February 15, 2021 08:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, February 15, 2021 (GLOBE NEWSWIRE) - The global circuit breaker market is expected to achieve considerable growth at a CAGR of 6.6% between 2020 and 2027. Reliable power supplies are driving global demand for these circuit breakers. In its latest report, Fortune Business Insights is titled "Analysis of Circuit Breaker Market Size, Share and Impact of COVID-19, by Voltage (Low, Medium and High), by Installation (Indoor and Outdoor), by End User, by Rating" 2020 -2027 Voltage and Regional Forecast" mentioned that the market size in 2019 will be 16.04 billion U.S. dollars and is expected to reach 25.85 billion U.S. dollars by 2027.
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COVID-19 has stopped multiple power infrastructure projects
The global pandemic has put tremendous pressure on the healthcare sector, as global institutions are turning their attention to curbing the spread of disease. As all resources are used to fight the new coronavirus, investment in the power industry has fallen sharply. This is expected to hinder market growth in the near future. However, by following strict guidelines and increasing demand for renewable energy, the global market is expected to gain momentum in the next few years.
The circuit breaker is an automatic electrical switch, which is mainly designed to protect the circuit from damage caused by a short circuit or electrical overload. It effectively detects fault conditions by interrupting electrical continuity and immediately interrupts the current to prevent damage to the system. They are mainly used in a variety of industrial applications, such as commercial complexes, residential and commercial buildings, and hotels.
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What does the report include?
The market report includes quantitative and qualitative analysis of several factors, such as key drivers and constraints affecting growth. In addition, the report also provides insights into regional analysis covering different regions, which contribute to the growth of the market. It includes the competitive landscape of leading companies and the strategies they have adopted to launch new products, announce partnerships and collaborations, which will contribute to market growth between 2020 and 2027. In addition, research analysts use a variety of research methods such as PESTEL and SWOT analysis to extract information about current trends and industry developments that will drive market growth in the next few years.
Increasing attention to reliable power supply to promote growth
Rapid industrialization and the growing demand for efficient electrical infrastructure are driving companies to focus on research and development to develop advanced circuit breakers worldwide. The continued demand for reliable and efficient power supplies is expected to further benefit the sales of circuit breakers. Short-circuit often leads to serious economic losses and damage to the entire power system. Therefore, continuous efforts to modernize electrical infrastructure and high demand for reliable power sources are expected to contribute to the growth of the global circuit breaker market in the next few years.
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45.2% market share in the medium voltage segment in 2019
The voltage-based medium voltage segment accounted for approximately 45.2% of the market in 2019 and is expected to grow due to the increasing preference for medium voltage circuit breakers in multiple industrial applications such as infrastructure and utilities.
The Asia-Pacific region will maintain its dominant position; increase the number of manufacturing units to promote growth
Among all regions, the Asia-Pacific market is expected to maintain its dominant position. The region was worth 6.14 billion U.S. dollars in 2019 and is expected to occupy the highest position in the global market during the forecast period. This is because the increase in the number of manufacturing units has promoted the demand for these circuit breakers in countries such as China, Japan and India.
North America is expected to grow exponentially in the next few years. This is due to some factors, such as major players increasing their investment to develop power infrastructure between 2020 and 2027.
Major enterprise product innovations consolidate market position
Major companies in the global circuit breaker market are striving to maintain their advantages by focusing on innovation and development of advanced circuit breakers and expanding their product portfolios. Other major players are adopting strategies such as partnerships, collaborations, and mergers and acquisitions. This is expected to contribute to the growth of the market in the next few years.
List of companies introduced in the circuit breaker market:
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