Pune, India, Feb. 15, 2021 (GLOBE NEWSWIRE) -- The global circuit breaker market is expected to experience considerable growth by exhibiting a CAGR of 6.6% between 2020 and 2027. The growth is attributable to the increasing focus on the secured and reliable power supply that is driving the demand for these breakers across the globe. Fortune Business Insights, in its latest report, titled, “Circuit Breaker Market Size, Share & 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,” mentions that the market stood at USD 16.04 billion in 2019 and is projected to reach USD 25.85 billion by 2027.
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COVID-19 Leads to Halting of Several Power Infrastructure Projects
The global pandemic has put tremendous pressure on the healthcare sector as the global agencies are diverting their attention towards containing the spread of the disease. As all the resources are being channeled towards fighting the novel coronavirus, there has been a significant drop in investments in the power industry. This is expected to hinder market growth in the near future. However, by following strict guidelines and the growing demand for renewable energy, the global market is anticipated to gain momentum in the forthcoming years.
A circuit breaker is a type of automated electrical switch that is primarily designed to protect the electrical circuit from damages caused due to short circuit or electrical overload. It efficiently detects a fault condition by interrupting the electric continuity and immediately discontinues electrical flow to prevent damages to the system. They are mostly adopted in several industrial applications such as commercial complexes, residential and commercial buildings, and hotels, among others.
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What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming 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.
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SEGMENTATION
Medium Voltage Segment Held 45.2% Market Share in 2019
The medium voltage segment, based on voltage, held a market share of about 45.2% in 2019 and is anticipated to experience growth owing to the increasing preference for medium voltage circuit breakers across several industrial applications such as infrastructural and utility.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Increasing Number of Manufacturing Units to Favor Growth
Among all the regions, the market in Asia-Pacific is expected to remain dominant. The region stood at USD 6.14 billion in 2019 and is expected to hold the highest position in the global market during the forecast period. This is attributable to the increasing number of manufacturing units that is propelling the demand for these breakers in countries such as China, Japan, and India.
North America is anticipated to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the increasing investments by key players to develop electrical infrastructures between 2020 and 2027.
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 the 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)
- BCH ELECTRIC LTD (Delhi,India)
- Salzer Group (Tamil Nadu, India)
- Atom Power, Inc. (North Carolina, United States)
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Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Circuit Breaker Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Circuit Breaker Market Analysis (USD Billion), Insights and Forecast, 2021-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Market Analysis, Insights and Forecast – By End User
- Residential
- Commercial
- Industrial
- Utility
- Market Analysis, Insights and Forecast – By Installation
- Indoor
- Outdoor
- Market Analysis, Insights and Forecast – By Rated Voltage
- Upto 500V
- 500V- 1kV
- 1kV-15kV
- 15kV-50kV
- 50kV-70kV
- 70kV-150kV
- 150kV-300kV
- 300kV-600kV
- 600kV-800kV
- Above 800kV
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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