Load Break Switch Market is projected to reach USD 13.2 Billion by 2023.
According to the new market research 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, The load break switch 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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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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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.
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The key players in the load break switch market include GE (US), Siemens (Germany), Schneider (France), Eaton (Ireland), and ABB (Switzerland). New product launches was the most commonly adopted strategy by the top players in the market from 2013 to 2017. It was followed by contracts & agreements, and investments & expansions, and mergers & acquisitions.
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