Vancouver, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global load switches market size was USD 2.28 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.3% during the forecast period. Key drivers for this growth include a heightened emphasis on renewable energy systems, substantial investments in power infrastructure, and the pivotal role of load break switches in medium voltage level systems for switching and protection purposes.
Renewable Energy Momentum
The escalating demand for efficient electricity generation from renewable sources, particularly wind and solar energy, is a major catalyst for the market's growth. Notably, the International Energy Agency (IEA) disclosed on September 14, 2023, that renewable electricity is not only more affordable but also constitutes over 50% of power generation in about 30% of countries worldwide. This trend aligns with the global pursuit of a greener and more sustainable future, potentially reducing dependence on nuclear energy.
Technological Advancements and Urbanization Boost Demand
Advancements in load switch technology, coupled with increasing urbanization and substantial investments in infrastructure and electrification, contribute significantly to the market's revenue growth. The utility sector is poised to witness a surge in demand as the need to guard and maintain existing electrical infrastructure rises. Rapid digitalization presents opportunities for efficient, sustainable, and affordable power systems, fostering collaborations between private entities and governments to enhance production capacity and improve power infrastructure cost-effectively.
Challenges Hindering Growth
Despite the positive outlook, the market faces challenges such as the high cost of load switches and a shortage of skilled professionals. Operational costs, expenses, and maintenance may pose obstacles, particularly in low-budget markets. The installation and operation of load switches with advanced features require trained technical professionals, which could limit adoption in regions facing a shortage of skilled personnel. Additionally, the absence of global regulations and standard policies across different regions presents another challenge to market growth.
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Segment Insights
Switch Type: Medium Voltage Leads Revenue Share
In 2022, the medium voltage load switches segment captured the largest revenue share in the global market. The demand for this range of load switches, particularly from China, drove this segment's growth. Medium voltage load switches, operating in the range of 11 kV to 36 kV, find extensive use in various applications, including overhead power distribution in utilities, manufacturing, and commercial industries.
Applications: Utilities Segment Shows Steady Growth
The utilities segment is expected to exhibit a steady revenue growth rate during the forecast period. This growth is attributed to increasing investments by electric utilities in refurbishing existing electrical infrastructure to prevent power outages. Additionally, the segment's utilization in various industries for enhanced efficiency and effectiveness is expected to drive revenue growth.
Load Type: Gas Insulation Dominates Market Share
Gas insulation emerges as the dominant load type, accounting for a significantly large revenue share in the global load switches market. The increasing demand from the electric utility industry, ensuring safe operation and environment, propels the adoption of gas-insulated switches. These switches are particularly used in high voltage applications during emergencies such as short circuits or severe damage.
Regional Insights: North America Leads, Asia Pacific Shows Fastest Growth
North America secured the largest revenue share in 2022, driven by increasing demand for load switches across various industry verticals, rising industrialization, and a growing number of commercial buildings. In contrast, the Asia Pacific market is anticipated to register the fastest growth rate, attributed to the increasing number of power plant construction projects, rising electricity demand, and significant investments in large-scale power generation systems, particularly in China, India, and Japan.
The European market is expected to hold a considerably large revenue share, driven by strict regulations from the European Union (EU) encouraging the production of renewable energy. In Germany, government incentives are fueling demand for load switches to support the transition towards renewable energy and storage systems.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 2.28 Billion |
| CAGR (2023–2032) | 5.3% |
| Revenue Forecast To 2032 | USD 3.80 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Switch type, application, current range, load type, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Simon Electric Pvt. Ltd., Siemens, TCL, Panasonic, Schneider Electric, ABB, Eaton Corporation, Fuji Electric Co., Ltd., Powell Electric, and Feidiao Electrical Appliances Group Co., Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global load switches market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective load switches solutions. Some major players included in the global load switches market report are:
- Simon Electric Pvt. Ltd.
- Siemens
- TCL
- Panasonic
- Schneider Electric
- ABB
- Eaton Corporation
- Fuji Electric Co., Ltd.
- Powell Electric
- Feidiao Electrical Appliances Group Co., Ltd.
Strategic Development
- On October 2023, LyondellBasell announced it had signed a Power Purchase Agreement (PPA) to secure 149 megawatts (MW) of renewable electricity capacity from Lightsource bp´s solar project in Spain. Under this 10-year PPA, Lightsource bp will deliver approximately 284,000 Megawatt-Hours (MWh) of solar power to LyondellBasell annually.
- On August 2023 Nexperia introduced its first Integrated 5 V Load Switch, NPS4053, to the portfolio. NPS4053 can control a wide range of operating voltages from 2.5 V–5.5 V, making it Nexperia’s first 5V integrated load switch. Nexperia said that its latest power chip has an 85% smaller PCB footprint than alternatives with several discrete components.
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For the purpose of this report, Emergen Research has segmented the global load switches market on the basis of switch type, application, current range, load type, and region:
- Switch Type Outlook (Revenue, USD Billion; 2019-2032)
- High voltage load switches
- Medium voltage load switches
- Low voltage load switches
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Power plant
- Power substation
- Utilities
- Industrial
- Mining
- Others
- Current Range Outlook (Revenue, USD Billion; 2019-2032)
- Low current
- Mid current
- High current
- Load Type Outlook (Revenue, USD Billion; 2019-2032)
- Gas insulation
- Air insulation
- Vacuum
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of Middle East & Africa
- North America
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