Circuit Breaker Market Size, 2021 Global Business Trends, Business Share
"Circuit Breaker Market Size, Share and COVID-19 Impact Analysis, By Voltage (Low, Medium, and High), By Installation (Indoor and Outdoor), By End User, By Rated Voltage, and Regional Forecast, 2020-2027," specifies that the market remained at USD 16.04 billion out of 2019 and is projected to arrive at USD 25.85 billion by 2027.
COVID-19 Leads to Halting of Several Power Infrastructure Projects
The worldwide pandemic has squeezed the medical care area as the worldwide offices are redirecting their consideration towards containing the spread of the sickness. As every one of the assets is being directed towards battling the novel Covid, there has been a critical drop in interests in the force business. This is relied upon to frustrate market development sooner rather than later. In any case, by following severe rules and the developing interest for environmentally friendly power, the worldwide Circuit Breaker Market is expected to acquire energy in the approaching years.
DRIVING FACTORS
Increasing Focus on Reliable Power Supply to Aid Growth
Rapid industrialization and the rising demand for efficient electrical infrastructure are propelling the companies to focus on R&D to develop advanced circuit breakers across the globe. The constant demand for reliable and efficient power supply is further expected to favor the sales of the breakers. Short circuits often lead to heavy economic loss and damage to the entire electric system. Therefore, constant efforts to modernize electrical infrastructures and the high demand for reliable power supply are expected to contribute to the global circuit breaker market growth in the forthcoming years.
COMPETITIVE LANDSCAPE
Product Innovation by Major Companies to Consolidate Their Market Positions
Major companies in the global circuit breaker market are striving to maintain their stronghold by focusing on innovating and developing advanced circuit breakers and expanding their product portfolios. The other key players are adopting strategies such as partnership, collaboration, and merger and acquisition. This is expected to contribute to the growth of the market in the forthcoming years.
Industry Development:
August 2020 – Borsa Istanbul announced the launch of its new index-based circuit breaker function for the first time ever. The device will function efficiently by halting the session, as compared to the previous closing value.
List of the Companies Profiled in Circuit Breaker Market:
ABB (Zurich, Switzerland)
GE (Massachusetts, United States)
Schneider Electric (Rueil-Malmaison, France)
Eaton (Dublin, Ireland)
Mitsubishi Electric Corporation (Tokyo, Japan)
Siemens AG (Munich, Germany)
Larsen & Toubro Limited (Mumbai, India)
CG Power and Industrial Solutions Limited (Mumbai, India)
Kirloskar Electric Company (Pune, India)
Camsco Electric (Taipei, Taiwan)
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