New York, USA, July 12, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global circuit breaker market is estimated to garner a revenue of $21.1 billion, growing at a CAGR of 6.9% during 2018-2026, surging from $12.4 billion back in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides market figures making it easier and helpful for the new participants to understand the market.
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Factors Influencing the Market Growth
Drivers: The circuit breaker market has seen a significant growth due to the extensive demand for renewable energy around the world. Furthermore, the increasing number of residential and industrial projects across the globe favor the growth of global circuit breaker market.
Restraints: Substantial competition from the unorganized sector of the circuit breaker and greenhouse emissions from certain circuit breakers are the foremost reasons that restrict the growth of circuit breaker market.
Opportunities: IOT based circuit breakers ensure the identification of any major failures in the circuit breaker system with the help of monitoring and control of the circuit breakers through IOT. This technological advancement is predicted to boost the growth of circuit breaker market.
Segments of the Market
The report has divided the market in different segments based on voltage, installation, end-user, and regional outlook.
- Voltage Type: Low Voltage Sub-segment expected to be the Fastest Growing
Low voltage sub-segment generated a revenue of $3.6 billion in 2018 and is estimated to gross $6.3 billion, during the analysis period. This surge is mainly due to its extensive application in commercial, industrial, and residential sectors.
- Installation Type: Indoor Sub-segment Expected to be the Most Lucrative
Indoor segment is set to generate an estimated revenue of $12.8 billion by the year 2026, surging at a CAGR of 6.8%, during the analysis period. The vital factors leading to the growth of the segment are cheap maintenance and safety against acute environmental conditions.
- End-User: Commercial Sub-segment Expected to be the Most Profitable
The commercial sub-segment has registered a revenue of $3.7 billion in 2018, and is estimated to garner $6.6 billion, during the forecast period. Increasing economic development in developing countries and the continuous growing population around the world is projected to boost the demand for the construction of commercial projects.
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- Regional Outlook: Asia-Pacific Region Expected to Dominate the Global Market
Asia-Pacific region is estimated to generate a revenue of $8.0 billion by the end of the forecast period. Construction of residential, industrial and commercial projects are imperative to cater to the need and demands of the people due to the increasing population and job opportunities. These factors will possibly enhance the growth of the market.
Key Players in the Market
The top players of the circuit breaker market include -
- Toshiba Corporation
- ABB
- GENERAL ELECTRIC
- Mitsubishi Electric Corporation
- Schneider Electric
- Hitachi Industrial Equipment Systems Co. Ltd.
- Powell Industries
- Eaton
- CG Power
- Industrial Solutions Limited
In July 2019, Switchgear solutions, a medium voltage electrical equipment manufacturer was acquired by Eaton Cummins Automated Transmission Technologies, a power management company in order to widen their product lines of medium-voltage electrical equipment. This investment substantially helped Eaton Cummins to operate in wider areas and provide high quality service to the customers. The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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