January 19, 2022 03:27 ET | Source: Fortune Business Insights Fortune Business Insights
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 Insights™ provides this information in its report titled “Circuit Breaker Market, 2021-2028.”
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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
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.
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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.
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.
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.
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However, rising competition from unorganized and small organizations is expected to hinder market development.
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.
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.
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