 2023, the load break switch market can surpass a valuation of USD 1 Bn.
Socomec (France), Fuji Electric (Japan), Rockwell Automation (U.S.), Ensto (Finland), and Powell Electric (U.S.), are some reputed companies of the load break switch market.
The high number of installations of gas-insulation load break switch can boost the global market of load break switch.
The launch of numerous power generation projects can cause the load break switch market in APAC to surge.