Wilmington, Delaware, United States, Dec. 23, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a recent market research report, the global circuit breaker industry is anticipated to register a CAGR of 7.4% during the forecast period 2021-2031. According to the International Energy Agency (IEA), annual global energy investment was expected to reach US$ 1.9 Trn in 2021, rebounding nearly 10% from the previous year. The composition of this investment has shifted toward power and end-use sectors and away from traditional fuel production. This shift in energy transition from traditional to renewable sources is expected to drive market expansion in the next few years.
Usage of advanced materials and technologies in the production of circuit breakers has increased the reliability and durability of these devices. For instance, the use of SF6 gas in circuit breakers allows for a high interrupting and withstanding capacity, making it suitable for use in high-voltage applications. The development of smart grid technologies has also spurred the growth of the circuit breaker market, as these systems require advanced protective devices to ensure the smooth flow of electricity.
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Circuit Breaker Market - Key Findings of Report
- Technical Advancements in Production of Novel Components with High Energy Efficiency: The circuit breaker market is driven by technical advancements in the production of novel components with high energy efficiency. As demand for electricity increases, circuit breakers have become crucial in electrical systems for their ability to protect against damage. Market vendors are investing significantly in the development of new components, such as Earth Leakage Circuit Breakers (ELCBs) and vacuum circuit breakers, to expand their product portfolio.
- Surge in Focus on Electrical Safety: Surge in focus on electrical safety is expected to drive the circuit breaker market during the forecast period. Circuit breakers are essential safety devices for every structure that uses electricity, serving as neutral third parties or arbitrators within complex and potentially risky electrical wiring systems. The need for reliable protective devices becomes more significant as the number of electrical accidents increases.
- Increase in Investment in Energy Generation and Distribution Networks: The ongoing push toward electrification has led to an increase in demand for technologies that integrate Distributed Energy Resources (DERs) into power grids. Governments across the world are investing heavily in the capacity and efficiency of transmission and distribution systems to meet the growing demand for electricity. This increase in investment is propelling the circuit breaker market.
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Circuit Breaker Market - Growth Drivers
- Technical advancements in the production of novel components with high energy efficiency are increasing the circuit breaker market size
- Rise in investment in energy generation and distribution networks is leading to circuit breaker market growth
- Development of smart grids and integration of renewable energy sources is expected to boost market demand in the near future
Circuit Breaker Market - Key Players
Leading players operating in the global industry are Siemens AG, Mitsubishi Electric Corporation, General Electric, ABB Ltd., Eaton, Powell Industries, Havells India Ltd., Schneider Electric, Toshiba Corporation, and Camsco Electric Co., Ltd. The global market houses a significant number of suppliers, vendors, and manufacturers, featuring an extremely competitive landscape. Key industry stakeholders are adopting strategies such as R&D in order to expand their product portfolios and attract more customers.
Circuit Breaker Market - Regional Growth Assessment
The regional landscape of the circuit breaker market is diverse, with different regions exhibiting distinct growth patterns. North America is a key market for circuit breakers, with a significant share of the global market. The region has a well-developed electrical infrastructure and high demand for circuit breakers in residential, commercial, and industrial applications.
Asia Pacific is expected to be the fastest-growing market for circuit breakers, owing to the presence of a large population and rapidly expanding developing economies, leading to an increase in demand for electricity. This, in turn, is driving the growth of the circuit breaker market in the region.
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Circuit Breaker Market: Segmentation
Circuit Breaker Market, by Insulation
- Air Circuit Breaker
- Vacuum Circuit Breaker
- Gas Circuit Breaker
- Oil Circuit Breaker
Circuit Breaker Market, by Voltage
- High Voltage
- Medium Voltage
- Low Voltage
Circuit Breaker Market, by End-use Industry
- Commercial
- Residential
- Utility Scale
- Industrial
Circuit Breaker Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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