New York, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Disconnect Switch Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Disconnect Switch Market Research Report, Type, Mount, Voltage, Application and Region - Forecast till 2027” the market size is projected to be worth USD 17.86 billion by 2028, registering a CAGR of 5.79% during the forecast period (2021 - 2028)., The market was valued at USD 12.75 billion in 2021.
List of the companies operating in the worldwide disconnect switch market profiled are-
- Abengoa SolarSA (Spain)
- Acciona Energy (Spain)
- GE Renewable Energy (France)
- TSK Flagsol Engineering GmbH (Germany)
- Enel Green Power (Italy)
- BrightSource Energy (US)
- Atlantica Yield PLC (UK)
- eSolar Inc. (US)
- SolarReserve (US)
- ACWA Power (Saudi Arabia)
- Chiyoda Corporation (Japan)
- Alsolen (Morocco)
- Soligua (Italy).
- Among others
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Market Research Future’s Review on Disconnect Switch Market
Several Factors Contributing to Market Growth
Growing transmission and distribution networks, as well as increased investment in industrialization, are the key reasons driving the global disconnect switch market's growth, particularly in developing economies. According to the OECD, cumulative power sector investment from 2017 to 2040 will be around USD 5.9 trillion for transmission and USD 2.1 trillion for distribution. As a result, demand for disconnect switches is likely to rise during the forecast period. Furthermore, the worldwide disconnect switch market is expected to expand rapidly throughout the forecast period due to increased industry safety and expanding urbanization and industrialization.
According to the International Energy Agency (IEA), the United States will need to invest USD 2.1 trillion by 2035 to modernize its grid infrastructure, including 579 GW of new generating capacity and major transmission network refurbishment. Furthermore, as per the India Brand Equity Foundation (IBEF), the infrastructure sector in India witnessed 91 mergers and acquisitions worth USD 5.4 million in 2017 and has a necessity for infrastructure investment worth USD 777.73 billion by 2022, which would increase the demand for efficient power systems, driving the demand for disconnect switches and other electrical components. ABB, Siemens, General Electric, Schneider Electric, WEG SA, and other key players in the worldwide disconnect switch market are actively focused on signing contracts, agreements, and expansions to supply disconnect switch. For example, in April 2019, ABB (Switzerland) stated that it would invest USD 36 million in Mississippi, the United States, to develop its advanced technology manufacturing facilities for electrical switches.
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The Global Market to Grow Post COVID-19 Pandemic
Due to the lockdowns implemented in the majority of countries around the world since December 2019, the proliferation of COVID-19 has had a detrimental influence on the worldwide disconnect switches market. A disconnect switch is typically used to de-energize an electric circuit while servicing or maintaining it. The switch prevents the flow of electrical current by shutting down the power supply, allowing for emergency shutdowns. The switch is used in major factories and power distribution, where high-powered machines are connected to their power source. Disconnect switches are classified into two types: fusible and non-fusible. Fusible switches use fuses to safeguard against overcurrent, whereas non-fusible disconnect switches do not protect against short circuits and simply turn the electrical flow on or off. Due to the temporary closure of businesses in recent months, demand for these products has been disrupted. However, the efforts of some countries to improve their economic conditions, together with the numerous benefits supplied by these items, are expected to raise product demand in the coming years.
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Market Segmentation
The worldwide disconnect switch market has been divided into type, voltage, and application.
Based on type, the worldwide disconnect switch market has been divided into fused and non-fused. The non-fused segment is expected to lead the global market during the forecast period. This is because a non-fused disconnect switch is used without additional fuse protection, making it more desirable, which is also one of the factors for its deeper market penetration.
Based on voltage, the worldwide disconnect switch market has been segmented into low, medium, and high voltage. The low voltage segment rules the global market because a majority of applications lie in this voltage range like commercial, manufacturing, power distribution, and photovoltaic applications, among others.
On the basis of application, the global disconnect switch market has been bifurcated into industrial and commercial. The industrial segment is projected to register a higher growth rate during the forecast period.
Regional Analysis
APAC to Dominate the Global Market
During the projection period, Asia Pacific is predicted to be the largest and fastest-growing market by region. This is owing to China's, Japan's, India's, and other Southeast Asian countries' increasing industrialization and urbanization. In terms of market share and growth rate, China dominated the Asia Pacific.
Segmentation of Market covered in the research:
Disconnect Switch Market Research Report: Information, by Type (Fused and Non-Fused), Mount (Panel mounted, DIN Rail mounted, and Others), Voltage (Low, Medium, and High), Application (Industrial and Commercial), and Region (North America, Europe, Asia-Pacific, the Middle East & Africa, and South America)-Forecast till 2028
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