The global load break switches market is anticipated at US$2.3 billion in 2022. Demand is likely to remain high for load break switches during the assessment period. This is due to the increased investment in the power distribution sector and garnering US$ 4.1 billion in 2033, recording a CAGR of 5.4% from 2023 to 2033. The market is likely to secure US$ 2.4 billion in 2023.
The Asia-Pacific region is expected to dominate the load break switch market during the forecast period, followed by North America and Europe. The demand for load break switches increases in North America owing to the growing electricity demand the need for a reliable power supply, and government initiatives to upgrade the power distribution infrastructure.
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Key Takeaways:
- From 2018 to 2022, the market demand expanded at a CAGR of 6.5%.
- Based on type, the gas-insulated segment accounts for a CAGR of 5.2%.
- By voltage, the below 11kV segment is expected to expand at a CAGR of 5.1% during the forecast period.
- North America to emerge as a promising market, capturing a CAGR of 5.3%.
- Asia Pacific is an opportunistic market, expected to capture a CAGR of 5.3% during the forecast period.
Competitive Landscape:
Prominent players in the load break switches market are ABB Ltd.; Eaton Corporation PLC; Fuji Electric Co., Ltd.; Legrand SA; Powell Industries, Inc., among others. Some notable developments are as follows:
- In May 2023 – ABB announced the acquisition of the Siemens low voltage NEMA motor business. The business generated revenues of approximately $63 million in 2021.
- In April 2023 – Eaton (Intelligent power management company) announced it has completed the acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd. (Ryan), a manufacturer of power distribution and sub-transmission transformers in China with revenues of approximately $100 million in 2022.
- In December 2022 – Fuji Electric Co., Ltd. announced that it has launched a switchgear for the global market that saves space and has a reduced footprint.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global load break switches market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
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Key Segments Profiled:
By Type:
- Gas Insulated
- Vacuumed
- Air Insulated
- Oil-Immersed
By Voltage:
- Below 11kV,
- 11-33 kV,
- 33-60 kV)
By End-Use:
- Utilities
- Industrial
- Commercial
By Region:
- North American
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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