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Switching to Efficiency: Innovations in Disconnector Technology
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According to The Business Research Company's, The disconnector switches market size has grown strongly in recent years. It will grow from $13.58 billion in 2023 to $14.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to industrial expansion, regulatory compliance, infrastructure development, market competition, energy demand.
The disconnector switches market size is expected to see strong growth in the next few years. It will grow to $18.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to renewable energy integration, smart grid implementation, electrification initiatives, environmental sustainability, market globalization. Major trends in the forecast period include digitalization trends, technological advancements, electrification of transportation, safety and reliability, customization and modular solutions.
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Market Drivers and Trends:
Growing infrastructural and industrial developmental activities across the globe are expected to propel the growth of the disconnector switches market. Industrial development refers to the development of land for the manufacturing and partial manufacturing of goods, articles, substances, assembly of manufactured products, and others. An increase in infrastructural and industrial developmental activities is expected to boost the utilization of disconnector switches, as they are used in industries to perform regular maintenance and repair activities. For instance, in January 2022, according to a budget document published by the Government of India, the industrial sector grew by 22.9% in the first half of 2021-22 compared to the same period in 2020-21, and it is expected to grow by 11.8% during 2021-22 financial year. Additionally, in November 2021, the fact sheet produced by the White House stated that congress had passed the Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act) for America's infrastructure and competitiveness. Therefore, the growing infrastructural and industrial developmental activities are expected to boost demand for disconnector switches during the forecast period.
Technological advancement is a key trend gaining popularity in the global disconnector switches market. The key players operating in the disconnector switches market are focusing on developing innovative products with greater operating efficiency and operator safety to meet fast-growing end-customer demands and strengthen their business position. For instance, in 2023, Schneider Electric, France based is a pioneer in electrical, digital, and automation solutions for efficiency & sustainability, Enhances Core VisiPacT heavy duty safety switches to improve quality and productivity. The new Core VisiPacT switch features enhanced monitoring and diagnostics capabilities, which provide real-time information on the switch's performance and help prevent downtime. The switch also has improved reliability and durability making it suitable for use in harsh industrial environments.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Schneider Electric, Honeywell International Inc., ABB, Larsen & Toubro Limited, Eaton Corporation PLC, JVCKENWOOD Corp, Emerson Electric Co., Rockwell Automation Inc., WEG S.A., Sysmex Corp, Cipla Limited, Littelfuse Inc., Havells India Limited, Mersen, Socomec Group S.A., CG Power and Industrial Solutions Limited, C&S Electric Limited, Leviton Manufacturing Co. Inc., Wieland Electric Inc., Lucy Electric UK Ltd., Efacec Power Solutions, AutomationDirect, G&W Electric Company, Entec Electric & Electronic Co. Ltd., Tavrida Electric AG, Driescher Gmbh, Wisconsin Oven Corp., NOJA Power Switchgear Pty Ltd., Fuji Electric Co. Ltd., Sälzer Electric GmbH
Disconnector Switches Market 2024 Key Insights:
• The disconnector switches market size is expected to see strong growth in the next few years. It will grow to $18.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Growing Infrastructural And Industrial Developmental Activities
• Schneider Electric Elevates Disconnector Switches With Enhanced Core Visipact For Optimal Performance And Safety
• North America was the largest region in the disconnector switches market share in 2023
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