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FACTS AT A GLANCE
Edition: 8; Released: May 2021
Executive Pool: 21384
Companies: 48 – Players covered include ABB Ltd.; Eaton Corporation PLC; Schneider Electric SE; Siemens AG; Socomec Group; Rockwell Automation; Ensto India Private Limited; Fuji Electric FA Components & Systems Co., Ltd.; Lucy Electric UK; Powell Industries and Others.
Coverage: All major geographies and key segments
Segments: Type (Gas-Insulated, Vacuum, Air-Insulated, Oil-Immersed); Voltage (Below 11 kV, 11-33 kV, 33-60 kV); End-Use (Utilities, Industrial, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Load Break Switches Market to Reach $3 Billion by 2026
A load break switch is a type of switching device used for voltages and specifically designed for switching and protection of electrical equipment. It is commonly utilized for medium voltage level systems. Growth in the global market is set to be driven by momentum in the end-use sectors. Investments in utilities, process & manufacturing, and commercial enterprise verticals grew progressively in tandem with rising demand for electricity, and products and services in consumer, commercial and industrial verticals, while creating ample opportunities for the load break switch market. Rising energy demand, large-scale capacity additions to the power generation networks, and soaring investments in the distribution sector are poised to steer momentum in the utility-grade load break switch market. With the rapid rise of automation and wider adoption of electrical and electronic systems in industrial environments, demand for load break switches widened on an ongoing basis. Progressive improvements in load break switch technology also have a major bearing on market expansion. With robust efforts from leading vendors such as ABB, GE, Siemens, Schneider, and Eaton, new range of switches integrate sophisticated features in compact size to seamlessly address the myriad requirements of modern electrical infrastructure.
Amid the COVID-19 crisis, the global market for Load Break Switches estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$3 Billion by 2026, growing at a CAGR of 4.3% over the analysis period. Gas-Insulated, one of the segments analyzed in the report, is projected to record a 4.8% CAGR and reach US$1.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Vacuum segment is readjusted to a revised 4.3% CAGR for the next 7-year period. Gas-insulated load break switches, used extensively throughout power distribution networks, are mostly made available in fully-enclosed, pole-mounted, SF6 designs with maintenance free and longer service life features. Vacuum load breaking switch continues to make gains on the back of increasing demand in the utilities sector. Vacuum load breaking switches are designed to provide a limited load switching capability for medium- as well as low-voltage equipment.
The U.S. Market is Estimated at $500.1 Million in 2021, While China is Forecast to Reach $501.3 Million by 2026
The Load Break Switches market in the U.S. is estimated at US$500.1 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$501.3 Million by the year 2026 trailing a CAGR of 5.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR. The replacement of a substantial aging fleet of power T&D equipment installed in Europe, North America and other developed economies is one of the major growth drivers in mature economies.
Air-Insulated Segment to Reach $538.7 Million by 2026
Air-insulated load break switches are extensively installed and utilized as switching and isolating points throughout distribution networks. In the global Air-Insulated segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$287.6 Million in the year 2020 will reach a projected size of US$368.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$58.5 Million by the year 2026, while Latin America will expand at a 4.3% CAGR through the analysis period. More
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