Recloser controls market is projected to hit $3.6bn by 2033
The global recloser controls market is expected to garner $3.6 billion by 2033, exhibiting a CAGR of 5.3% from 2023 to 2033.
Electric equipment called a recloser is a high-end, precise automatic switchgear device. A recloser has sophisticated electronics and sensors that aid in preserving the electricity grid from breaking down. It either opens or shuts off the power supply when a short circuit happens. It automatically closes and restarts the power after a while.
A recloser has the ability to manually and automatically reset faults while also restoring power supply. It shuts the power supply when a fault occurs more than three times in a circuit to prevent any mishap.
Reclosers are mostly used to avoid short circuit-related events in businesses, manufacturing facilities, malls, and office settings. Because of their many advantages, reclosers are widely employed in these settings and guarantee total safety.
Over the projected period, North America will account for a leading market share in the recloser industry. This regional market is expanding on the back of growing investments in smart grid projects, automatic distribution systems, and infrastructure development. The market is also benefiting from the increasing demand for the installation of automatic safety systems in both the residential and commercial sectors.
Inmarsat published a whitepaper in April 2021 that highlights the value of satellite-monitored reclosers for remote areas. The Inmarsat L-band network's BGAN M2M service is the best option for recloser control and monitoring. In locations on the continental hemisphere that are not near the poles, it offers up to 99.9% uptime even during bad weather.
Key takeaways from market study
- The global recloser controls market amounted to $2.1 billion in 2023.
- Worldwide demand for recloser controls is projected to expand at a CAGR of 5.3% during the forecast period (2023 to 2033).
- The global market is estimated to touch $3.6 billion by 2033.
- The market in China is anticipated to expand rapidly at an annual rate of 7.4%.
- The market in Germany is forecasted to expand at 4.1% CAGR through 2033.
“Global urbanisation and industrialisation have increased dramatically, which have greatly increased the need for power supply. Due to the high load on circuits brought on by rapidly rising power consumption, a majority of organisations and those in the residential sector are installing recloser devices for safety reasons,” says a Fact.MR analyst.
The market is fiercely competitive in North America with many well-known companies providing specialised technology. Market leaders in the United States are ABB Ltd., Cooper Industries, and G&W Electric, to mention a few.
In July 2019, to increase the dependability of the electric grid, Georgia Power (US) invested more than $4.1 billion in extending transmission and distribution facilities.
More valuable insights on offer
The study divulges essential insights on the market based on type (integral hydraulic controls, electronic controls), phase (three-phase, single-phase, triple-single-phase), and application (substations, power distribution systems, line interfaces), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
These insights are based on a report on Recloser Controls Market by Fact.MR.