New York, USA, March 29, 2021 (GLOBE NEWSWIRE) -- According to a recently published report by Research Dive, the global circuit breaker market is projected to garner $21.1 billion by 2026, and exhibit a CAGR of 6.9% from 2019 to 2026. Our analysts state that the rapid growth in number of residential projects & industrialization and the growing adoption of renewable energy across the globe are the major factors expected to bolster the growth of the global circuit breaker market during the forecast period. On the contrary, the growing competition from the unorganized circuit breaker sector and the safety rules & regulations imposed by various governments across the globe related to the emission of greenhouse gases are predicted to hinder the market growth in the coming future.
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Low Voltage Segment to Grow at Fastest Rate
By voltage, the low voltage segment is expected to be the fastest growing segment and generate a revenue of $6.3 billion by 2026. This can be majorly owing to major use of low voltage circuit breakers in commercial and residential application.
Indoor Segment to Dominate the Industry
By installation, the indoor segment is estimated to grow at a healthy CAGR of 6.8% from 2019 to 2026 and is expected to subjugate the global industry during the forecast period. This is mainly attributed to its low maintenance cost and the protection it provides against severe environmental conditions.
Commercial Segment to Grow at Highest CAGR
By end-use industry, the commercial segment is predicted to reach up to $6.6 billion and growth at the highest CAGR during the forecast period, owing to availability of improved software which enhances commercial building operation.
North America Region to Create Lucrative Opportunities for Market Growth
By region, the North America market for circuit breaker is projected to generate $5.6 billion and create lucrative opportunities for the growth of global market by the end of 2026, owing to the rapidly growing renewable energy power projects in the region.
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Key Market Players
The top players operating in the global circuit breaker industry include -
- Powell Industries.
- GENERAL ELECTRIC
- Hitachi Industrial
- Equipment Systems Co. Ltd.
- Siemens
- Eaton
- CG Power and Industrial Solutions Limited
- Schneider Electric
- Toshiba Corporation.ABB
- Mitsubishi Electric Corporation
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Further, the report summarizes and provides various aspects of all the key players functioning in the overall market such as product portfolio, financial performance, strategic moves, recent developments, SWOT analysis, and many more.
These players are adopting several strategies to hold a robust position in the global industry. For instance, in July 2018, ABB, a pioneering technology leader working closely with utility, transportation, industry, and infrastructure customers, announced the launch of ‘VD4-AF,’ a new vacuum circuit breaker especially designed for steel furnaces. The product can perform 150,000 close-open operations and also ensures reduced total costs of the furnace operation.
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