New York, USA, Jan. 11, 2021 (GLOBE NEWSWIRE) -- As per a Research Dive published report, the global circuit breaker market valued for $12.4 billion in 2018 and is estimated to garner $20.6 billion by 2026, exhibiting a CAGR of 6.5% from 2019 to 2026.
Pre- and Post-Pandemic Market Growth by 2026
The global circuit breaker industry is predicted to witness a decline in growth rate during the forecast period, owing to the occurrence of COVID-19 pandemic. As per the report, the circuit breaker market was likely to exhibit a CAGR of 6.9% from 2019 to 2026 prior to COVID-19 crisis. But due to the COVID-19 pandemic, the global market is projected to witness decrease in growth rate and exhibit a CAGR of 6.5% over the forecast period. This is mainly owing to lockdown imposed by various governments across the globe to curb the spread and severe impact of the disease. Wide-ranging analysis on drivers, restraints, opportunities, challenges, and strategies executed by various market players and governments across the globe are further provided in the report.
For More Detail Insights, Download Sample Copy of the Report at: https://www.researchdive.com/download-sample/220
Current Market State Due to COVID-19
The outbreak of COVID-19 across the globe has affected the global circuit breaker market in a negative way in 2020. The estimated pre COVID-19 market size for circuit breaker market was $14.1 billion in 2020 and is expected to observe declining growth and reach up to $9.9 billion due to COVID-19 pandemic. The decrease in growth of the market is majorly attributed to complete shutdown of industries to prevent the spread of deadly virus, which has led to a huge decline in industrial operations, such as disturbance in the supply chain. This has ultimately led to impeding demand for the circuit breaker across the globe. However, various companies operating in the circuit breaker market are opting for effective business strategies to sustain in these unprecedented times. For instance, in March 2020, Phoenix Contact, a leading innovator and manufacturer of industrial interconnection, announced the launch of a thermomagnetic circuit breaker, which is highly advanced and is mainly useful to protect electrical MCC Panels.
Global Market to Recover by Q1/Q2 of 2023
The global circuit breaker market is anticipated to continue to observe robust growth post-coronavirus pandemic and recover by quarter 1 or 2 of 2023. This can be majorly owing to the extensively increasing global spending on smart city initiatives across the globe, which is likely to raise the need for circuit breakers. Moreover, the major significance of circuit breakers in high scale setups, such as shopping centers, construction projects, and data centers is anticipated to drive the global market growth after pandemic.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/220
Key Market Players & Recent Development
Some of the key players operating in the global circuit breaker industry include -
- GENERAL ELECTRIC
- Powell Industries
- Hitachi Industrial Equipment Systems Co. Ltd.
- Eaton
- Siemens
- CG Power
- Industrial Solutions Limited
- Toshiba Corporation
- Schneider Electric
- Mitsubishi Electric Corporation
- ABB
Further, the report summarizes and provides various aspects of all the key players functioning in the overall market such as financial performance, product portfolio, recent developments, strategic moves, SWOT analysis, and many more.
These players are adopting several strategies to hold a robust position in the global industry. For instance, in July 2018, ABB, a pioneering technology leader working closely with utility, transportation, industry, and infrastructure customers, announced the launch of ‘VD4-AF,’ a new vacuum circuit breaker especially designed for steel furnaces. The product can perform 150,000 close-open operations and also ensures reduced total costs of the furnace operation
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