Market Trends of Load Break Switch Industry
This section covers the major market trends shaping the Load Break Switch Market according to our research experts:
Utilities Segment to Dominate in the Market
- The utility segment is estimated to dominate the market for load break switches over the forecast period. The market for the utility segment is driven by the investments being made by electric utilities on refurbishing the existing electrical infrastructure to avoid power failures and deterioration of the existing electrical infrastructure.
- Gas (SF6) insulated load break switch is estimated to have the largest share in the market owing to meet the increasing requirement of the electric utility industry, providing safe operation. SF6 load break switches are used in power distribution grids.
- Based on the installation type, it is projected that the outdoor segment is expected to hold a larger share of the load break switch market, owing to its increased implementation in utility projects like transformers, railway, gas, water, electric, sewer systems, etc. across the globe.
- The European Union countries are making significant improvements in renewable energy infrastructure to increase the proportion of renewable energy in the overall energy mix which requires a huge inflow of capital in power generation and transmission infrastructure which in turn likely to drive the demand for load break switches.
- In addition to this, grid expansion and refurbishment projects in emerging and developed nations across the globe are expected to boost the load break switch market in the coming years.
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Asia-Pacific is Expected to Witness Significant Growth
- The Asia-Pacific region witnessed an exponential growth in power plant installation projects, especially in major countries such as India, Japan, and China. With the increase in demand for power, there is an increase in power generation projects that pushes the need for load break switches in power generation sites. With these countries in the region, investing in major power generation and grid upgrade plans is expected to command a major share of the market.
- The gas-insulated type is gaining increased popularity, owing to its ease of maintenance and longer life cycles. With countries in the region focusing on large-scale renewable energy projects, the gas-insulated type is expected to command a larger market share among the different types of load break switches.
- With remote grid access being another major agenda in these countries, remote power generation 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 in the region.
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