Circuit Breaker is referred to an automatic electric switch that finds wide application in stopping the flow of current in an electric circuit to safeguard the electrical system from damage. Circuit breakers are used in commercial, residential, and industrial zones. It assists in protecting the electric appliances from overload, short circuit, or over-current. The key advantages of using circuit breaker include its smooth functioning without the requirement of any replacement such as a safety device or a fuse. As per the report published by Market Research Future, the global circuit breaker market is anticipated to develop at 4.90% CAGR over the forecast period. A detailed analysis report of COVID-19 impact on Circuit Breaker Market is provided with the report.
Circuit Breaker Market Key Companies Studied in This Research Report Are:
Global circuit breaker market is dominated by key players such as Schneider Electric (France), ABB (Switzerland), Mitsubishi (Japan), Siemens (Germany), Powell (US), Toshiba (Japan), Fuji Electric (Japan), CG Power (India), TE Connectivity (Switzerland), Larsen & Toubro (India), Tavrida Electric (Switzerland), and others.
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Global Circuit Breaker Market Overview
Additionally, the circuit breakers are extremely cost effective and offers reliable operation of the electric circuit. Surging access to electricity in emerging economies would drive the growth of circuit breakers. Moreover, administrative bodies around the world are taking steps to build smart cities in prominent places for conserving energy. This would further fuel the market for circuit breakers such as molded and miniature case circuit breaker. The circuit breaker market is estimated to witness high growth rate globally over the forecast period. The growth is primarily owing to the surging demand for efficient safeguarding devices in electrical circuit coupled with sharp growth in electricity consumption and demand.
As per Bloomberg NEF, by 2050, the worldwide electricity demand is likely to reach around 38,700 terawatt from 25,000 terawatt hours in 2017. Such remarkable progress will drive new investment in power sector which in turn will accelerate the demand for electrical devices such as circuit breakers. Besides, the global circuit breaker market is likely to experience significant developments over the forecast period due to increasing shift towards de-centralized power distribution, expanding instances of electrification, increasing industrialization, and increasing urban energy conservation program. For instance, as per reports, the USDA would invest USD 1.6 billion throughout 46 rural electric utility infrastructure projects to enhance electric resilience and reliability. This development will further amplify the demand for circuit breaker market.
Circuit Breaker Market Segmentation
Global circuit breaker market is segmented based on type, region, voltage, and end-user.
Based on type, the market is segmented into indoor and outdoor circuit breaker. The demand for safe operation and high reliability of sub-station equipment is anticipated to drive the outdoor circuit breaker market. Outdoor circuit breakers can function in the toughest climates and operate reliably in any kind of environment.
The global circuit breaker market is further segmented based on end-use. The segmentation includes distribution & transmission, renewables, railways, and power generation. Distribution & transmission segment is projected to lead the market over the forecast period. The growth is attributed to the growing investments in modernization and substation automation of power grids. This would improve protection by curbing energy losses triggered by the poor operational efficiency of conventional devices.
Regional Analysis
Asia Pacific holds the largest share in the circuit breaker market. The increasing population in the APAC market happens to be a key factor in driving the demand for circuit breaker. The growing population requires increased power supply.
Additionally, the surging grid investments primarily in emerging economies such as India and China pave the way for increasing electrification throughout the countries. The need for electrification is mainly dominated by factors like industrialization and urbanization in remote areas of countries such as Indonesia, the Philippines, and Vietnam. Upgradation of power infrastructure and upcoming smart cities in the APAC market create lucrative opportunities for propelling the demand for circuit breaker.
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