Circuit Breaker Market 2020 Growth Insights, Prominent Players Analysis, Share, Size, Business Strategies and Regional Forecast to 2023

As per the report published by Market Research Future, the global circuit breaker market is anticipated to develop at 4.90% CAGR over the forecast period. Circuit breakers are pre-set values in percentage terms. These are automatically functioning electrical switches, which are designed to secure electrical networks from being damaged by the excess current from overload or even short circuit. The primary and the basic functioning of the circuit breaker is to interrupt the current flow on detection of any fault. According to the latest study conducted by Market Research Future (MRFR), the global circuit breakers market is expected to experience decent growth during the forecast period.

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Circuit Breaker is referred to an automatic electric switch that finds wide application in stopping the flow of current in an electric circuit to safeguard the electrical system from damage. Circuit breakers are used in commercial, residential, and industrial zones. It assists in protecting the electric appliances from overload, short circuit, or over-current. The key advantages of using circuit breaker include its smooth functioning without the requirement of any replacement such as a safety device or a fuse. Additionally, the circuit breakers are extremely cost effective and offers reliable operation of the electric circuit. Surging access to electricity in emerging economies would drive the growth of circuit breakers. Moreover, administrative bodies around the world are taking steps to build smart cities in prominent places for conserving energy. This would further fuel the market for circuit breakers such as molded and miniature case circuit breaker. The circuit breaker market is estimated to witness high growth rate globally over the forecast period. The growth is primarily owing to the surging demand for efficient safeguarding devices in electrical circuit coupled with sharp growth in electricity consumption and demand.

Key Players

Global circuit breaker market is dominated by key players such as Schneider Electric (France), ABB (Switzerland), Mitsubishi (Japan), Siemens (Germany), Powell (US), Toshiba (Japan), Fuji Electric (Japan), CG Power (India), TE Connectivity (Switzerland), Larsen & Toubro (India), Tavrida Electric (Switzerland), and others.

Market Segmentation

Global circuit breaker market is segmented based on type, region, voltage, and end-user. Based on type, the market is segmented into indoor and outdoor circuit breaker. The demand for safe operation and high reliability of sub-station equipment is anticipated to drive the outdoor circuit breaker market. Outdoor circuit breakers can function in the toughest climates and operate reliably in any kind of environment. The global circuit breaker market is further segmented based on end-use. The segmentation includes distribution & transmission, renewables, railways, and power generation. Distribution & transmission segment is projected to lead the market over the forecast period. The growth is attributed to the growing investments in modernization and substation automation of power grids. This would improve protection by curbing energy losses triggered by the poor operational efficiency of conventional devices.

Regional Analysis

The geographical segmentation of the global circuit breakers market covers 5 key regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.

The North American market is the leading region in the global circuit breaker market, primarily due to the fast-paced expansion in the production base over the years. The market contribution of the North American region can be attributed significantly to the US. The US region holds a major hand in the global market and is projected to continue its growth trajectory in the forthcoming years as well. A major factor identified as the key driver of the market is the positive regulatory shift towards the replacement & retrofit of the conventional electrical equipment with advance units. With an aim to curb down the curtailment rate in their Western Transmission Network, regulators of the US have framed various plans in 2018 to invest close to USD 10 billion in developing and improving the domestic electric infrastructure.

The European region closely follows North America to stand tall as the second-largest global circuit breakers market. The Asia Pacific market is projected to experience growth at the fastest pace during the forecast period. Herein, developing economies like China, Indonesia, and India pose favorable growth potential as these countries continue to expand their current power generation capacities and the supply infrastructure to match up to the rising electricity demand.

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This release was published on openPR.