Load Break Switch Market Forecast & Future Scope To 2027
According to Market Research Future (MRFR), the global load break switch market size is projected to surpass a valuation of USD 1 Bn with 5.25% CAGR from 2017 to 2023 (forecast period). The report describes the crucial factors likely to improve or impede the growth of the global load break switch industry. The report also throws light on the potential impact of COVID-19 on the development of the global load break switch industry.
Load break switch refers to a disconnect switch, the purpose of which is to make or break the electrical connection at certain specified current levels. A load break switch is typically used for medium voltage level systems for switching and safety purposes. In simpler terms, a load break switch is designed to cut off healthy circuits or detach the load in the event of any fault or for maintenance purposes. As a safety measure, load break switches are turned on under no-load conditions. Thus, unlike the Circuit Breaker, which is designed to operate under abnormal conditions such as overcurrent or transients, it has no capacity to make the fault and to separate the electrical system and the connected load.
The global energy and power industry are experiencing a variety of new energy generation and transmission projects. As per capita income rises, there is a need for increased access to power to allow the economy to expand. For example, in the Asia Pacific region, there has been an exponential increase in power plant projects over the last decade, especially in countries such as India and China. With the growing demand for power, there is an increase in power generation projects that can provide power to the masses. With countries struggling to minimize emissions caused by thermal and fossil fuel plant operations, the number of renewable energy installations is increasing.
One of the critical advantages of electric power is that the power generated must be used in real-time. Even with energy storage, the power generated must still be transmitted via the central grid for usage. In order to be efficient in the transmission of power, the distributed power must be in accordance with the grid transmission standards and the frequency so that it does not affect the grid. Components such as load break switches play a crucial role in the smooth operation of power transmission.
The global load break switches market has been segmented by type, voltage type, installation type, and end-use industries.
Based on the type, the global load break switch market has been segmented into gas-insulated, vacuum-insulated, air-insulated, and oil-immersed types. According to the study performed by MRFR, the gas-insulated segment is expected to have a substantial market share due to its increased usage in projects involving renewable energy power systems. In addition, the gas-insulated type is becoming more common due to its ease of maintenance and longer life cycles. With countries concentrating on large-scale renewable energy projects, the gas-insulated model is expected to have a greater market share among the different types of load break switches worldwide.
Based on the voltage type, the global load break switch market forecast has been segmented into below 11 kV, 11-33 kV, and 33-60 kV.
Based on the type of installation, the global load break switch market has been segmented into outdoor and indoor. It is estimated that the outdoor segment is expected to have a greater market share due to its increased implementation in commercial and utility projects. In addition, the residential sector is experiencing rapid growth due to multiple distributed grid and smart grid projects in the North American and European regions. Load break switches are now being manufactured with versatile mounting and installation options, which are expected to improve the market further.
Based on the end-use industries, the global load break switch market has been segmented into utilities, industrial, and commercial.
Based on the region, the global load break switch market has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East and Africa.
As per the MRFR report, the Asia Pacific region will dominate the market for load break switch as the region witnesses the introduction of rapid power generation projects. With countries such as China, India, Indonesia, and Malaysia investing in major power generation and grid upgrade plans, the region is expected to have a significant market share. In addition, the aging of grid infrastructure in countries such as the United Kingdom, Germany, and France is expected to drive demand growth in the European region.
Industry giants in the global load break switch market are ABB (Switzerland), Schneider (France), GE (U.S.), Siemens (Germany), Socomec (France), Eaton (Ireland), Rockwell Automation (U.S.), Fuji Electric (Japan), Powell Electric (U.S.), and Ensto (Finland).
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