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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.
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.
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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.
LIST OF KEY MARKET PLAYERS PROFILED:
Further Report Findings
Table of Segmentation:
Value (USD Billion)
By Voltage, By Installation, By Rated Voltage, By End-user, and By Region
By Rated Voltage