With the emergence and long-term Impact of COVID-19, the Global Recloser Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Recloser Market is poised to raise up to USD XX Billion by 2030. Recloser is a type of circuit breaker that is designed for use on overhead distribution lines. It is used to protect the electrical distribution system from faults such as short circuits and overloads. The primary function of a recloser is to automatically interrupt the flow of electrical current when a fault occurs and then quickly restore power after a brief interruption.
The key factors driving the market growth are expansion of transmission and distribution network, upgrades in existing substations and feeder line protection, growing renewable power generation and increasing investments in renewable energy which is anticipated to support the market growth.
Additionally, growing investment in renewable energy contribute significantly to the expansion of the recloser market. For instance, in Sept. 2021, U.S. Department of Agriculture revealed that the Department is planning to invest USD 464 million to build or improve renewable energy infrastructure and to assist rural communities, agricultural producers and companies’ lower energy costs in 48 states and Puerto Rico. USD 129 million of these projects have been funded by the USDA under the Rural Electricity for America Program. This programme offers assistance to support the purchase and installation of renewable energy systems as well as improvements to energy efficiency for rural small enterprises and agricultural producers.
By improving their energy efficiency, rural America will generate and save more than 379 million kilowatt-hours (kWh), or 35,677 homes’ worth of electricity annually. Also, USD 335 million of these projects are being funded by the USDA under the Electric Loan Program. To increase reliability in rural regions, 1,432 miles of line will be built or improved due to the funding. The loans come with USD 102 million for investment in smart grid technology, which makes use of digital communications to track and respond to local variations in electricity consumption.
Moreover, the rising investments in smart grids, and implementation of performance-based incentive schemes and guaranteed service programs is anticipated to create the lucrative opportunity for the market during projected period. However, the high cost of reclosers stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Recloser Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the growing focus of US government on replacing aging T&D infrastructure, rising investments in grid integration projects, and growing focus on renewable energy generation. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the growing investments in renewables and distribution infrastructure, rising power consumption, and growing focus on renewable energy generation likely to propel demand for reclosers in the region.
The global Recloser Market is highly competitive owing to the presence of several key manufacturers such as ABB Group (Switzerland), Hubbell Incorporated (US), Siemens AG (Germany), Schneider Electric (France), Eaton Corporation plc (Ireland), NOJA Power Group Ltd. (Australia), and others.
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Key findings of the study suggest:
- Global Recloser Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the control type segment, electric emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to rising investments in grid integration projects.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Phase Type:
- Three
- Single
- Triple-single
By Control Type:
- Electronic
- Hydraulic
By Voltage Rating:
- Up to 15 kV
- 16-27 kV
- 28-38 kV
By Insulation Medium:
- Oil
- Air
- Epoxy
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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