Rapid urbanization and industrialization across the globe are expected to boost the demand of load break switches
Rockville, March 02, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a market research and competitive intelligence provider, the global load break switches market is predicted to increase at a CAGR of 5.5% and reach a valuation of US$ 4.1 billion by the end of 2033.
The digital transformation of utilities is expected to enhance the efficiency of electricity transmission, distribution, and power generation. As a result, the market for load break switches is expected to witness growth opportunities in the future due to the increasing digitalization of electric utilities. Increasing use of load break switches in renewable energy generation is driving their sales, with high demand in sewage & wastewater, railway, and power projects.
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A load break switch is a disconnect switch that opens or closes the electrical connection depending on the amount of current present. Medium-voltage systems commonly employ load break switches for both switching and protection functions.
Load break switches come in various types, including gas-insulated, vacuum, air-insulated, and oil-immersed. Among these types, the demand for gas-insulated load break switches is expected to grow at a fast pace, owing to their easy maintenance and long lifespan.
The Asia Pacific region holds a significant share of the global market, primarily due to the increasing number of power plant installation projects in countries such as China, India, and Japan.
Key Takeaways from Market Study
The global load break switches market is valued at US$ 2.4 billion in 2023.
The market in China is predicted to expand at a CAGR of 7% during the forecast period (2023 to 2033).
Sales of gas-insulated load break switches are expected to rise at a CAGR of 6% over the decade.
Demand for vacuum load break switches is predicted to increase at a CAGR of 5.5% from 2023 to 2033.
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Fuji Electric started marketing and distributing electrical equipment in 1970 from New Jersey. The company offers a wide range of products, such as ring compressors, circuit load breakers, and inverters.
ABB, a well-known digital firm with its headquarters in Zurich, Switzerland, focuses mostly on the power and automation industries. Power systems, discrete automation and motion, process automation, and low-voltage load break switches are some of the company’s offerings.
G&W Electric Company
Load Break Switches Industry Research Segments
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global load break switches market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the load break switches market based on type (gas-insulated, vacuum, air-insulated, oil-immersed), voltage (below 11 kV, 11 to 33 kV, 33 to 60 kV), installation (indoor, outdoor), and end user (utilities, industrial, commercial), across five major regions of the world (North America, Europe, East Asia, South Asia and Oceania, Latin America, and MEA).
Quick Buy: Load Break Switches Market Report – https://www.factmr.com/checkout/8398 Key Questions Covered in the Load Break Switches Market Report
What will be the estimated size of the Market in 2023?
At what rate will sales in the global Load Break Switches Market grow until 2033?
Which are the factors hampering the Load Break Switches market?
Which region will spearhead the growth in the global industry during 2023-2033?
Which are the factors driving sales in the Load Break Switches Market during the forecast period?
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Float Switch Sensor Market: The global float switch sensor market is set to reach US$ 4.56 billion in 2022 and further expand at a high CAGR of 7.3% to end up with a market valuation of US$ 9.22 billion by 2032. North America and Europe, together, account for over 40% of the global float switch sensor market share at present.
Emergency Stop Switches Market: The demand for emergency stop switches went a slight down in the Covid-19 pandemic. Manufacturers experienced a pause in their production and distribution activities on account of lockdown and social distancing barriers in 2020.
Static Transfer Switches Market: Increasing demand for electricity globally is facilitating numerous growth opportunities for static transfer switches market in recent past. With the growth of generator backed power supply and power utilities, the demand for static transfer switches is also expected to increase during forecast period.
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