PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424950
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424950
Global Disconnect Switch Market is valued at approximately USD 13.75 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.8% during the forecast period 2023-2030. Disconnect Switch is an electrical switch used to disconnect a circuit from the power source or to isolate a specific part of the electrical system for maintenance or repair purposes. The primary function of a disconnect switch is to ensure the safety of personnel and equipment by providing a means to de-energize a circuit. The Disconnect Switch Market is expanding because of factors such as increasing demand and distribution of electricity and the growing deployment of smart grid. Disconnect switches are commonly used in various electrical systems, including industrial, commercial, and residential settings. They are typically employed in situations where it is necessary to isolate a piece of equipment, such as a motor, transformer, or other electrical devices, for servicing, inspection, or repair without having to shut down the entire electrical system. As a result, the demand for Disconnect Switch has progressively increased in the international market during the forecast period 2023-2030.
Disconnect switches play a crucial role in electric power distribution networks by providing a means to isolate and de-energize specific sections for maintenance or repair without affecting the entire system. According to Statista, in 2020, the global electricity demand exceeded 23 petawatt hours and is anticipated to surge to approximately 35.3 petawatt hours by the year 2040. Furthermore, in 2022, fossil fuels continue to dominate global electricity generation with Coal, which accounts for approximately 35.8% of the worldwide power mix, holding the primary position, followed by natural gas with a 22% share. In addition, China, India, and the United States emerged as the leading consumers of coal for electricity generation in the year 2021. Another important factor that drives the Disconnect Switch Market is the increasing deployment of the smart grid. Evolution toward smart grids, which incorporate advanced communication and control technologies, impact disconnect switch designs which can provide real-time data, remote monitoring, and control capabilities, enhancing the efficiency and responsiveness of the electrical distribution system. In addition, as per Statista, the smart grid technology market, valued at nearly USD 50 billion in 2022, is anticipated to experience robust growth with a projected Compound Annual Growth Rate of 17.4% and is expected to propel the market to approximately USD 130 billion by the year 2028. Moreover, strategic government initiative towards industrial safety norms and rising industrial automation is anticipated to create lucrative growth opportunities for the market over the forecast period. However, the high cost of circuit breaker technology and technical complexity is going to impede overall market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Disconnect Switch Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the significant investments in electrical system safety equipment and growing industrial safety concerns in the region. In certain situations, disconnect switches are used for voltage regulation. They can be employed to disconnect or connect specific parts of a power system to maintain voltage within acceptable limits. The region's dominant performance is anticipated to propel the overall demand for Disconnect Switch. Furthermore, Asia Pacific is expected to grow fastest over the forecast period, owing to factors such as the replacement of outdated transmission and distribution network equipment, and the strong demand for power from commercial and industrial buildings in the region. The electrical industry experiences continuous technological advancements, leading to more efficient and reliable equipment. The replacement of outdated transmission and distribution network equipment is driven by the need to incorporate these technological improvements, enhancing overall system performance.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable