New York, USA, April 28, 2021 (GLOBE NEWSWIRE) -- The circuit breaker market is likely to observe a drop in the growth rate due to the COVID-19 pandemic. According to a report published by Research Dive, the global circuit breaker market is projected to surpass $20.6 billion during the forecast period from 2019 to 2026. Detailed analysis on drivers, restrains, lucrative growth opportunities, challenges, major segments, and strategic moves by market players are offered in the report to better capture the effect of Covid-19 pandemic on the global market.
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Highlights of the Report
- The projected CAGR of the global circuit breaker market prior to COVID-19 pandemic was 6.9% over the analysis period.
- The CAGR of the global circuit breaker market after pandemic crisis is expected to be 6.5% by 2029.
- In 2020, the projected market size of the global circuit breaker market prior to the COVID-19 pandemic was $14.1 billion.
- Due to COVID-19 pandemic, the market size of the global circuit breaker market is expected to surpass $9.9 billion in 2020.
Factors Impacting the Market Growth Prior to After the COVID-19 Pandemic
The significant expansion of energy access in developing economies is expected to drive demand for circuit breakers, which will ultimately drive the growth of the global circuit breaker market during the analysis period. The substantial expansion of energy access in emerging economies is expected to drive demand for circuit breakers, which will eventually drive global market growth during the analysis period. According to a recent World Bank publication, the global electrification rate has reached up to 89 percent, with 153 million people gaining access to electricity each year. Furthermore, a growing concern for industrial safety in telecommunication, electronic, automotive, and electrical equipment is expected to drive global market growth during the analysis period. However, stringent environmental policies on circuit breakers are expected to hinder the global market development. Increasing construction project activities, technological breakthroughs, and government initiatives for the creation of smart cities, on the other hand, are expected to drive the global circuit breaker market during the analysis period.
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Present Picture of the Market due to COVID-19 Disaster:
The COVID-19 apocalypse has shown that the virus's spread across national boundaries is having a huge effect on the global economy. To combat the extreme effects of this epidemic, all governments around the world have instituted a full shutdown. The full shutdown of factories has resulted in a significant decrease in industrial activity, such as supply chain disruption. This would potentially obstruct demand for circuit breakers in the global market. As a result, the majority of organizations have developed agile strategies and crisis management centers to provide advice and information to people, vendors, consumers, and wider ecosystem stakeholders about urgent risk-mitigation behavior. Despite the fact that there is a total lockdown in many developed and emerging economies, most significant leaders are opting for effective business strategies such as technological invention and the introduction of new goods to thrive in this turbulent situation. Phoenix Contact, a revolutionary manufacturer of industrial interconnection, unveiled a thermomagnetic circuit breaker in March 2020. The highly advanced thermomagnetic circuit breakers are primarily used to secure electrical MCC Panels. The execution of such strategic strategies will assist in the market's re-establishment during the COVID-19 outbreak.
Regional Insights
Based on the geographical region, the global market for circuit breaker is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific circuit breaker market has a significant share in the analysis period. This region’s market is projected to garner a revenue of $7.7 billion in 2026 and is predicted to rise at a CAGR of 6.4%. The Asia-Pacific circuit breaker market growth is driven by an increasing need for supportive governmental policies mainly in China, India, and Singapore, more electricity, increasing population in these countries.
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Post-Pandemic Market Scenario
As per the report, the global circuit breaker market is projected to recover by Q1/Q2 of 2023 and witness substantial growth during the forecast period. Increasing spending on R&D and innovation, increasing number of strategic alliances, rising peak load demand, and expansion of micro-grid networks are predicted to propel the growth of the global circuit breaker market, after the end of pandemic.
Moreover, key players are increasingly focusing on technological advancements, acquisitions, and product launches, which is expected to boost the market growth by 2026.
For instance, in January 2021, Phoenix Contact, a revolutionary manufacturer of industrial interconnection and a manufacturer of industrial automation, interconnection, and interface solutions, announced that they have partnered with RoviSys Building Technologies, a system integrator with headquarters in Aurora, Ohio, and several offices throughout the U.S. Through this partnership their aim to consistently deliver quality, vendor-independent solutions that monitor and control environments, promote energy efficiency and long-term savings, and provide customers with the flexibility they need.
Prominent Players of the Industry
The major players operating in the global circuit breaker market include
- Powell Industries
- Eaton
- Hitachi Industrial Equipment Systems Co., Ltd.
- Schneider Electric
- GENERAL ELECTRIC
- ABB
- Mitsubishi Electric Corporation
- Siemens
- Toshiba Corporation.
The report presents various aspects of all these significant players including business performance, recent developments & strategic moves, product portfolio, and SWOT analysis.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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