Portland, OR, June 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global circuit breakers market garnered $9.8 billion in 2018, and is expected to reach $14.8 billion by 2026, manifesting a CAGR of 5.3% from 2019 to 2026. The research offers an extensive analysis of changing market trends, market size & forecasts, winning strategies, key segments, and competitive landscape.
Rise in demand for electricity, need for reliable power delivery, and surge in access rate of electricity throughout the world fuel the growth of the global circuit breakers market. However, lack of standard safety regulations regarding quality of products restrains the market growth. On the other hand, rise in renewable energy production is expected to create new opportunities for the market growth.
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Covid-19 Scenario:
- Production activities of circuit breakers have been hindered due to nationwide lockdown imposed in many countries. Moreover, supply chain has been disrupted and shortage of raw materials occurred.
- Installation and maintenance activities in residential, commercial, and industrial applications have been postponed or cancelled during the Covid-19 pandemic.
- However, production and installation activities would get back on track during the post-lockdown as restrictions are lifted off and supply chain is restored.
The report offers detailed segmentation of the global circuit breakers market based on voltage, installation, application, and region.
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Based on voltage, the low segment contributed to the highest market share in 2018, holding more than half of the total share, and will maintain its dominance in terms of revenue by 2026. However, the high segment is projected to witness the largest CAGR of 5.6% from 2019 to 2026.
By installation, the indoor segment accounted for the highest share in 2018, contributing to more than three-fifths of the global circuit breakers market, and is estimated to maintain its leadership status during the forecast period. Contrarily, the outdoor segment is estimated to manifest the fastest CAGR of 5.5% from 2019 to 2026.
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Based on region, Asia-Pacific contributed to the highest share in 2018, accounting for nearly two-fifths of the total share in 2018, and will continue its lead position by 2026. However, North America is projected to register the highest CAGR of 6.1% from 2019 to 2026.
Leading players of the global circuit breakers market analyzed in the report include Daicel Corporation, BASF SE, Haihang Industry Co., Ltd., Merck KGaA, Corbion N.V., Polysciences, Inc., Otto Chemie Pvt. Ltd., Shenzhen eSUN Industrial Co., Ltd., Perstorp Holding AB, Shenzhen Polymtek Biomaterial Co., Ltd, and others.
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