Circuit Breaker Market worth USD 12.45 billion by 2028, registering a CAGR of 6.32% - Report by Market Research Future (MRFR)
New York, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Circuit Breaker Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Circuit Breaker Market Research Report, Voltage, Type, End-Use and Region - Forecast till 2028” the market size is projected to be worth USD 12.45 billion by 2028, registering a CAGR of 6.32% during the forecast period (2021 - 2028)., The market was valued at USD 6.14 billion in 2021.
Leading companies profiled in the global circuit breaker market report include-
- Schneider Electric (France)
- ABB (Switzerland)
- Mitsubishi (Japan)
- Siemens (Germany)
- Powell (U.S.)
- Toshiba (Japan)
- C.G. Power (India)
- T.E. Connectivity (Switzerland)
- Larsen & Toubro (India)
- Tavrida Electric (Switzerland)
- Fuji Electric (Japan)
- Among others.
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Market Research Future’s Review on Circuit Breaker Market
COVID-19 Analysis
The circuit breaker market is predicted to see a drop due to the COVID-19 outbreak. The crisis has negatively affected the power industry worldwide for the past few months. The demand for electricity has taken new shapes mostly in those countries where there is a high impact of the pandemic. The decreasing demand for electricity is caused due to lockdowns across the countries for mitigating the spread of the virus that is likely to have a negative impact on the circuit breaker market. Besides the investments for grid modernization are also likely to slow down over the forecast period.
Browse In-depth Market Research Report (188 pages) on Circuit Breaker
https://www.marketresearchfuture.com/reports/circuit-breaker-market-921
Drivers
Rising Investment in Industrial Sector to Boost Market Demand
The rising investment in the industrial sector along with the growing investment to leverage the industrial infrastructure is increasing the need for such breakers in the global market. These devices are used in the commercial and industrial sectors. Thus, the increasing investments from the industrial sector necessitate the deployment of such devices in different end use and manufacturing industries.
Opportunities
Growing Adoption of Electrical Safety Regulations to offer Robust Opportunities
Circuit breakers have turned into a mandatory part of electrical networks in industries, commercial buildings, residential buildings, and utility scale grids. Each office, home, has a circuit breaker installed. Thus due to rapidly increasing modernization and urbanization, the breakers have turned into an essential part of every structure. Thus the growing adoption of electrical safety regulations will add to the global circuit breaker market value over the forecast period.
Restraints
Escalating Raw Material Prices to act as Market Restraints
The escalating raw material prices will act as a market restraint over the forecast period.
Challenges
Strict Environmental and Safety Regulations to act as Market Challenge
The strict environmental and safety regulations for SF6 circuit breaker may act as market challenge over the forecast period.
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Market Segmentation
The global circuit breaker market is bifurcated based on voltage, type, and end user.
By voltage, the high voltage segment will lead the market over the forecast period. These are mostly used by various end users like T&D utilities, railways and metros, and large power generation plants. Growing investments in transmission and distribution networks for the rise in demand for power and the requirement for a rise in the reliability of high-voltage electrical assets are driving market growth.
By type, the outdoor circuit breaker will dominate the market over the forecast period. Outdoor circuit breakers can be operated in toughest climates and also operates reliably in every form of environment.
By end user, the transmission and distribution segment will spearhead the market over the forecast period for the mounting investments in substation automation and also modernization of power grids.
Regional Analysis
APAC to Steer Circuit Breaker Market
The APAC region will steer the circuit breaker market over the forecast period. China will have the utmost market share. The burgeoning need for renewable energy, focus on high load remission lines, presence of developing nations like India, expansion of existing power generation capacities and supply infrastructure to meet the rising electricity demand, the launch of One Nation, One Grid and One Price initiative for interlinking all the national grid and states to attain a single tariff structure across the nation, increase in industrialization, & rapid urbanization are fuelling the global circuit breaker market growth in the region. Besides, the increasing infrastructural development, industries, and commercial, the region being the manufacturing hub across the globe, variety of such breakers used in every manufacturing and industrial unit, growing number of manufacturing and industrial units, use of breakers in IT hubs, bullet trains, commercial centers, metros, and railways, that need reliable and stable electricity supply, rise in power generation plants and transmission infrastructure, India, Japan, the Republic of South Korea, and China being world leaders in technology as well as production of such devices, increasing population in China and India, rise in demand for electricity, and replacement of old grid infrastructures are adding to the global circuit breaker market share in the region.
Segmentation of Market covered in the research:
Circuit Breaker Market Research Report: Information by Voltage (High and Medium), Type (Outdoor circuit breaker and Indoor circuit breaker), End-Use (Transmission & Distribution, Power Generation, Renewables, Railways), and Region - Forecast till 2028
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