Circuit Breaker Market is Expected to Reach US$ 10 Billion by 2024
by Rahul Rastogi Market Research AnalystThe latest report by IMARC Group, titled “Circuit Breaker Market
Report: Global Industry Trends, Share, Size,
Growth, Opportunity and Forecast 2019-2024”,
finds that the global circuit breaker market size reached US$ 7 Billion in 2018. A circuit
breaker is a safety device designed to protect an electrical circuit from
damage caused by an overload or a short circuit in the current supply. Its primary
function is to stop the flow of current when fluctuations are detected. It can
be easily reset, unlike a fuse which needs to be replaced, and can be used when
ground fault protection is required. Circuit breakers are available in
different sizes ranging from small devices that protect low-current circuits to
large switchgear designed to protect high-voltage circuits. In recent years,
the leading companies have been focusing on R&D activities to manufacture
new circuit breakers and improve the capabilities of existing ones.
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Market Trends:
With the rising population, increasing urbanization
rates and economic reforms, especially in developing countries, there has been
a considerable increase in the need to upgrade electrical transmission
networks. In line with this, several countries are expanding their existing
power generation capacity to meet the electricity requirement in both rural and
urban areas. This has resulted in the growing demand for electrical devices,
such as circuit breakers. Besides this, governments of various nations have undertaken
initiatives to replace the old electrical equipment with energy-efficient
systems to ensure electrical safety and reduce wastage. For instance, European
and North American countries have started revamping their power grid
construction and transmission lines, which is expected to drive the growth of
the circuit breaker market in the coming years. Looking forward, the circuit
breaker market size reach a value is projected to
reach US$ 10 Billion by 2024, growing at a CAGR of 4.5% during 2019-2024.
Market Summary:
· Based
on the product type, the market has been segmented into indoor and outdoor
circuit breakers. Outdoor circuit breakers currently represent the most popular
product type, accounting for the majority of the total market share.
· On
the basis of the voltage, the report finds that low voltage circuit breakers
dominate the market, holding the largest share. Other major segments include
medium and high voltage.
· The
market has also been categorized based on the technology into air, vacuum, oil
and SF6. Amongst these,
air circuit breakers exhibit a clear dominance in the market.
· On
the basis of the end use, transmission and distribution represent the largest
end use segment. Other end use segments are renewable, power generation and
railways.
· Region-wise,
Asia Pacific enjoys the leading position in the global circuit breaker market.
Other major markets are North America, Europe, Middle East and Africa, and
Latin America.
· The
competitive landscape of the market has also been examined with some of the key
players being ABB, Alstom, Eaton Corporation, GE, Mitsubishi Electric Power
Products, Schneider Electric, Siemens, Camsco Electric, G&W Electric,
Kirloskar Electric, L&T, Powell Industries, Schurter Holding, Sensata
Technologies and Toshiba.
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Full Report with TOC & List of Figure: https://www.imarcgroup.com/circuit-breaker-market
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Created on Jun 18th 2019 04:56. Viewed 391 times.