At 5.4% CAGR, Recloser Market Size to hit US$ 1.3 Bn, Globally, by 2027 - Report by MarketsandMarkets™

MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

Chicago, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Recloser Market size is projected to grow from USD 1.0 billion in 2022 to USD 1.3 billion by 2027, at a CAGR of 5.4% according to a new report by MarketsandMarkets™. The increase in energy consumption and the growth in renewable power generation lead to the rising demand for recloser. As global renewable power capacity increases each year, the demand for power distribution, generation, and transmission grows exponentially in every industry. A recloser is mainly designed for use in overhead distribution lines, distribution substation applications, and smart grid applications. Reclosers sense and interrupt fault currents and automatically restores the service after a momentary outage, further driving the market. The increasing global demand for electric power and rising investments in smart grids are expected to grow the demand for reclosers during the forecast period.

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In the Recloser Market, new technology changes help grow the market. Deep learning has been effectively applied in recent years to categorize partial discharges (PDs) to evaluate the state of insulation systems in various electrical equipment. However, deep learning defect detection is still tough because it needs a lot of training data, which is expensive and difficult to acquire in the real world. The procedure used for detection in the power grid of recloser is a limited dataset of phase-resolved PDs (PRPDs). The suggested approach uses a Siamese network structure and a distance metric function to predict sample pairings from the same PRPD class or other PRPD classes. Brazilian energy distribution companies are investing in developing automatic circuit reclosers (ACRs) to improve their energy systems.

The up to 15kV segment is projected to be the largest growing Recloser Market segment. The expansion of the electrical distribution network and the efforts of distribution utilities to reduce power outages are driving the up to 15 kV Recloser Market. The up to 15 kV reclosers are primarily used in residential applications and rural distribution lines. In a typical overhead distribution system, the power lines are structured with several branch lines, generally referred to as spur lines, which spread out from the main supply line. Due to this structure, it is possible to isolate a faulty line from the rest of the distribution system without disturbing the whole. The up to 15 kV segment is expected to grow at the highest rate due to the increase in the residential power distribution capacity to cater to the increasing demand for electricity in residential areas.

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The Recloser Market has been segmented, based on phase type, into three phase, single phase, and triple-single phase. The triple-single is projected to be the fastest-growing segment of the Recloser Market by phase type. Triple-single-phase reclosers are similar in construction to three-phase reclosers, with the additional benefit of single-phase tripping. These reclosers are rapidly replacing three-phase reclosers in power distribution systems because of better network reliability and overcurrent protection. Three-phase reclosers with single-phase tripping are more widely employed in utility distribution feeders. Triple-single phase reclosers are widely used in North America because of their advanced features, such as improved SAIFI (System Average Interruption Frequency Index), a system index of the average frequency of interruptions in power supply, and SAIDI (System Average Interruption Duration Index), the average duration of interruptions per consumers during the year.

Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific is one of the key markets for reclosers and is home to some of the fastest-growing economies in the world. According to a 2019 report by the World Economic and Financial Surveys, the growth momentum in the largest economies in Asia Pacific remains relatively strong, reflecting the policy stimulus in China and Japan, which, in turn, is benefiting other economies in Asia. The rapid rise in economic growth is likely to lead to an increase in the demand for power. This increased demand is expected to necessitate greater investments in power generation, transmission, and distribution infrastructure. Also, the rise in investments in smart grid technologies that include distribution grid automation, smart meters, and demand response systems in China, India, South Korea, and Australia is likely to create growth opportunities for the Recloser Market.

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Key Market Players

There are several voltage ratings with respect to different end users. A few major players have a wide regional presence and dominate the Recloser Market. The leading players in the Recloser Market include ABB (Switzerland), NOJA Power (Australia), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).

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