Circuit Breaker Market to Touch USD 24.59 billion by 2028; Rising Safety Awareness and Measures for Protection of Electrical Systems to Boost Market Progress

The global circuit breaker market size is anticipated to dominate the market by reaching USD 24.59 billion by 2028. The market is expected to reach USD 15.41 billion in 2021. Fortune Business Insights™ in its report titled “Circuit Breaker Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low, Medium, and High), By Installation (Indoor and Outdoor), by Rated Voltage (Upto 500V, 500V – 1kV, 1kV – 15kV, 15kV – 50kV, 50kV – 70kV, 70kV – 150kV, 150kV – 300kV, 300kV – 600kV, 600kV – 800kV, and Above 800kV) and by End-user (Industrial, Commercial, Residential, and Utility) and Regional Forecast, 2021-2028” observes that the market size stood at USD 13.99 billion in 2020, exhibiting a CAGR of 6.9% during 2021 and 2028. Increasing awareness regarding safety awareness and measures, rising construction activities, and dependence upon electricity are expected to boost the market’s growth.

Hitachi ABB Power Grids Announced EconiQ High-voltage Roadmap to Boost Market Position

Hitachi ABB Power Grids announced its EconiQ High-voltage Roadmap in August 2021 at CIGRE. Through this launch, the company aims to provide an eco-efficient product range wherein, the products and services provide excellent environmental performance. It is the first of its kind eco-efficient gas-insulated switchgear that is an alternative to SF6 gas for transmission network. Through this announcement, the company aims to boost its market positon globally.

COVID-19 Impact

Lockdown Restrictions to Hamper 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.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/circuit-breaker-market-100765

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.

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.

Industry Development

• January 2021: ABB India announced Formula DIN-Rail, a range of Isolators, Residual Current Circuit Breakers (RCCBs), and Miniature Circuit Breakers (MCBs) to meet the global standards and shall be produced at ABB’s Smart Buildings factory in Bengaluru.

LIST OF KEY MARKET PLAYERS PROFILED:

• ABB (Switzerland)
• General Electric (U.S.)
• Schneider Electric (France)
• Eaton (Ireland)
• Siemens AG (Germany)
• Mitsubishi Electric Corporation (Japan)
• Siemens AG (Germany)
• Larsen & Toubro Limited (India)
• CG Power and Industrial Solutions Limited (India)
• Kirloskar Electric Company (India)
• Camsco Electric (Taiwan)
• BCH ELECTRIC LTD (India)
• Salzer Group (India)
• Atom Power, Inc. (U.S.)

Further Report Findings

• The market in Asia Pacific stood at USD 5.39 billion in 2020 and is expected to gain a considerable portion of the global market share. Rising commercial projects and infrastructure developments are likely to boost the devices’ adoption.
• Furthermore, the rising adoption of circuit breakers in manufacturing and industrial units is likely to boost market development.

• As per voltage, the medium voltage is expected to dominate the market share because of its rising adoption in utility-scale, infrastructural, and industrial applications.

Table of Segmentation: