New York, USA, Aug. 30, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global circuit breaker market is forecasted to reach $20.6 billion by the end of 2026 at a CAGR of 6.5%, increasing from $12.4 billion in 2018. 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 Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the circuit breaker market has recorded a CAGR of 6.5% during recent months, while it was expected to be 6.9% in the pre-COVID-19 scenario. The main factors behind this declining state of the market are the restrictions imposed across manufacturing industries and drop in the demand of circuit breaker during the lockdown period.
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time revenue of the circuit breaker market has been decreased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $9.9 billion, while it was estimated to be $14.1 billion in a pre-COVID analysis. The main factor behind this dilapidated state of the market is the fallen graph of demand of circuit breakers by the end-users during the lockdown period. During the lockdown period, electric manufacturing industries were also prevented from their regular operations. This factor has affected the global circuit breaker market in a negative way.
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Post Pandemic Scenario & Market Estimations
As per the report, the global circuit breaker market is expected to recover from the loss by the 1st/2nd quarter of 2023. However, with the 3rd wave and the expected 4th wave of the pandemic, the restrictions are not being lifted totally. This may extend the recovery period further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period.
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The leading circuit breaker market players are -
- Hitachi Industrial Equipment Systems Co.Ltd.
- GENERAL ELECTRIC
- Eaton
- Schneider Electric
- ABB
- Toshiba Corporation
- Siemens
- Mitsubishi Electric Corporation
- Powell Industries
These players are working on developing strategies such as product development, merger and acquisition, and partnerships and collaborations to sustain the market growth. For instance, in May 2019, Mitsubishi Electric Corporation, a multinational electronics and electrical equipment production company based out of Japan, announced about its acquisition of the outstanding shares of ICONICS, Inc., a U.S. software company focused on 1 IoT, SCADA, analytics, mobile, and cloud software products for the industrial, manufacturing, and building-automation markets. The acquisition aims at enhancing its software product listing to realize e-F@ctory,2 including edge-computing, with the help of factory-automation technology of Mitsubishi Electric and software-developing competencies of ICONICS. Enquire and Get Quick Access to Top Companies Development Strategies Summary Report
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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