New York, USA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global circuit breaker market is expected to generate a revenue of $20.6 billion by 2026, growing exponentially at a CAGR of 6.5% during the forecast period 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figure Pre and Post the COVID-19 Outbreak
According to the report, the market is predicted to grow at a CAGR of 6.5% during the forecast period, while it was anticipated to be 6.9% in the pre-pandemic scenario from 2019-2026. This decline is majorly due to the prevalence of lockdowns in various countries across the globe which led to the temporary closure of all construction activities and their future projects. In addition, strict rules and regulations concerning the environmental policies on the circuit breakers is further expected to impede the growth of the circuit breaker market during the forecast period.
Factors Influencing the Market Size Pre and Post the COVID-19 Outbreak
According to the report, real-time market size has substantially decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $9.9 billion in 2020, while its estimations were $14.1 billion in the pre-pandemic scenario. The global transmission of virus has had a devastating impact on the circuit breaker industry, leading to the stoppage of industrial operations so as to curb the spread of the virus during the pandemic. This led to the decreased demand for circuit breakers. In addition, stringent travel restrictions imposed by the government adversely affected the import and export of raw materials required to make circuit breakers. These factors are expected to hinder the growth of the circuit breaker market during the forecast period.
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Post-Pandemic Insight
As per the report, the global circuit breaker is projected to recover by 1st/2nd quarter of 2023. But increase in the global electrification rate along with the rising concern for industrial safety in various sectors like automotive, electronic, telecommunication, and others are expected to drive the growth of the market. In addition, increasing investments on innovation and R&D coupled with considerable expansion of micro-grid networks is expected to create ample opportunities for the growth of the circuit breaker market in the post pandemic era.
10 Prominent Key Players of the Circuit Breaker Market Include -
- GENERAL ELECTRIC
- Toshiba Corporation
- Schneider Electric
- Mitsubishi Electric Corporation
- Eaton
- ABB
- Powell Industries
- Hitachi Industrial Equipment Systems Co. Ltd.
- CG Power and Industrial Solutions Limited
- Siemens
These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in March 2021, Siemens AG, a German multinational conglomerate corporation, completed its acquisition of C&S Electric, India's largest exporter of industrial electrical products, acquiring about 99.22% of C&S Electric Limited from its promoters for Rs. 2,100 crores, in order to maximize Siemens’ presence in the global circuit breaker market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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