Recloser Market Size to Exhibit a CAGR of 6% By 2025 | Future Growth, Latest Trends
Selbyville, Delaware, United States, October 22 2020 (Wiredrelease) Global Market Insights, Inc –:With the increasing efforts for upgrading the power distribution capacity and meet the increasing energy demand, the recloser market is likely to register tremendous gains over the coming years. Additionally, several key firms active in the industry have been focusing on improving their market position through several tried and tested strategies, which is also expected to stimulate market growth.
For instance, in 2017, Ensto, a renowned technology company, acquired Elwia Systems Oy, a leading provider specializing in the field of flexible cabling systems, for commercial electrical installations. Through the acquisition, the company looks to deliver solutions that are more extensive and complete so as to effectively help its customers with their respective projects.
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As companies like Ensto become more active in the market and further expand their footprints, Global Market Insights, Inc., projects that the recloser market is estimated to surpass a $2 billion valuation by 2025.
The recloser market is driven by rapid urbanization, economic growth, as well as improved efforts towards the establishment of more efficient power distribution network. Furthermore, substantial allocation of funds by regulators in efforts to meet the growing grid automation demand, when coupled with the increasing adoption of smart grid, will drive the market scenario.
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Following is a brief overview of key trends that are stimulating the market growth:
Growing adoption to protect single-phase lines
Favorable features like easy and quick installation and enhanced mechanical protection as well as space savings are likely to boost the industry outlook. Reclosers find significant applicability in providing protection to single-phase lines which also includes taps of a three-phase feeder or branches. Product demand from this application avenue would be fostering business growth considerably
Additionally, increasing development of offices, educational premises, residential apartments, and communication & data centers will also positively impact the market landscape.
Reclosers are typically used across the power transmission and distribution systems, spanning the utility poles that travel from substations to residential areas. These single-phase reclosers can be controlled with an electronic control or hydraulic control which is generally based upon the recloser design.
As opposed to the large three-phase reclosers, single-phase reclosers, owing to their lightweight, are generally mounted directly on the substation or pole steel structure independently using the in-built mounting hanger bracket. This removes the need for an extra mounting frame, making them more cost-effective and preferable.
Rising demand for electronic control
In terms of control, the electronic control segment will observe a growth of more than 6% by the end of the forecast timeframe. Regulatory norms taken to boost the automated operation of the overall power distribution network in accordance with the growing need for substituting current hydraulic control reclosers will drive the product demand.
Some of the key features such as ease of customization and programmability, operational flexibility, advanced protection, and automation functionality will further drive the market growth.
Growing product demand across Europe
The Europe recloser market is forecast to witness tremendous growth over the projected timeframe owing to the growing power consumption trends and the increasing prominence of automated technologies.
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Rising demand for reliable systems as well as security at the time of electricity distribution is likely to fuel regional industry outlook. Additionally, substantial fund flow toward smart power distribution systems will also boost the product adoption.
Increasing adoption of 38kV voltage recloser
Based on voltage rating, the 38kV segment will witness immense growth because of its varied application scope throughout the power & infrastructure sectors. Significant investments by power utilities for distributing power over long distances with rapid power refurbishment facility and without causing any disturbance will augment the market outlook.
Hubbell, Tavrida Electric, Eaton, ABB, G&W Electric, NOJA Power, Ensto, Schneider Electric, and Hughes Power System among many others are some of the key players operating in the recloser market. Overall, the market is likely to grow in a significant manner owing to the prominence of automated technologies in Europe, rapid urbanization, and economic growth across the globe.
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