The global load break switches market size is likely to be valued at USD 2.4 billion in 2023. The increasing application of load break switches in different industry verticals is driving market growth. The market is estimated to garner USD 4.1 billion in 2033, recording a CAGR of 5.4% from 2023 to 2033
Increasing the application of load break switches in utility and industrial sectors is expected to boost market sales in the forecast period. The growth of the load break power switches market is due to the increasing investment in the power distribution industry and increased focus on renewable energy generation.
Increased demand for renewable power generation and growing investment in the power distribution sector are likely to provide opportunities for load break switches during the forecast period.
Increasing focus on energy efficiency, driven by environmental concerns and the need to reduce energy costs is driving the demand for load break switches as they help to improve the efficiency of power distribution networks. Increasing applications in the commercial sectors have created opportunities for market growth.
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The demand for load break switches in the utility sector is expected to increase during the forecast period due to the increasing investment by electric utilities toward guarding and maintaining existing electrical infrastructure. The demand for gas-insulated load break switches is high in the utility sector owing to their ability to safely handle the requirement of the utility sector.
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.
Key Takeaways from the Market Study
- 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 to be an opportunistic market, expected to capture a CAGR of 5.3% during the forecast period.
“Growing focus on renewable power generation and increased industrialization, urbanization is expected to drive the market in the forecast period. The increasing demand from the industrial sector globally is projected to play a vital role in strengthening the market”. – says FMI Analyst.
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 USD63 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.
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Know More about What the Load Break Switches Market Report Covers
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.
To understand opportunities in the quantum cascade lasers market, the market is segmented based on the type, voltage, and end-use across five major regions.
Key Segmentation
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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