Load Break Switch Market Worth 3.12 Billion USD by 2023
PUNE, India, March 2, 2018 /PRNewswire/ --
The report "Load Break Switch Market by Type (Gas-Insulated, Vacuum, Air-Insulated, & Oil-Immersed), Voltage (Below 11 kV, 11-33 kV, 33-60 kV), Installation (Outdoor & Indoor), End-User (Utilities, Industrial, Commercial), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from an estimated market size of USD 2.23 Billion in 2018 to USD 3.12 Billion by 2023, at a CAGR of 6.16%, from 2018 to 2023. The global market is set to witness significant growth due to the refurbishment of aging infrastructure and increasing investment in the power distribution sector. Digitalization of utilities presents a significant opportunity for the Load Break Switch Market.
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Browse 84 Tables and 42 Figures spread through 147 Pages and in-depth TOC on "Load Break Switch Market - Global Forecast to 2023"
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Gas-insulated: The largest segment, by type, during the forecast period.
The gas-insulated segment is expected to hold the majority share of the Load Break Switch Market during the forecast period. Growing energy demand, power generation capacity additions, and increasing investments in the distribution sector are the major factors driving the Load Break Switch Market in the Asia Pacific region. The Asian market players, such as LSIS and Fuji are involved in the manufacturing of load break switches. These factors have resulted in the highest market share of the gas-insulated segment in the Load Break Switch Market.
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The outdoor segment accounts for the largest share of the Load Break Switch Market, by installation, during the forecast period.
The outdoor segment is expected to be the largest market, by installation, from 2018 to 2023. The factors driving the market for outdoor load break switches include vast implementation of outdoor load break switches on pole structures, which are installed in open spaces.
Africa: The fastest growing market for load break switch.
In this report, the Load Break Switch Market has been analyzed on the basis of four regions, namely, Asia Pacific, North America, Europe, the Middle East, and Africa. According to the International Energy Agency (IEA), the Sub-Saharan Africa region's power sector requires an additional investment of about USD 450 billion by 2040. Hydro, natural gas, and coal are the major sources of electricity generation in the region. However, there is immense potential for renewable energy sources, with solar PV generation as a highly effective resource for the generation of electricity. Moreover, factors such as increasing power generation capacity, focus on renewables, and plans to increase electrification rate are expected to drive the African Load Break Switch Market. The market in Asia Pacific is expected to dominate the global Load Break Switch Market due to increasing investments in the power distribution sector and refurbishment of aging infrastructure. The Chinese market is expected to dominate the Asia Pacific market. The Load Break Switch Market is expected to grow at a significant rate in countries such as Japan, India, Australia, and South-East Asian countries.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the Load Break Switch Market. These include GE (US), Siemens (Germany), Schneider (France), Eaton (Ireland), and ABB (Switzerland). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.
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