WASHINGTON, Sept. 19, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Circuit Breaker Market finds that the increasing use of Circuit Breaker Market systems in electrification across the globe and the gathering of electrical safety regulations are anticipated to augment the growth of the Global Circuit Breaker Market during the forecast period. The Global Market revenue was valued at USD 5.9 Billion in 2021.
The Global Circuit Breaker Market size is forecast to reach USD 8.2 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period; states Vantage Market Research, in a report, titled “Circuit Breaker Market Size, Share & Trends Analysis Report by Insulation Type (Vacuum Circuit Breaker, Air Circuit Breaker, Gas Circuit Breaker, Oil Circuit Breaker), by Voltage (Medium Voltage, High Voltage), by Installation (Indoor, Outdoor), by End Users (T&D Utilities, Power Generation, Renewables, Railways), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Industry Findings & Insights from the report:
The global Circuit Breaker Market was valued USD 5.9 Billion in 2021 and is all set to surpass USD 8.2 Billion by 2028, exhibiting a CAGR of 5.7% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Circuit Breaker industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Driver:
Increasing Electrification Initiatives and Growing Investments in Industrial Segment to Drive the Market Growth
Many emergent countries run electrification programs to connect rural areas to the network. In addition, several nations are further trying to combine different grid zones to broaden the mega-countrywide network. These key aspects enhance the market prospects for utility-scale switches. Moreover, the increase in the availability of electricity is boosting the fast-paced infrastructure expansion, resulting in the availability of plentiful electrical energy. For instance, over the last few decades, the World Bank has been financing over $2.3 billion of investments in infrastructure and reforms for WAPP, which is considered the key to achieving global access to electricity by the year 2030 in the 15 countries of ECOWAS Economic Community of West African States. In addition, this new mission builds on progress and is likely to finance civil works to accelerate access in Niger, Mauritania, and Senegal. Therefore, the implementation of electrical switching devices for secured and reliable function of devices is boosting the infrastructure projects demand worldwide, driving the market expansion in the future.
Furthermore, the ever-increasing investments in the industrial sector and the rising investments to influence the industrial infrastructure are growing the demand of this market in different end-use and manufacturing industries worldwide. Therefore, such devices are primarily utilized in the industrial and commercial sectors.
Rise in the Adoption of Electrical Safety Regulations to Stimulate Market Growth
The breakers have become vital to electrical associations in commercial buildings, organizations, and utility-scale grids. Moreover, nearly all homes, offices, and others have an electrical switching device installed; owing to the rapid increase in urbanization and modernization, the breakers have become a vital component of every structure. In addition, the breakers are utilized in metros, railways, bullet trains, commercial centers, IT hubs, and so on, which need a stable and reliable electricity supply. The rising urbanization has augmented the demand for electrical switches. In addition, the surge in power generation plants and power transmission infrastructure raises the automatically operated electrical switch demand.
Furthermore, the customary changes strengthen tight adherence to test shows for breakers and switch gear used in electrical power distribution systems. Some heavy load equipment requires the adoption of individual Circuit Breaker Market for secured and reliable function. As a result, such a regulatory scenario has influenced the market positively, fuelling the market growth for Circuit Breaker Market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide, and the Global Circuit Breaker Market is no exception. Governments worldwide implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Circuit Breaker Market suffered as the manufacturing units worldwide were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the backbone technology providers to the Circuit Breaker Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Circuit Breaker Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022. The situation is seen to improve in the second half of 2022 as more supplies resume normal.
Regional Analysis:
Asia Pacific Dominated the Global Circuit Breaker Market
Asia Pacific is leading the Global Circuit Breaker Marketing 2020 and is expected to continue the same during the forecast period. The region’s development is due to the rapid growth of the renewable energy sector, rapid industrialization, increasing investment toward upgrading older power infrastructure, and rising manufacturing and industrial trip units. Moreover, South Korea, Japan, China, and India are among the global leaders in the innovation and production of these breakers, which is driving the industry expansion in Asia Pacific. Also, the presence of top market players and a massive consumer base in Asia Pacific is expected to propel the market growth in the future.
Recent Developments:
February 2022: Phoenix Contact, a global manufacturer of electrical and cable accessories, released a brand-new range of electronic Circuit Breaker Market systems called CAPAROC. It uses data-driven power modules to customize overcurrent protection. With several feed-in power modules, Circuit Breaker Markets, potential distribution modules, and current rails, CAPAROC makes it easy to design a smart system with communication.
January 2021: ABB India launched a new sort of Circuit Breaker Markets, Formula DIN-Rail, for the electrical retail market. In addition, the Formula DIN-Rail is a complete range of Miniature Circuit Breaker Markets (MCBs), residual current Circuit Breaker Markets (RCCBs), and Isolators for the electrical retail market, which is anticipated to be worth 250 million USD in India. They are designed and developed under the Make in India program for all types of residential and commercial buildings.
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Post time: Sep-20-2022