Circuit Breaker is referred to an automatic electric switch that finds wide application in stopping the flow of current in an electric circuit to safeguard the electrical system from damage. Circuit breakers are used in commercial, residential, and industrial zones. It assists in protecting the electric appliances from overload, short circuit, or over-current. The key advantages of using circuit breaker include its smooth functioning without the requirement of any replacement such as a safety device or a fuse. As per the report published by Market Research Future, the global circuit breaker market is anticipated to develop at 4.90% CAGR over the forecast period.
Circuit Breaker Market Key Companies Studied in This Research
Report Are:
Global circuit breaker market
is dominated by key players such as Schneider Electric (France), ABB
(Switzerland), Mitsubishi (Japan), Siemens (Germany), Powell (US), Toshiba
(Japan), Fuji Electric (Japan), CG Power (India), TE Connectivity
(Switzerland), Larsen & Toubro (India), Tavrida Electric (Switzerland), and
others.
Global Circuit Breaker Market
Overview
Additionally, the circuit breakers
are extremely cost effective and offers reliable operation of the electric
circuit. Surging access to electricity in emerging economies would drive the
growth of circuit breakers. Moreover, administrative bodies around the world
are taking steps to build smart cities in prominent places for conserving
energy. This would further fuel the market for circuit breakers such as molded
and miniature case circuit breaker. The circuit breaker market is estimated to
witness high growth rate globally over the forecast period. The growth is
primarily owing to the surging demand for efficient safeguarding devices in
electrical circuit coupled with sharp growth in electricity consumption and
demand.
As per Bloomberg NEF, by 2050, the
worldwide electricity demand is likely to reach around 38,700 terawatt from
25,000 terawatt hours in 2017. Such remarkable progress will drive new
investment in power sector which in turn will accelerate the demand for
electrical devices such as circuit breakers. Besides,
the global circuit breaker market is likely to experience significant
developments over the forecast period due to increasing shift towards
de-centralized power distribution, expanding instances of electrification,
increasing industrialization, and increasing urban energy conservation program.
For instance, as per reports, the USDA would invest USD 1.6 billion throughout
46 rural electric utility infrastructure projects to enhance electric
resilience and reliability. This development will further amplify the demand
for circuit breaker market.
Circuit Breaker Market Segmentation
Global circuit
breaker market is segmented based on type, region,
voltage, and end-user.
Based on type, the market is
segmented into indoor and outdoor circuit breaker. The demand for safe
operation and high reliability of sub-station equipment is anticipated to drive
the outdoor circuit breaker market. Outdoor circuit breakers can function in
the toughest climates and operate reliably in any kind of environment.
The global circuit breaker
market is further segmented based on end-use. The segmentation includes
distribution & transmission, renewables, railways, and power generation.
Distribution & transmission segment is projected to lead the market over
the forecast period. The growth is attributed to the growing investments in
modernization and substation automation of power grids. This would improve
protection by curbing energy losses triggered by the poor operational
efficiency of conventional devices.
Regional Analysis
Asia Pacific holds the
largest share in the circuit breaker market. The increasing population in the
APAC market happens to be a key factor in driving the demand for circuit
breaker. The growing population requires increased power supply.
Additionally, the surging
grid investments primarily in emerging economies such as India and China pave
the way for increasing electrification throughout the countries. The need for
electrification is mainly dominated by factors like industrialization and
urbanization in remote areas of countries such as Indonesia, the Philippines,
and Vietnam. Upgradation of power infrastructure and upcoming smart cities in
the APAC market create lucrative opportunities for propelling the demand for
circuit breaker.
Browse Complete Research Report at: https://www.marketresearchfuture.com/reports/circuit-breaker-market-921
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