Key Companies Covered in Circuit Breaker Market Research Report are CG Power and Industrial Solutions Limited, ABB, Atom Power, Inc., Mitsubishi Electric Corporation, Salzer Group, Schneider Electric, Larsen & Toubro Limited, Kirloskar Electric Company, Siemens AG, GE
PUNE, India, Oct. 17, 2019 /PRNewswire/ -- The global Circuit Breaker Marketis set to attain a value of USD 25.75 billion by 2026, displaying a CAGR of 6.97% during the forecast period. The main driving factor for this is the ever-increasing demand for electricity around the world. According to the International Energy Agency (IEA), in 2018, world electricity demand increased by 4%, double the amount of the overall energy demand. Among nations, China and the US accounted for 70% of the total global demand. Increasing demand and consumption of electricity will lead to a corresponding rise in the demand for circuit breakers, since they are essential components in any electrical system. Circuit breakers are basically switching devices, that is, their primary function is to disturb or interrupt the flow of fault or abnormal current. This protects the electrical system from any damage and prevents any potential accidents.
According to a published report by Fortune Business Insights in a report, titled "Circuit Breaker Market: Global Market Analysis, Insights, and Forecast, 2018-2026", the global Circuit Breaker Market value in 2018 was USD 15.09 billion. Additionally, the report also provides a comprehensive analysis of the various factors and trends that will shape the market during the forecast period.
Rising Focus on Energy Accessibility to Favor Market Growth
Governments in the developing nations of Asia and Africa are aggressively building strong power infrastructure to bring electricity in the homes of the people, especially in rural areas. For example, through its rural cooperative program, Bangladesh has managed to bring electricity to 62% of its rural population. India has successfully electrified 95% of rural households in its poorest states, as reported by the IEA in 2018. Furthermore, international organizations such as the World Bank are providing the required monetary assistance to these countries, further enhancing their capabilities. For instance, the World Bank, through its International Development Agency, is providing USD 375 million to aid the Ethiopia Electrification Program launched in 2017, which aims at last-mile service delivery. Such rapid progress in power infrastructure is expected to create massive sales opportunities for circuit breaker producers, thereby bolstering the global Circuit Breaker Market growth during the forecast period.
Industrial Development to Propel the Market in Asia-Pacific
Among regions, Asia-Pacific is expected to dominate the global Circuit Breaker Market share owing to the fast-paced industrial and manufacturing sector development, especially in China and India. Moreover, increasing infrastructure activities in the region will further enlarge the global Circuit Breaker Market size till 2026. Heightened urbanization will make Africa the most promising regional market for circuit breakers in the coming decade, while oil and gas exploration and refinement activities will fuel the market in the Middle East. North America and Europe are anticipated to make sizeable contributions to the global Circuit Breaker Market revenue in the forecast period.
Development of Innovative Products to Intensify Competition
Key players in the global Circuit Breaker Market are increasingly focusing on creating and launching new and innovative products so as to gain a competitive edge. For example, in April 2019, Hannover-based ABB introduced their solid-state circuit breaker that is designed to enable electrical systems and grids to adapt renewable energy solutions and improve industrial battery storage capacities. Similarly, Schneider Electric upgraded their Masterpact circuit breakers product line with the Masterpact MTZ, which is specifically designed to empower smart devices to cope with Internet of Things (IoT) tools and solutions.
Some of the prominent companies in the global Circuit Breaker Market include:
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