Jersey City, NJ,, May 10, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Recloser Market Size, Share & Trends Analysis Report By Phase Type (Three Phase, Single Phase, and Triple-single Phase), Control Type (Electronic and Hydraulic), Voltage Rating (Up to 15 kV, 16-27 kV, and 28-38 kV), Insulation Medium (Oil, Air, and Epoxy)- Market Outlook And Industry Analysis 2031"
The Global Recloser Market is estimated to reach over USD 1.73 billion by 2031, exhibiting a CAGR of 5.32% during the forecast period.
Reclosers are capable of automatically and manually resetting faults and restoring power supply. When a fault occurs in a circuit more than three times, the recloser shuts the power supply to prevent any accidents. They are commonly used to prevent short circuits in factories, manufacturing outlets, malls, and office settings. Recloser ensures perfect safety and is extensively utilized due to its numerous advantages. The high need for power supply automation is one of the key industry trends.
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Reclosers are in high demand due to the growing use of electrical equipment and devices worldwide. Reclosers aid in the protection of electrical circuits. Key market developments are rising investments in power supply modernization and automation via digital substations. Global urbanization and industry have expanded dramatically, resulting in a considerable increase in demand for power supplies. This has put an additional strain on electricity generation and supply facilities to satisfy daily demands. Because of the increased strain on circuits caused by continuous power usage, most businesses and individuals are electing to install recloser devices for safety reasons.
Recent Developments:
- In July 2021, CPS Energy started a four-year Accelerated Recloser Deployment Program in which the business plans to deploy 144 recloser devices around San Antonio, Texas. The program is expected to assist the corporation in sectionalizing its circuits for greater control and focus, improving reliability and resilience, and testing grid problems.
List of Prominent Players in the Recloser Market:
- ABB
- Eaton Corporation
- Schneider Electric
- Siemens
- Noja Power
- Hubbell
- S&C Electric Company
- Tavrida Electric
- Entec Electric & Electronic
- G&W Electric
- Brush Group
- Electrolytes
- Ghorit Electricals
- Iljin Electric
- Hughes Power System
- Ningbo Tianan Group
Recloser Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 1.1 Bn |
| Revenue forecast in 2031 | USD 1.7 Bn |
| Growth rate CAGR | CAGR of 5.3 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Unit) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Phase Type, Control Type, Voltage Grade, And Insulation Medium |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Market Dynamics:
Drivers-
The increase in power usage has necessitated the creation of transmission and distribution networks to meet the demand. For example, in December 2017, Sterlite Electricity was awarded a contract in Brazil to install 1,800 kilometers of electricity transmission line worth USD 800 million. Increasing investment in Europe's transmission and distribution sectors will benefit the revenue of the recloser market. Under the national policy scenario, the European Energy Industry Investments Report 2017 estimates that USD 295 billion and USD 290 billion will be invested in transmission and distribution infrastructure during the years 2021-2030 and 2031-2040, respectively.
Challenges:
Several safety system manufacturers have begun to create low-cost alternatives to reclosers. India and China are two of the most rapidly expanding markets for automated reclosers. They are, nevertheless, cost-conscious markets, and the price is a major concern when making a purchase. The advent of less expensive recloser competitors, such as PVB, offers a challenge to the expansion of the recloser business in these rapidly increasing countries.
Regional Trends:
Asia Pacific Recloser Market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. Electricity transmission utilities, power distribution utilities, power production utilities, commercial sectors, and trains and metros are some of the region's primary end-users of the recloser. Due to more inferior capital and labor costs, the area's industrial industry is likely to expand further. As their populations grow, Asian countries such as China and India's demand for electricity increases. China is focusing its efforts on the development of intelligent power distribution systems and intelligent substations. Rising investment is thus expected to propel the recloser market during the forecast period. China is also funding heavily in renewable energy sources for electricity generation, such as solar, hydrogen, wind, and natural gas. The demand for reclosers to manage electricity and prevent faults will soar, benefiting the industry.
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Segmentation of Recloser Market-
By Phase Type-
- Three Phase
- Single Phase
- Triple-Single Phase
By Control Type-
- Electronic
- Hydraulic
By Voltage Grade-
- Up To 15KV
- 16-27 KV
- 28-38 KV
By Insulation Medium-
- Oil
- Air
- Epoxy
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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