Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global air circuit breaker market size is projected to reach USD 4.90 billion by 2027, exhibiting a CAGR of 5.8% during the forecast period. The market is expected to experience subdued growth in 2020 owing to the COVID-19 outbreak. However, increasing production of energy from renewable sources will be a key factor driving the growth of this market till 2027, enumerates Fortune Business Insights™ in its new report, titled “Air Circuit Breaker Market Size, Share & Industry Analysis, By Type (Air Blast Circuit Breaker and Plain Air Circuit Breaker), By Voltage (Low Voltage and Medium Voltage), By End User (Utility, Industrial, Commercial, and Others), and Regional Forecast, 2020-2027”.
According to the International Energy Agency (IEA), renewable energy sources account for 26% of the world’s total electricity production currently and in the next five years, electricity generation from renewables is likely to expand by 50% from current levels. Powered by resurgence in solar energy, the IEA predicts that by 2024, global solar capacity is set to rise sharply by 600 GW, while the overall renewable electricity capacity is poised to grow by 1,200 GW in the coming five years. This promising rise in renewables bodes well for the ACB market growth as air circuit breakers (ACBs) play a central role in load management in power plants, protecting these facilities from short circuits, over and under-voltage, and service downtime.
As per the report, the value of this market stood at USD 3.24 billion in 2019. The report also contains the following:
- Panoramic overview of the overall industry outlook;
- Comprehensive study of the trends, drivers, and restraints shaping the market;
- In-depth analysis of the market segments; and
- Exhaustive examination of the regional developments and competitive landscape characterizing the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Restraint
Unhindered Spread of the Coronavirus Worldwide to Stall Market Growth
The sudden outbreak of the COVID-19 contagion has deeply injured global economic prospects and has brought all forms of economic activities to a virtual standstill. To contain the spread of the infection, governments around the world have imposed strict lockdowns, halted business activities, and enforced social distancing norms. This has severely impacted the power sector as disruptions in manufacturing and construction activities have diminished the demand for electricity, which in turn has negatively affected the air circuit breaker market growth. For example, in India, data from the National Load Dispatch Center revealed that peak power demand has reduced by 46,000 MW since mid-March. Furthermore, the IEA has reported that renewable energy projects have also come to an abrupt halt as labor in countries such as India and USA are unable to work due to the lockdown measures.
Regional Analysis
Heightening Energy Demand to Propel the Market in Asia-Pacific
Asia-Pacific, with revenue generation of USD 1.02 billion in 2019, is anticipated to command the air circuit breaker market share in the forthcoming period on account of high population growth, which translates to even higher demand for energy. Moreover, in India and China, investments in the power sector from the government and private companies are gathering steam, which is likely to spike the adoption of ACBs in these countries. In North America, the prospects appear lucrative for the market owing to increasing demand for advanced electrical equipment and machineries from the manufacturing sector in the region. On the other hand, the market in Europe will be primarily driven by the attractive investment options in region’s strong transmission and distribution infrastructure.
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Competitive Landscape
Expansion of Portfolio to Remain Key Focus for Market Players
The competitive landscape of this market is bustling with different companies having diverse portfolio of products and solutions. Most of these companies are looking to expand their current range of offerings to further entrench their position in the market and broaden their sales horizons by exploring under-penetrated, rapidly developing regional markets.
Industry Developments:
- November 2019: Siemens added a more compact version to its HB3 generator circuit-breakers product series called the HB3 Compact (HB3-C). The new solution allows vertical and horizontal mounting and utilizes a vacuum technology that does not require maintenance, making it an ideal choice for retrofitting in power plants.
- February 2019: Schneider Electric launched its innovative high-power low-voltage circuit breaker solutions, Masterpact MTZ, in India. It is a first-of-its-kind air circuit breaker to be introduced in the country, offering enhanced safety, reliability, and performance. Through this launch, Schneider aims at enlarging its footprint in the fledgling power sector of India.
List of Players Profiled in the Air Circuit Breaker Market Report are:
- CBI-electric Group (United States)
- WEG (Brazil)
- Legrand (France)
- Fuji Electric (Japan)
- Eaton (Ireland)
- GE (United States)
- Siemens (Germany)
- Hitachi Industrial Equipment Systems Co., Ltd. (Japan)
- Larsen & Toubro (India)
- Terasaki Electric Co. Ltd (Japan)
- Mitsubishi Electric (Japan)
- Hyundai Electric & Energy Systems Co., Ltd. (South Korea)
- Schneider Electric (France)
- ABB (Switzerland)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Circuit Breaker Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Air Circuit Breaker Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Air Blast Circuit Breaker
- Plain Air Circuit Breaker
- Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- Market Analysis, Insights and Forecast – By End-User
- Utility
- Industrial
- Commercial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Have a Look at Related Research Insights:
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