The global load break switch market is expected to grow from an estimated market size of $2.23 billion in 2018 to $3.12 billion by 2023, at a CAGR of 6.16%, from 2018 to 2023.
According to the MarketsandMarkets report, Load Break Switch Market - Global Forecast to 2023, the global market is set to witness significant growth due to the refurbishment of aging infrastructure and increasing investment in the power distribution sector.
Digitalisation of utilities presents a significant opportunity for the load break switch market.
In this report, the market has been analysed on the basis of four regions, namely, Asia Pacific, North America, Europe, the Middle East, and Africa.
The report cites the International Energy Agency, stating that the Sub-Saharan Africa region's power sector requires an additional investment of about $450 billion by 2040. Read more: KETRACO energises 132kV Kisii-Awendo transmission line
Added power generation drives market
Hydro, natural gas, and coal are the major sources of electricity generation in the region.
However, there is immense potential for renewable energy sources, with solar PV generation as a highly effective resource for the generation of electricity.
Moreover, factors such as increasing power generation capacity, focus on renewables, and plans to increase electrification rate are expected to drive the African load break switch market.
The market in Asia Pacific is expected to dominate the global load break switch market due to increasing investments in the power distribution sector and refurbishment of aging infrastructure. The Chinese market is expected to dominate the Asia Pacific market.
The load break switch market is expected to grow at a significant rate in countries such as Japan, India, Australia, and South-East Asian countries.