Circuit Breaker Market size to grow by USD 3.38 billion from 2023 to 2028; Increase in the number of residential and commercial building projects to drive the growth - Technavio

NEW YORK, Nov. 8, 2023 /PRNewswire/ -- The circuit breaker market is expected to grow by USD 3.38 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.11% during the forecast period. The market is segmented by power rating (high, medium, and low), end-user (commercial, industrial, residential, and utilities), and geography (APAC, North America, Europe, Middle East and Africa, and South America). An increase in the number of residential and commercial building projects is the key factor driving market growth. This is due to factors such as population growth and support from government bodies. Moreover, there is a greater number of construction projects being undertaken by certain cities as compared with others because of the need to meet increasing population needs. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the circuit breaker market: ABB Ltd., BCH Electric Ltd., Camsco Electric Co. Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, General Electric Co., Larsen and Toubro Ltd., LS ELECTRIC Co. Ltd., Meidensha Corp., Mitsubishi Electric Corp., Myers Power Products Inc., Powell Industries Inc., Schneider Electric SE, Siemens AG, Tavrida Electric GmbH, Toshiba Corp., Zhejiang CHINT Electrics Co. Ltd., TE Connectivity Ltd., Salzer Electronics Ltd., and Hyundai Electric and Energy Systems Co. Ltd.
• Circuit Breaker Market is fragmented in nature.
• Market to observe 5.67% YOY growth in 2024.

Market Dynamics:

Major Trend

• The rise in adoption of smart grids is a major trend in the market.
• Improved grids that communicate with their components to ensure greater operational efficiency can be described as smarter grids.
• In addition, smart grids are an integrated network that connects all assets of the electricity grid in terms of energy generation, transmission, distribution, and consumption.
• It is therefore a positive influence on the market that more and more intelligent networks are being adopted, especially in the power sector.

Significant Challenge

• Threat from refurbished and counterfeit products is a significant challenge restricting market growth.
• Refurbished and counterfeit goods are normally classified as grey market products sold illegally or by unauthorized undertakings.
• Moreover, since many of these products are still in their test phase, they may not operate safely when subjected to overloads and leakage which would lead to damaged circuit components, fire hazards, or injury to workers.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The high segment is estimated to witness significant growth during the forecast period. The growth in this segment is due to factors such as the rapidly rising adoption of renewables worldwide and an increasing demand for high-voltage circuit breakers, which switch electrical load at industrial facilities, office buildings, business complexes, and hotels.

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Related Reports:

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The industrial relays market size is estimated to grow at a CAGR of 6.39% between 2022 and 2027. The market size is forecast to increase by USD 1,401.63 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Power Rating

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio