Recloser Market Size Set to Cross USD 1.9 billion by 2028
Recloser market is expanding at a significant growth rate due to increasing deployment of distribution automation and grid modernization projects.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global recloser market size at USD 1.15 billion in 2021. During the forecast period between 2022 and 2028, the size of global recloser market is projected to grow at a CAGR of 8.2% reaching a value of USD 1.94 billion by 2028. An increasing demand for power and automated power distribution and growing investments in smart grids are the main growth drivers for the expansion of global recloser market. The market is also being driven by the rapid industrialization and the expansion of transmission and distribution (T&D) networks. Reclosers are being used more frequently because of the rapid urbanization, industrial development, and economic growth that are all spurring the demand for power. The development of T&D networks as well as technology advancements in microprocessor systems are also further driving the global recloser market. Increasing investments in grid modernization and distribution automation as well as by technology advancements and improvements in power quality and reliability.
Global Recloser Market – Overview
Global urbanization and industrialization activities have grown significantly, greatly increasing the need for power supply. To meet the daily power demands, it has put an excessive load on the facilities that produce and supply electricity. Most businesses and individuals choose to install recloser systems for safety reasons due to the excessive load on circuits caused by rapidly increasing power consumption. Additionally, the increased demand has directly aided in the expansion of T&D networks, which call for the installation of numerous recloser systems in order to prevent any potential damage that could result in a total loss of power. The demand for recloser systems to automate the process and eliminate manual intervention for restoring power supply is also driven by the expansion of automation activities.
The power industry is transforming globally to open the power production segment to private companies. Growing demand for electricity is placing enormous strain on publicly traded and government-owned energy companies, which is indirectly pressuring governments around the world to liberalize access to the market for private energy companies. These specific suppliers can meet the daily energy needs and are also making significant investments in the T&D sector to improve the infrastructure. Like Adani Power Ltd., Tata Power Co. Ltd., and Reliance Power Limited, India is home to large-scale independent power producers (IPP). Germany, Taiwan, Canada, the United States, and India are important countries in the IPP sector. The demand for reclosers is expected to increase due to the improved infrastructure and growing power production capacity.
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Opportunity: Increasing investments in smart grids
Rising investments across the energy sector, particularly in the renewables energy subsector, are expected to propel the growth of global recloser market in the coming years. Smart grid monitors oversee the transmission of electricity from the generation source to end users. It significantly reduces costs and provides energy security while maximizing the power system's stability, resilience, and reliability. Several governments around the world have implemented performance-based revenue regulations. These performance-based revenue regulations have a one-sided or two-sided financial incentive structure. The one-sided incentive structure includes a penalty, whereas the two-sided structure includes a bonus for extra contribution and distributor work.
Challenge: Low-cost alternatives and inadequate infrastructure
The global recloser market was affected due to the increased competition for circuit breaker electronics. Many safety system manufacturers have started making less expensive substitutes to reclosers. The recloser industry is under pressure from increased competition to deliver better after-sales services. Additionally, a lack of adequate infrastructure across the globe prevents the potential market from expanding, as many people do not even have access to a sufficient or appropriate electricity supply across many areas in developing and under-developing countries.
Impact of COVID-19 on Global Recloser Market
The COVID-19 pandemic adversely affected the global market for reclosers. To maintain their market share during the pandemic, market participants changed their business strategies. Market expansion has influenced current trends, challenges, localized insightful development, and mergers and acquisitions. However, growing investments in the renewable energy sector and smart grid projects, as well as the development of T&D networks have boosted the market growth. In addition, advancements in emerging technologies and other strategic alliances among key players in the market are expected to provide growth opportunities for the global recloser market in the coming years.
Global Recloser Market – By Control Type
The global recloser market, based on control type, is segmented into two types: electric and hydraulic. Some of the key features that will drive product demand include operational flexibility, simple customization, and advanced protection. The automated operation of the distribution network, as well as the growing need to replace traditional hydraulic recloser systems, will both improve the business outlook. The growing need to ensure a constant supply of electricity and strengthen and secure the distribution network will drive the market for hydraulic reclosers. Hydraulic reclosers are used by the majority of single-phase reclosers. The product's ability to provide self-contained overcurrent protection space while maintaining low service requirements will further aid in its adoption.
Global recloser market is highly competitive. Prominent players in global elastomeric membranes market include ABB Limited, Eaton Corporation, Schneider Electric, Siemens, NOJA Power Switchgear Pty Ltd., Ningbo Tianan Group, Hughes Power System, Hubbell, S&C Electric Company, Tavrida Electric, Entec Electric & Electronic, G&W Electric, Brush Group, Elektrolites, and Ghorit Electricals Co. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global recloser market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Recloser Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Recloser Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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