(MENAFN- Comserve)
Shibuya-ku, Tokyo, Japan, Japan, Jun 23, 2022, 09:58 /Comserve / -- The report predicts the global Circuit Breaker Market to grow at a healthy CAGR over the forecast period from 2022-2031.
The global circuit breaker market forecast will be $21.1 billion by 2026, increasing from $12.4 billion in 2018 at a CAGR of 6.9%.
Circuit breakers are also known as the automatic electrical switch that operates when a fault is detected. Circuit breaker is identified as important for improving the reliability of power station. Moreover, it helps to protect electric transformers and generators against short circuits. Above mentioned elements of circuit breaker are anticipated to drive the circuit breaker market . In addition, rise in residential projects and industrialization coupled with a massive surge in construction worldwide is expected to drive the growth of circuit breakers market. Increasing competition in the unorganized companies of the circuit breaker is expected to hurdle the growth circuit breaker market.
IOT based circuit breaker is projected to boost the growth circuit breaker market mainly because these circuit breakers are lower in cost with high efficiency. The technical key benefit of this circuit breaker is that it provides protection from critical load. These key elements are projected to create huge opportunities for the circuit breaker market growth.
Low voltage circuit breaker market is a faster moving segment than high voltage circuit breaker and it has generated a revenue of $3.6 billion in 2018, and is projected to surpass $6.3 billion, over the projected period. This growth is majorly because the multinational market players like ABB are heavily investing into research and developments of low voltage circuit breakers. High voltage segment registered a revenue of $6.8 billion in 2018, and is anticipated to cross $11.7 billion by 2031.
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Indoor segment will register a revenue of $12.8 billion by 2031 growing at healthy CAGR of 6.8%, during the forecasted period. The indoor circuit breaker segment held the largest market share and is projected to dominate the market during the forecast period owing to lower cost maintenance and it providing protection against severe environmental conditions. Outdoor segment will register revenue of $8.4 billion by 2031 growing at healthy CAGR of 7.1%.
Commercial segment is the fastest growing segment and it has generated a revenue of $3.7 billion in 2018, and is anticipated to cross $6.6 billion, during the forecasted period. Increasing construction of commercial projects coupled with economic development in emerging countries and growing population worldwide are projected to drive the growth of global market.
Circuit Breaker market share for North America is anticipated to rise at a CAGR of 7.6% by generating a revenue of $5.6 billion by 2031. This is significantly because the renewable energy power projects are rapidly-growing projects in the US, increasing 100 percent from 2000 by the end of 2018.
Asia-Pacific Circuit Breaker Market size will generate a revenue of $8.0 billion by 2031. Currently, many Asian countries such as China have a high share of the circuit breaker market in this region.
Some of the leading Circuit Breaker market players include Powell Industries., GENERAL ELECTRIC, Hitachi Industrial Equipment Systems Co. Ltd., Siemens, Eaton., CG Power and Industrial Solutions Limited, Schneider Electric, Toshiba Corporation., ABB, Mitsubishi Electric Corporation. To gain competitive advantage, these companies investing heavily in the R&D activities for the technological innovations into circuit breakers
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The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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