Increasing Power Demand and Rising Renewable Energy Share Would Create New Power Generation and Distribution Projects Which Would Surge the Demand for Load Break Switch & Recloser Market in Europe During the Forecast Period - 6Wresearch
Load Break Switch & Recloser market in Europe would register substantial growth over the next six years with huge investment in power generation and distribution sector to cater the increasing power demand in the region. Furthermore, to achieve aggressive emission reduction targets, the European Union countries are making significant improvement in renewable energy infrastructure to increase the proportion of renewable energy in overall energy mix to at least 27% by 2030. To achieve this target there would be huge inflow of capital in power generation and transmission infrastructure which in turn would also drive the demand for Load Break Switch and Recloser during the forecast period.
According to 6Wresearch, Europe Load Break Switch and Recloser Market is projected to grow at a CAGR of 8.6% and 5.9%, respectively during 2018-24. Load Break Switch and Recloser market in the European region would experience robust growth in the wake of the refurbishment of aging infrastructure and increasing investment in the power distribution sector. Further, with significant growth in power and industrial sector of several countries, the demand for Load Break Switch and Recloser Market in Europe is likely to grow over the coming years. However, rising investment in renewable energy sector would drive the demand for Load Break Switch and Recloser.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Load Break Switch and Recloser are majorly used in power distribution applications and with the development of power sector infrastructure over the coming years, the market for Load Break Switches and Recloser would benefit consequently."
"To meet 2020 Climate and Energy Package targets and to achieve the objective of 2030 Framework for Climate and Energy Policies, the European Union is going to invest around $162.5 billion for building electricity network for both onshore and offshore storage and smart grid applications at transmission and distribution level. With this investment, development activities would be undertaken in power sector which would also impact the growth of load break switch market positively during the forecast period", Ravi further added.
According to Prakhar Srivastava, Senior Research Analyst, Research and Consulting, 6Wresearch, "Russia, UK and Germany are amongst the top players in terms of revenues in the Load Break Switch and Recloser market in the European region. UK Power Networks is planning to invest $5.04 billion by 2023 on power infrastructure, which would generate more demand for Load Break Switch and Recloser in UK during the forecast period."
Some of the major companies in the European Load Break Switch & Recloser market include - Schneider, Tavrida, Noja Power and Eaton.
"Europe Load Break Switch and Recloser Market (2018-2024)" provides an in-depth analysis with 215 figures and 18 tables, covered in more than 200 pages. The report estimates and forecast the overall Europe Load Break Switch and Recloser market by revenue, types, countries and applications such as Industrial and Distribution power utilities. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.