Circuit Breaker Market to Reach USD 24.59 Billion by 2028; Rising Safety Awareness and Measures for Protection of Electrical Systems to Boost Market Progress: Fortune Business Insights™

Companies Profiled in Circuit Breaker Market Report Are: ABB (Switzerland), General Electric (U.S.), Schneider Electric (France), Eaton (Ireland), Siemens AG (Germany), Mitsubishi Electric Corporation (Japan), Larsen & Toubro Limited (India), CG Power and Industrial Solutions Limited (India), Kirloskar Electric Company (India), Camsco Electric (Taiwan), BCH ELECTRIC LTD (India), Salzer Group (India), Atom Power, Inc. (U.S.).


Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The global Circuit Breaker Market size is expected to reach USD 24.59 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. The market value stood at USD 13.99 billion in 2020 and reached USD 15.41 billion by 2021. Increasing awareness regarding safety awareness and measures, rising construction activities, and dependence upon electricity are expected to foster market development. Fortune Business Insightsprovides this information in its report titled “Circuit Breaker Market, 2021-2028.

Request to Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/circuit-breaker-market-100765

The circuit breaker is electrical switching devices that regulate electricity flow and send specified amounts of electricity to buildings. Increasing construction activities and rising dependence upon electricity are expected to boost the device’s demand. It helps avoid failures, malfunctions, and short circuits and boosts residents’ safety. Further, the rising awareness regarding safety may boost the awareness of the device among consumers. The adoption of the device eliminates electrical system damages. In addition, its rising adoption in high voltage transmission & distribution lines, railway systems, and small and medium substations is expected to bolster market growth in the upcoming years.

List of Key Players Profiled in this Market Report

  • ABB (Switzerland)
  • General Electric (U.S.)
  • Schneider Electric (France)
  • Eaton (Ireland)
  • Siemens AG (Germany)
  • Mitsubishi Electric Corporation (Japan)
  • Larsen & Toubro Limited (India)
  • CG Power and Industrial Solutions Limited (India)
  • Kirloskar Electric Company (India)
  • Camsco Electric (Taiwan)
  • BCH ELECTRIC LTD (India)
  • Salzer Group (India)
  • Atom Power, Inc. (U.S.)

COVID-19 Impact

Lockdown Restrictions to Hamper Market Development

This market is expected to be negatively affected during the COVID-19 pandemic because of restrictions on manufacturing activities. The sudden spike in cases led to the imposition of lockdown, which negatively affected business activities. However, rising dependence upon electricity is expected to promote the adoption of reduced capacities and part-time shifts. Further, the adoption of advanced sanitization methods has resulted in a safer working environment. These factors are likely to foster market development during the pandemic.

Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/circuit-breaker-market-100765

Segments

By voltage, the market is segmented into medium voltage, high voltage, and low voltage. As per installation, it is classified into outdoor and indoor. Based on rated voltage, it is categorized into Upto 500V, 500V – 1kV, 1kV – 15kV, 15kV – 50kV, 50kV – 70kV, 70kV – 150kV, 150kV – 300kV, 300kV – 600kV, 600kV – 800kV, and Above 800kV. On the basis of end-user, it is categorized into utility, industrial, commercial, and residential. Regionally, it is grouped into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Rising Adoption of Electrification Initiatives to Bolster Market Progress

The implementation of electrification programs in developing countries is expected to boost market development. This factor is expected to boost circuit breakers’ adoption. Rising electricity availability leads to the abundance of electricity, which is further utilized to deliver electricity to rural areas. For example, World Bank invested approximately USD 2.3 billion for reforms and infrastructural support in West Africa Power Pool (WAPP). This investment may help provide electric supply to approximately 15 countries in the Economic Community of West African States (ECOWAS) by 2030. In addition, the mandatory adoption of these breakers from utility-scale grids, industries, residential and commercial builds is expected to drive the circuit breaker market growth.

Quick Buy – Circuit Breaker Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100765

However, rising competition from unorganized and small organizations is expected to hinder market development.

Regional Insights

Rising Commercial Projects and Infrastructure Developments to Fuel Market Growth in Asia Pacific

Asia Pacific is expected to dominate the circuit breaker market share because of rising commercial projects and infrastructure developments. The market in Asia-Pacific stood at USD 5.39 billion in 2020 and is expected to gain a considerable portion of the market in the upcoming years. In addition, the rising adoption of these breakers in manufacturing and industrial units is likely to boost market development.

In Europe and North America, the automation and modernization of industries are expected to boost the devices’ adoption. Additionally, rapid infrastructure development and the emergence of several construction projects are expected to bolster market growth.

Competitive Landscape

Launch of Novel Products to Boost Brand Presence

Prominent companies operating in the market announce novel products to boost their brand presence. For example, in March 2020, Phoneix Contact announced a thermomagnetic circuit breaker that offers excellent protection in long cable paths and electrical MCC panels. This development may enable the company to boost its brand presence. Further, the adoption of research and development may enable companies to improve product quality and boost their market position. In addition, companies adopt strategies such as mergers to boost their resources and boost market position.

Industry Development

  • January 2021: ABB India announced Formula DIN-Rail, a range of Isolators, Residual Current Circuit Breakers (RCCBs), and Miniature Circuit Breakers (MCBs) to meet the global standards and shall be produced at ABB’s Smart Buildings factory in Bengaluru.

Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/circuit-breaker-market-100765

Have a Look at Related Research Insights:

Enhanced Oil Recovery Market Size, Share & Industry Analysis, By Technology (Thermal Injection, Gas Injection, and Chemical Injection), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027

Dairy Processing Equipment Market Size, Share & COVID-19 Impact Analysis, By Type (Pasteurizers, Homogenizers, Separators, Evaporators & Drying Equipment, Membrane Filtration Equipment & Others), By Application (Processed Milk, Cream, Milk Powders, Cheese, Protein Ingredient & Others) and Regional Forecast, 2020-2027

Recloser Market Size, Share & Industry Analysis, By Phase (Single-Phase, Three-Phase, Others), By Control (Electric, Hydraulic, Others), By Voltage (Low Voltage, Medium Voltage, High Voltage), By Interruption Type (Oil, Vacuum), and Regional Forecast, 2019-2026

Gas Insulated Switchgear Market Size, Share and Industry Analysis, By Voltage (Up to 66 kV, 66 kV - 170 kV, 170 kV - 550 kV, and Above 550 kV), By Installation (Indoor and Outdoor), By End User (Utility, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.

Phone:

US:+1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com

LinkedIn: https://www.linkedin.com/company/fortune-business-insights

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd

Read Press Release: https://www.fortunebusinessinsights.com/press-release/circuit-breaker-market-9308