LOS ANGELES, Jan. 29, 2020 (GLOBE NEWSWIRE) -- The global circuit breaker market is expected to grow at a CAGR of around 4.2% during the forecast period 2019 to 2026 and reach the market value of around US$ 17.6 Bn by 2026.
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North America and Europe dominated the global circuit breaker market in the year 2018. The region has experienced the potential growth owing to their rapidly unexpectedly increasing manufacturing bases and thriving economies. With a rising issue for protection in electrical, electronic, telecommunication gadget and automotive, the demand for advance circuit breakers and fuses is analyzed to rise exponentially. The increasing implementation of alternative energy generation resources along with wind and solar which require massive investments has accelerated the market share of the North America region in the global circuit breaker.
Africa and Middle East has the highest ability for the boom of the market. The speedy industrialization and urbanization of Africa and Middle East continent will raise the market in the subsequent 20 years. The oil and gas platforms are supplied with high voltage supply cables in the Middle East, Europe and North America. Such high voltage cables require use of circuit breaker. The offshore wind production units worldwide use high voltage cables to feed into the grid in the mainland.
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Asia-Pacific is expected to register the highest CAGR during the forecast period. The boom of region can be seen with the increase in infrastructural structure and industries. Asia Pacific region is the manufacturing hub of the world, and a variety of circuit breaker is used in each industrial and manufacturing unit. High growth in the number of manufacturing and industrial units has boosted demand for circuit breaker. Bullet trains, metros, railways, IT hubs, commercial facilities, etc. require the usage of a circuit breaker for stable and reliable electricity supply. Rapid urbanization has increased demand for circuit breakers. The growth in the quantity of power generation plants and transmission infrastructure has also increased sales of circuit breakers. China, Japan, India, Republic of South Korea, etc. are the world leaders in circuit breaker production and technology.
Vacuum circuit breaker segment has dominated the circuit breaker segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The growth can be attributed to the raising demand across several medium and high voltage substation applications. In addition to this, strict rules related to the escape of toxic greenhouse fuel emission from different technologies will affect the overall industry growth.
The power distribution gas segment dominated the circuit breaker market on the basis of end-use type in the year 2018. The power distribution gas segment held largest share in the market during the forecast period. The major factors that are driving the growth of this segment are the rising investments for development of new substations mainly in developing countries because of urbanization and industrialization like in India, China, and Japan among others.
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Outdoor segment dominated the circuit breaker market on the basis of installation type in the year 2018. The growing demand for circuit breaker because many developing countries are running electrification programs to connect the rural areas to the grid. Few countries are also seeking to combine different grid zones to form a mega-countrywide grid. Such drives have boosted the marketplace outlook for the utility-scale circuit breakers. With growth in the availability of electricity, infrastructure development is easier with abundance of electrical energy infrastructure projects require using circuit breaker for safe and dependable operations of gadgets and devices. This is expected to enhance the dominance of the outdoor segment in the global market over the forecast period.
Some of the leading competitors are ABB, General Motors, Siemens AG, Mitsubishi Electric Corporation, Camsco Electric, BCH Electric Ltd., Atom Power Inc., Larsen & Toubro Limited, Eaton, CG Power and Industrial Solutions Limited, Salzer Group, Kirloskar Electric Company, and Schneider Electric.
Some of the key observations regarding circuit breaker industry include:
- In May 2018, ABB reinvented the circuit breaker- breakthrough digital technology for renewables and next-gen power grids. The ground-breaking low voltage circuit concept will be revealed to the general public for the first time at the Hannover Messe in Germany. The product will be available from 2020.
- In January 2018, Circuit Breaker Sales Co. added breaker buzz, which is beneficial for the organization in respect to engineering, testing, service, and electrical equipment sales.
- In 2018, Siemens introduced expanded version of Fuse save—the world’s fastest medium-voltage outdoor vacuum circuit breaker. The Fusesaver can hit upon fault in the current and clear the fault by way of interrupting the current with the separation process.
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