Portland, OR, Aug. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global low voltage circuit breaker market generated $3.4 billion in 2019, and is estimated to reach $4.4 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in need of reliable power delivery and growing demand for electricity across the globe drive the growth of the global low voltage circuit breaker market. However, operational failure of low voltage circuit breakers in harsh environment restrain the market growth. Furthermore, increasing demand for high-speed portable gadgets is expected to create new growth opportunities for the market player during the forecast period.
Covid-19 scenario:
- Frequent lockdown extension due to outbreak of Covid-19 across various nations has resulted in halting of industrial manufacturing activities, reducing the demand for low voltage circuit breakers
- In addition, delay in installation of renewable energy power plants across the globe is expected to hamper the demand for low voltage circuit breaker market.
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The report offers detailed segmentation of the global low voltage circuit breaker market based on type, application, end-use industry, and region.
Based on type, the miniature circuit breaker segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the air circuit breaker segment is estimated to portray the highest CAGR of 5.4% during the forecast period.
Based on application, the shut-off circuit segment accounted for the largest share in 2019, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the energy allocation segment is expected to register the highest CAGR of 5.4% from 2020 to 2027.
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Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, North America is expected to grow at the highest CAGR of 5.4% from 2020 to 2027.
Leading market players analyzed in the research include Changshu Switchgear Mfg. Co., Ltd., ABB, Ltd., Shanghai Delixi Group Co., Ltd, People Electric Appliance Group Co., Ltd, Eaton Corporation plc, Schneider Electric SE, Fuji Electric FA Components & Systems Co., Ltd., Hager Group, Shanghai Liangxin Electrical Co., Ltd. (Nader), and Hyundai Electric & Energy Systems Co., Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.