Portland, OR, April 20, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global circuit breakers market generated $9.8 billion in 2018, and is estimated to generate $14.8 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026. The research provides a detailed analysis of changing market dynamics, market size & estimations, key winning strategies, major segments, and competitive landscape.
Surge in demand for electricity, requirement for reliable power delivery, and increase in electricity access rate throughout the world drive the growth of the global circuit breakers market. Contrarily, safety regulations related the quality of circuit breaker product hinders the market growth up to certain extent. On the other hand, increase in production of renewable energy would offer new opportunities for the market growth.
On the basis of voltage, the low segment accounted for the highest share in 2018, contributing to more than half of the total market share. This is due the surge in rate of adoption of low-voltage circuit breakers for residential and commercial applications. On the other hand, the high segment is estimated to register the highest CAGR of 5.6% from 2019 to 2026, owing to rise in production of energy and requirement for energy distribution and transmission.
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Based on installation, the indoor segment held the highest market share of the global circuit breakers market in 2018, holding more than three-fifths of the total market. This is due to its application in substations, power plants, and various monitoring applications such as chemical plants, automation plants, steel mills, and airports of large buildings. On the other hand, the outdoor segment would witness the highest CAGR of 5.5% during the forecast period.
Based on region, North America is expected to grow at the highest CAGR of 6.1% during the forecast period. On the other hand, the Asia-Pacific accounted for the highest market share, contributing to nearly two-fifths of the total share in 2018, and will maintain its dominant position during the forecast period. The report also discusses regions including Europe and LAMEA.
Leading market players analyzed in the research include BASF SE, Daicel Corporation, Corbion N.V., Merck KGaA, Haihang Industry Co., Ltd., Perstorp Holding AB, Otto Chemie Pvt. Ltd., Shenzhen eSUN Industrial Co., Ltd., Polysciences, Inc., Shenzhen Polymtek Biomaterial Co., Ltd, and others.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.