Surging Power Demand, Growth in Renewable Energy Sector as well as Expansion of Power Distribution Network Would Fuel the Demand for Load Break Switch and Recloser in Latin America - 6Wresearch
In order to increase the share of renewable power generation, major Latin American countries are anticipated to increase investment in the development of new power generation and distribution network which would result in the growth of Load Break Switch and Recloser market in the region. Further, with the help of Public and Private Partnership Program, Latin American countries are increasing investments in infrastructure development for construction of new roads, power infrastructure, hotels, and manufacturing facilities, which would further drive the growth of the Load Break Switch and Recloser Market over the coming years.
According to 6Wresearch, the Latin America Load Break Switch and Recloser Market is projected to grow at a CAGR of 8.6% and 5.9%, respectively during 2018-24. Brazil and Mexico captured the highest market revenue shares and are projected to generate substantial demand for load break switches and reclosers over the coming years on account of growing investment in power sector. Additionally, Latin American countries such as Mexico utilizes only 1.7% of its overall wind energy potential (71,000 MW). Mexico would expand its wind power generation capacity, which would spur overall power infrastructure in the country during the forecast period.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Reclosers held majority of the revenue share in the overall market in 2017. Recloser market in Latin America was dominated by vacuum-insulated type due to better performance records and reliability of the equipment over other insulation type of load break switches. Further, the demand for reclosers is likely to remain high during the forecast period on account of power projects such as Tapajos Hydropower Complex and Belo Monte Hydroelectric power plant in Brazil."
"The demand for reclosers and load break switches would remain high in Argentina and Brazil on account of improving power related infrastructure in these countries", Ravi further added.
According to Vikrant Tomar, Research Associate, Research and Consulting, 6Wresearch, "Power distribution utilities application captured majority of the revenue share in Latin America's load break switch and recloser market. Surging foreign direct investment in the infrastructure development sector coupled with expansion of manufacturing sector is likely to boost the sales for reclosers in the region."
Some of the major companies in the Latin America Load Break Switch and Recloser market include - ABB, Schneider, Tavrida, Noja Power, Cooper, GE and Eaton.
"Latin America Load Break Switch and Recloser Market (2018-2024)" provides an in-depth analysis with 220 figures and 22 tables, covered in more than 200 pages. The report estimates and forecasts the overall Latin America Load Break Switch & 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.
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