HOME › Research Insight › The Growth Strategies Adopted By the Major Players of Recloser Market Include Contracts & Agreements, New Product Developments, Expansions, Mergers & Acquisitions, and Joint Ventures
The Growth Strategies Adopted By the Major Players of Recloser Market Include Contracts & Agreements, New Product Developments, Expansions, Mergers & Acquisitions, and Joint Ventures
The global recloser market is likely to witness a CAGR of 3.90% from 2016 to 2021. The U.S. represents the largest market, followed by China and India, in terms of market size, by value. Market growth of recloser is mainly influenced by rise in T&D expenditure, growing investment in distribution automation, and increasing interconnections of electricity grids in regions such as Asia-Pacific, North America, and Europe.
The recloser market is dominated by a few major players, and the rest is fragmented among smaller regional players. Some of the key players operating in the market include ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India) and Eaton Corporation (Ireland).
The growth strategies adopted by the major players of this market include contracts & agreements, new product developments, expansions, mergers & acquisitions, and joint ventures. Contracts & agreements is the most commonly used strategy by the players, constituting more than half of the total development share. The industry has also witnessed new product launches as the second most common initiative adopted in the past 3 years (2014–2016).
Companies are constantly investing in improving distribution reliability, and are trying to improve to reduce distribution losses.
ABB Ltd. (Switzerland), which is a world leader in automation and power control equipment, has adopted innovation as its key strategies to retain its leading position in the market. It is focusing on streamlining its product portfolio by upgrading its existing product line. This increases the company’s competitiveness and enables it to stay updated. ABB has won several contracts and orders for upgrading the network and integrating existing grid with renewable ones. For instance, the company entered into an agreement, worth around USD 150 Million, with the Saudi Electricity Company (Saudi Arabia) to expand five existing substations.
Siemens AG (Germany) is one among the largest producers of energy-efficient, resource-saving technologies, and leading supplier of power generation, transmission, and medical diagnosis systems. It is majorly focusing on the areas of electrification, automation, and digitalization. The company is focusing on innovation-driven growth markets, intensifying customer focus, increasing the scope of its offerings by launching new products, and using the its operational experience. The company has been focusing on innovative technologies and new product developments, along with a strong supply chain management. The company has improved its product offerings and upgraded its product line according to market trends. For instance, the company won a contract to supply low and medium voltage electrical equipment and power transformers for the new Holland Energy Park combined cycle power plant in Holland, Michigan (U.S.).
Recloser Market by Voltage Rating (Up to 15 kV, 16 kV – 27kV, Above 27kV), by Phase Type (Three Phase, Single Phase, Triple- Single Phase), by Control (Electric, Hydraulic)), & by Region - Forecast to 2021
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