The global load break switch market is expected to grow from an estimated market size of USD 2.23 Billion in 2018 to USD 3.12 Billion by 2023, at a CAGR of 6.16%, during the forecast period. The global load break switch market is set to witness significant growth due to the refurbishment of aging infrastructure, increasing investment in the power distribution sector, and focus on renewable power generation. Digitalization of electric utilities is one of the major opportunities for the load break switch market. The emerging markets in Asia Pacific present a great opportunity for the load break switch market due to significant government initiatives to promote renewable energy generation and refurbishment of the aging electrical infrastructure.
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The gas-insulated segment is expected to hold the majority share of the load break switch market during the forecast period. Growing energy demand, power generation capacity additions, and increasing investments in the distribution sector are the major factors driving the load break switch market in the Asia Pacific region. The Asian market players, such as LSIS and Fuji are involved in the manufacturing of load break switches. These factors have resulted in the highest market share of the gas-insulated segment in the load break switch market.
Asia Pacific is expected to be the largest load break switch market
The global load break switch market has been analyzed on the basis of six regions, namely, Asia Pacific, North America, Europe, the Middle East, South America, and Africa. The market in Asia Pacific is expected to lead the global load break switch market by 2023. The market size in this region can be attributed to the increasing focus on the power distribution sector, of which load break switch is a part. Countries such as China, Japan, and India are the key markets for load break switches in Asia Pacific. The refurbishment of aging electrical infrastructure in the region is expected to drive the market in Asia Pacific.
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Some of the key players in the Load Break Switch Market include GE (US), Siemens (Germany), Schneider (France), Eaton (Ireland), and ABB (Switzerland).