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The global circuit breaker market is expected to gain momentum by reaching USD 25.85 billion by 2027. This is attributable to the increasing focus on electrification across several industrial applications such as commercial and residential spaces across the globe. Moreover, the growing focus on electrifying rural areas is driving the demand for advanced circuit breaker. This information is published by Fortune Business Insights, in its latest report, titled, “Circuit Breaker Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low, Medium, and High), By Installation (Indoor and Outdoor), By End User, By Rated Voltage, and Regional Forecast, 2020-2027.” The report further observes that market stood at USD 16.04 billion in 2019 and is likely to exhibit a CAGR of 6.6% between 2020 and 2027.
Ideal Power Signs USD 1.2 Million Contract with Diversified Technologies to Expand Product Portfolio
In August 2020, Ideal Power Inc., a leading patented power switches provider, announced that it has signed a contract worth USD 1.2 million with Diversified Technologies, Inc. (DTI). According to the contract, Ideal is expected to supply its patented B-TRAN bi-directional power switches devices to DTI. This is a part of a project worth USD 3.0 million for a period of two-years awarded to DTI by the United States Naval Sea Systems Command (NAVSEA). The primary objective of the contract is to develop and showcase B-TRAN enabled 12kV medium voltage direct current (MVDC) circuit breakers for the U.S. Navy ship electrification program. Similar collaborations by companies such as Ideal Power, Inc. are expected to bode well for the growth of the global market during the forecast period.
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Increasing Focus on Electrification Programs to Promote Growth
In 2018, the World Bank Group announced investments worth USD 200 billion to combat climate change in the coming five years. This includes supporting the generation, integration, and enabling of electric infrastructure for 36 GW of renewable energy. The increasing focus of the government agencies to develop strong electrical grid infrastructures to connect rural areas is further expected to drive the demand for efficient circuit breakers. In addition to this, the growing investment in developing substations as a part of electrification initiatives by the oil & gas industry is anticipated to bode well for the global circuit breakers market in the forthcoming years.
Product Launches by Major Companies to Strengthen Their Product Portfolios
The global market is fragmented by the presence of several major companies such as ABB, EATON, and Schneider Electric, among others. These companies are introducing innovative circuit breakers with technological advancements to strengthen their product portfolios and gain a competitive edge over their rivals. The other key players such as Square D are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence in the market during the forecast period.
List of the Companies Profiled in the Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By End User
By Rated Voltage