In the News, a US$2.9 Billion Opportunity for Load Break Switch!
The global market for Load Break Switch is projected to reach US$2.9 billion by 2027
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Load Break Switch market. Report segmentation include Type (Gas-Insulated, Vacuum, Air-Insulated, Oil-Immersed); Voltage (Below 11 kV, 11-33 kV, 33-60 kV); and End-Use (Utilities, Industrial, Commercial).
10 June 9:05 A.M., California/Marketwire/ - According to the new market research report, the global market for Load Break Switch is projected to reach US$2.9 billion by 2027. The ongoing corona virus pandemic has lined up several immediate term challenges for the market. Shuttered factories and commercial establishments come as a short-term blow to utilities and for all players in the energy value chain, including Load Break Switch manufacturers. The market is expected to witness a dip in revenues in the year 2020, as the COVID-19 pandemic brings approximately 25% of the world population under lockdown. As the world enters into a more critical phase of the infection spread, more countries are expected to follow with even more stringent lockdown and stay-at-home measures to curb the spread of the virus. The implications for businesses and industries are grim. The lockdown is severely impacting energy consumption which in turn is taking a toll on cash flows for energy companies. The falling consumption rates can very likely be a real-time indicator of coming economic damage.
Several energy companies including oil exploration companies and utilities have already suspended projects and slashed capex. While the blow to business activities, and revenue has and still continues to be great, the coming years will still be tougher as the world now stares at a looming recession. The world economy is heading towards the worst-of-its kind recession, worse than even the "Great Recession" of 2009. Governments are beefing up emergency budgets for healthcare, sanitation and social security to fight the pandemic. The shutdown has disrupted economic activities in a manner hitherto unimagined and the human cost of the pandemic is continuing to grow and is expected to deal an unprecedented blow to economies worldwide. As businesses struggle to keep afloat, job cuts and bankruptcies are expected to rise sending millions into unemployment. With fiscal coffers rapidly depleting and with emergency budgets beefed up for healthcare, new infrastructure development, upgrade and expansion projects will receive a blow.
As focus on power transmission and distribution infrastructure temporarily recedes, demand in transformer switching applications will soften. Demand for load break switches in ring main gears (RMG) applications will also be hit as investments in electrical power distribution both in primary and secondary distribution substations take a beating. As Industrial activity weakness, opportunities will shrink in applications such as switching of condensers. Upgrades from manual to motorized load break switches will likely witness delays. In the post COVID-19 period, the market's fundamental growth drivers will re-emerge to help growth recover including investments in smart grids. Grids and smart grids constitute the major consumers of load break switches, accounting for robust share in overall sales. Re-emerging focus on upgrade and modernization of grid infrastructure and rising emphasis on smart grids will accelerate deployments of load break switches over the medium term. Similarly, with the rapid rise of automation and wider adoption of electrical and electronic systems in industrial environments, demand for load break switches will improve as migration to Industry 4. 0, smart factory, and smart manufacturing regains pace.
Key Competitors Covered in the Report
Eaton Corporation PLC
LSIS Co. Ltd.
Lucy Electric Uk Ltd.
Powell Industries Inc.
Rockwell Automation Inc.
Schneider Electric SE
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 21384. Among this pool, 1923 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 428 unique participations, a total of 193 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
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