Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Recloser Controls - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global recloser controls market, which was valued at $1.1 billion in 2022, is projected to grow to $1.8 billion by 2030, with a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2022 to 2030.
The market analysis highlights two key segments: electric and hydraulic, with the electric segment projected to record a 6.6% CAGR and reach $1.1 billion by 2030.
Market Trends and Opportunities
- Electric Segment Growth: The electric segment is forecasted to achieve a 6.6% CAGR, reaching $1.1 billion by 2030. This growth is driven by the increasing adoption of electric recloser controls in various applications, including the power distribution sector.
- Hydraulic Segment Expansion: The hydraulic segment is estimated to grow at a 4.4% CAGR over the next eight years. While electric controls are gaining prominence, hydraulic recloser controls still have a role to play in specific applications.
Regional Insights
- U.S. Market: The recloser controls market in the U.S. is estimated at $237.6 million in 2022.
- China's Growth: China, the world's second-largest economy, is forecast to reach a market size of $382.1 million by 2030, with an impressive CAGR of 7.4% during 2022-2030.
- Other Noteworthy Markets: Japan and Canada are expected to grow at 3.9% and 5.5%, respectively, over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.
Key Competitors
The recloser controls market includes 23 featured competitors. Some of the key players in the market include:
- Siemens AG
- Schneider Electric SE
- S&C Electric Company
- GE Grid Solutions
- Schweitzer Engineering Laboratories, Inc.
- Hughes Power System
- Creative Distribution Automation Co., Ltd.
- Entec Electric & Electronic Co. Ltd.
- Southern States LLC.
- Tavrida Electric AG
- Shinsung Industrial Electric Co., Ltd.
- BH System Co., Ltd.
Economic Outlook
The global economic outlook is gradually improving, with signs of growth recovery in the near term. While various challenges persist, governments and businesses are adapting to address them.
New technologies, including AI, machine learning, cloud computing, and quantum technologies, are expected to drive incremental growth and value to the global GDP in the coming years. While corporate investments may face challenges due to inflation concerns and demand fluctuations, the rise of these technologies opens up new investment opportunities.
The short-term economic landscape presents a mix of challenges and opportunities for consumers and investors. Businesses that can chart a path forward with resilience and adaptability are well-positioned to seize opportunities in this evolving economic environment.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Recloser Control Market: A Prelude
- Types of Recloser Control Systems
- Three-Phase Segment Leads the Recloser Control Market
- Recloser Controls - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Electric Recloser Control Segment Holds Majority Share
- Geographic Market Analysis
- Aging Power T&D Infrastructure and the Need for Replacement in Developed Markets Drives Growth
- RECENT MARKET ACTIVITY
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rise in Distribution Automation for Power Quality and Reliability Drives Growth
- Substation Automation Drives Use of Recloser Controllers
- Increasing Demand for Power Augurs Well for Market Growth
- Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
- Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
- Expansion and Modernization of T&D Networks Hold Potential for Growth
- Smart Reclosers: One of the Promising Technologies up for Adoption by Electric Utilities
- Companies Focus on Technology Upgrades to Support Smart Grid Reliability
- Growth in Renewable Power Generation Augurs Well for Reclosers Market
- World Energy Production (in Billion Kilowatt Hours) by Energy Source for the Years 2017, 2020, 2030 and 2040
- Transition to Smart Grid Infrastructure Drives Market Growth
- Global Investments in Smart Grids in US$ Billion: 2017, 2020 and 2023
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/wbl4rr
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