Pune, India, Feb. 04, 2022 (GLOBE NEWSWIRE) -- The global Recloser Market 2022 size is predicted to reach USD 2.92 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period. The rising investments by the government for the generation of power from renewable energy will bolster the growth of the market. For instance, under the Saubhagya scheme, the government successfully electrified 99% of all houses in India. Additionally, the increasing need for inter-regional grid connectivity and growing technological advancement for the integration of microprocessor systems will accelerate the recloser market trends in the foreseeable future. Moreover, rising emphasis on flexible power generation combined with faster ramping and enhanced grid systems will fuel demand for reclosers during the forecast period.
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Some of the Major Companies Present in the Recloser Market are:
- ABB
- Eaton
- Schneider Electric
- Siemens
- S&C Electric Company
- G&W Electric Co.
- NOJA Power
- ENTEC Electric & Electronic
- Tavrida Electric Global
- Arteche
- BRUSH Group
- Iljin Electric
- GE
- Hughes Power System
- Solomon Corporation
High Investment in Grid Modernizing Projects to Enable Speedy Growth
The rising investments for the deployment of distribution automation and grid modernizing projects will contribute positively to the growth of the market. According to the International Energy Agency (IEA) report, around USD 8.9 trillion will be invested in the electricity transmission and distribution (T&D) infrastructure by 2040. Furthermore, the increasing R&D investment and emphasis on the improvement of power quality and reliability of the grid will further create sales opportunities for the reclosers market in the forthcoming years.
Rapid Industrialization to Propel Growth in Asia Pacific
Asia Pacific generated a revenue of USD 0.73 billion in 2018 and is predicted to rise tremendously during the forecast period owing to the growing industrialization and commercialization. The surge in power generation capacity from renewable energy to meet the global targets to curb greenhouse emissions will further support the growth in Asia Pacific. According to the International Energy Agency, China had aimed to cater to 20% of its energy demand by low-carbon sources by 2030. Furthermore, Europe is predicted to grow rapidly during the forecast period. Sustainable industrialization in countries such as the UK, Germany, Norway, Italy, and Russia will contribute positively to the growth in the region.
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According to the report, published by Fortune Business Insights, titled “Recloser Market Size, Share & Industry Analysis, By Phase (Single-Phase, Three-Phase, Others), By Control (Electric, Hydraulic, Others), By Voltage (Low Voltage, Medium Voltage, High Voltage), By Interruption Type (Oil, Vacuum), and Regional Forecast, 2019-2026” the market sized was valued at USD 1.89 billion in 2018. The report is aimed at delivering a complete understanding of the recloser market dynamics, structure by identifying and providing information regarding the key market segments. It also focuses on a comprehensive analysis of key players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to address the question of shareholders and highlights the investment potential in the upcoming future. It also showcases different procedures and strategies of key players presently operating in the market. It further examines the components convincing market expansion, growth patterns and restricting factors.
Launch of Recloser Products by Eaton to Spur Growth Opportunities
Eaton introduced a series of recloser products that will provide accuracy and system reliability to smart grid applications. This launch will help in the expansion of its product offerings in the competitive market. The introduction of the new recloser products are predicted to stimulate the growth of the market in the forthcoming years. Furthermore, the increasing power consumption has led to the construction of new transmission and distribution networks to cater to the demand for power. This factor will further support the growth of the market in the foreseeable future. For instance, in December 2017, Sterlite Power received a contract of laying 1,800 km of power transmission project worth USD 800 million in Brazil. Additionally, rising investment in the power transmission and distribution sector will uplift the recloser market share in the forthcoming year. As per the report of European Energy Industry Investments 2017, an investment of USD 295 billion and USD 290 billion in transmission and distribution infrastructure in the year 2021-2030 and 2031- 2040 respectively has been projected.
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Highlights of the Report:
- Recloser Market Penetration: Comprehensive information on the product portfolios of the top players in the Recloser Market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the Recloser Market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the Recloser Market
- Market Development: Comprehensive information about emerging markets. This report analysis the Recloser Market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Recloser Market
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Recloser Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Phase
- Single Phase
- Three Phase
- Others
- Market Analysis, Insights and Forecast – By Control
- Electric
- Hydraulic
- Others
- Recloser Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Market Analysis, Insights and Forecast – By Interruption Type
- Oil
- Vacuum
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Recloser Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Phase
- Single Phase
- Three Phase
- Others
- Market Analysis, Insights and Forecast – By Control
- Electric
- Hydraulic
- Others
- Recloser Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Market Analysis, Insights and Forecast – By Interruption Type
- Oil
- Vacuum
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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