Rising Safety Awareness and Measures for Protection of Electrical Systems driving the growth of Global Circuit Breaker Market
According to Fortune Business Insights, the Circuit Breaker market size is projected to reach USD 24.59 billion by 2028, at a CAGR of 6.9%. The global Circuit Breaker market size was USD 13.99 billion in 2020. According to our analysts, increasing awareness regarding safety awareness and measures, rising construction activities, and dependence upon electricity are expected to foster market development.
This market is expected to be negatively affected during the COVID-19 pandemic because of restrictions on manufacturing activities. The sudden spike in cases led to the imposition of lockdown, which negatively affected business activities. However, rising dependence upon electricity is expected to promote the adoption of reduced capacities and part-time shifts. Further, the adoption of advanced sanitization methods has resulted in a safer working environment. These factors are likely to foster market development during the pandemic.
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Report Scope of the Circuit Breaker Market
Report CoverageDetailsForecast Period2021-2028Forecast Period 2021 to 2028 CAGR6.9%2028 Value ProjectionUSD 24.59 billionBase Year2020Market Size in 2020USD 13.99 billionHistorical Data for2017-2019No. of Pages210Segments coveredVoltage, Installation, Rated Voltage, End-user and RegionGrowth DriversRising Adoption of Electrification Initiatives to Bolster Market ProgressLaunch of Novel Products to Boost Brand Presence
Rising Adoption of Electrification Initiatives to Bolster Market Progress
The implementation of electrification programs in developing countries is expected to boost market development. This factor is expected to boost circuit breakers’ adoption. Rising electricity availability leads to the abundance of electricity, which is further utilized to deliver electricity to rural areas. For example, World Bank invested approximately USD 2.3 billion for reforms and infrastructural support in West Africa Power Pool (WAPP). This investment may help provide electric supply to approximately 15 countries in the Economic Community of West African States (ECOWAS) by 2030. In addition, the mandatory adoption of these breakers from utility-scale grids, industries, residential and commercial builds is expected to drive the circuit breaker market growth.
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Rising Commercial Projects and Infrastructure Developments to Fuel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the circuit breaker market share because of rising commercial projects and infrastructure developments. The market in Asia-Pacific stood at USD 5.39 billion in 2020 and is expected to gain a considerable portion of the market in the upcoming years. In addition, the rising adoption of these breakers in manufacturing and industrial units is likely to boost market development.
In Europe and North America, the automation and modernization of industries are expected to boost the devices’ adoption. Additionally, rapid infrastructure development and the emergence of several construction projects are expected to bolster market growth.
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By voltage, the market is segmented into medium voltage, high voltage, and low voltage. As per installation, it is classified into outdoor and indoor. Based on rated voltage, it is categorized into Upto 500V, 500V – 1kV, 1kV – 15kV, 15kV – 50kV, 50kV – 70kV, 70kV – 150kV, 150kV – 300kV, 300kV – 600kV, 600kV – 800kV, and Above 800kV. On the basis of end-user, it is categorized into utility, industrial, commercial, and residential. Regionally, it is grouped into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Launch of Novel Products to Boost Brand Presence
Prominent companies operating in the market announce novel products to boost their brand presence. For example, in March 2020, Phoneix Contact announced a thermomagnetic circuit breaker that offers excellent protection in long cable paths and electrical MCC panels. This development may enable the company to boost its brand presence. Further, the adoption of research and development may enable companies to improve product quality and boost their market position. In addition, companies adopt strategies such as mergers to boost their resources and boost market position.