Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global air circuit breaker market is expected to grow from USD 3.1 billion in 2019 to USD 4.5 billion by 2027, at a CAGR of 5.20% during the forecast period 2020-2027.
The Asia-Pacific region is expected to dominate the market growth, due to its increasing investment in infrastructure and growing focus on power generation from renewable energy. The growth in the North America region is attributed to the expansion of the industrial sector at large and growing manufacturing and process industries. The European market is also witnessing a significant growth, owing to adoption of the air circuit breaker, application in various end-use industries. The Middle East and Africa market is anticipated to grow, due to rising investments towards renewable energy infrastructure development.
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Some of the notable players in the market are Eaton, Mitsubishi Electric, Schneider Electric, Siemens, and ABB. In November 2017, Siemens launched a compact size circuit breaker called 3WL10 that can manage rated currents up to 1250 A.
The type segment includes plain air circuit breaker and air blast circuit breaker. The air blast circuit breaker is anticipated to show significant growth in the market. Based on application, the market is segmented into commercial, residential, and industrial. The residential application segment is expected to boost the market due to the growing demand for air circuit breakers from the producing and process industries. The voltage segment includes low and medium voltage. The low voltage segment is projected to show a significant growth in the industry, attributing to its utilization in end-use industries like manufacturing industries, industrial equipment, power plants, distribution utilities.
The factors influencing the market growth are increasing share of renewable power in electricity portfolio mix and rising need for reliable and secure power supply. Rising electricity demand and ageing electrical infrastructure possess great opportunity to the market. The factor hindering the market growth are safety regulations and stringent environmental.
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About the report:
The global air circuit breaker market is analysed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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