North America Braking Resistors Market to Grow at a CAGR of 4.5% to reach US$ 3,310.3 million from 2020 to 2027

The braking resistors market in North America is expected to grow from US$ 2,397.1 million in 2019 to US$ 3,310.3 million by 2027; it is estimated to grow at a CAGR of 4.5% from 2020 to 2027.

The US, Canada, and Mexico are major economies in North America. New energy and power projects witnessing investment rise is driving the North America braking resistors market in a positive way. Owing to the growing urbanization and industrial growth, energy consumption has increased manifolds. Therefore, to meet the rising requirements for power, the development of sub-transmission and intrastate transmission networks is increasing. The escalating demand for energy & power, owing to growing household incomes and increasing manufacturing and heavy industries is boosting the North America market of braking resistors. Renewable energy plays a significant role for offering access to electricity. Therefore, development in the energy & power sector upsurges the demand for power transmission projects that demand braking resistors for quickly stop or slow down the mechanical system by producing a braking torque to the electric motor. The growth in electrical infrastructure projects is driving the use of braking resistors among several energy & power projects. Coal-fired thermal power plants, wind power generation through turbines, and nuclear power plants dominate the energy generation sector. However, the demand for braking resistors is high among the power plants as kinetic energy is transformed back into electrical energy. Thus, braking resistors are used to decelerate or slow down an electric motor and the excessive energy generated is dissipated by using these resistors. Owing to the continuous rise in demand for power generation, nuclear facility operators are focusing on increasing their production capacities or growing the number of production plants. Increasing investments in the energy & power sector by the governments across North America are expected to boost the growth of the braking resistors market. With the rise in number of nuclear power plants starting their operations, the demand for braking resistors is anticipated to increase, thereby driving the market.

North America is adversely affected by the COVID-19 pandemic. The US is the worst-hit country in North America, with infected individuals facing severe health conditions across the country. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders. Majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to past, and the electronic & semiconductor and automotive industries are at a halt, which is negatively impacting the braking resistors market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison to the US. However, the manufacturing plants and several other businesses are functioning slowly, which is negatively impacting on the braking resistors market. The coronavirus outbreak will have a limited short-term impact on the market. The short-term effect of coronavirus would not affect the recovery of overall sales in the electronics and semiconductor industry in 2020; this is mainly because of the mounting requirement of fuel-efficient vehicles by various companies in the region.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America braking resistors market. The North America braking resistors market is expected to grow at a good CAGR during the forecast period.

North America Braking Resistors Market Segmentation

North America Braking Resistors Market – By Resistor Element Type

• Wire-wound
• Edge-wound
• Stamped Grid
• Others

North America Braking Resistors Market – By End User

• Oil and Gas
• Mining, Marine
• Automobile and Railway
• Energy
• Others

North America Braking Resistors Market, by Country

• US
• Canada
• Mexico

North America Braking Resistors Market - Companies Mentioned

 

• ABB
• Bonitron, Inc
• REO AG
• Sandvik AB
• Schneider Electric
• Toshiba International Corporation
• Vishay Intertechnology, Inc.
• Yaskawa Electric Corporation

North America Braking Resistors Market Report Scope

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