February 13, 2023 04:17 ET | Source: Exactitude Consultancy Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Circuit Breaker Market.
The Global Circuit Breaker Market is expected to grow at 6.1% CAGR from 2019 to 2028. It is expected to reach above USD 9.64 billion by 2028 from USD 5.66 billion in 2021. The market is dominated by three companies: ABB, Eaton Corporation, and Siemens. ABB is the market leader, with a market share of 34%. Eaton Corporation is second, with a market share of 23%. Siemens is third, with a market share of 17%. The three companies are expected to dominate the market through 2021.
A circuit breaker is a switch that interrupts the flow of electricity when it is triggered by a fault. It is a safety device used in electrical systems to prevent damage from occurring. The circuit breaker market is forecast to grow by 6.1% annually through 2021, according to a report by Exactitude Consultancy. Circuit breakers are used to protect electrical systems from overloads or faults. The market is expected to be worth $9.64 billion by 2028.
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Companies Profiled in Circuit Breaker Market Report:
The Key players in the circuit breaker market are ABB, Schneider Electric Siemens, Mitsubishi Electric, and Eaton, CG Power and Industrial Solutions, XIGAO Group, LS ELECTRIC, Hueayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity, Meidensha, Toshiba, Powell Industries, and others.
Increasing Adoption of Electrical Safety Regulations to Augment Growth
Many developing nations are implementing electrification initiatives to bring electricity to rural areas through connecting them to the power grid. Some are even working towards creating a large national grid by merging different grid zones. This is positively impacting the outlook for utility-scale switches and driving fast-paced infrastructure development, leading to an abundance of electrical energy. For example, on June 10, 2021, the World Bank invested over USD 2.3 billion in infrastructure and reforms for the West Africa Power Pool (WAPP), aiming to ensure universal access to power for the 15 countries in the Economic Community of West African States (ECOWAS) by 2030. This increased access to electricity is driving demand for electrical switching devices for safe and efficient operation of equipment, which is expected to contribute to the growth of the circuit breaker market in the coming years.
Rising Compliance with Electrical Safety Regulations to Drive Market Growth
The breakers have become a mandatory part of electrical networks in residential and commercial buildings, industries, and utility-scale grids. Every home, office, and others, have an electrical switching device installed because of rapidly increasing urbanization and modernization, the breakers have become an essential part of every structure. Frequent amendments such as adhering to strict compliance of test procedures for breakers and switchgear used in electrical power distribution systems. Some of the heavy load equipment requires the adoption of individual circuit breakers for safe and reliable operation. Such a regulatory scenario has positively influenced the market dynamics of breaker market sales.
Growing Competition from Unregulated Players to Hamper Market Growth
Investments in advanced circuit breaker technology have allowed major players to compete globally. However, the market growth may be hindered by intense price competition among small competitors and growing competition from unregulated players to meet demand from industries such as manufacturing, construction, transportation, and processing.
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Key Market Segments: Circuit Breaker Market
What are the circuit breaker sizes in market?
Circuit Breaker Market is expected to grow at 6.1% CAGR from 2019 to 2028. It is expected to reach above USD 9.64 billion by 2028 from USD 5.66 billion in 2021
Why is there a circuit breaker shortage?
The rapid increase in demand for electronic components has put a strain on component manufacturers, leading to a shortage of electrical panels.
Which circuit breaker is used in industry?
SF6 industrial circuit breakers are highly sought after for their ability to effectively interrupt high voltage arcs in industrial settings. These circuit breakers use SF6 gas to open a circuit and are widely used due to their dependability in typical industrial conditions.
What are the major drivers for the circuit breaker market?
The circuit breaker is driven by factors such as growing investments in power generation, specifically from renewable energy sources; rising demand for reliable and secure power supply worldwide; increasing capacity additions and enhancements for T&D networks; and accelerating investments in railways sectors.
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.