Circuit Breaker Market to witness steady growth of 5.8% during 2020-2024
Selbyville, Delaware, United States, September 10 2020 (Wiredrelease) Global Market Insights, Inc –:The global Circuit Breaker Market is expected to post a compound annual growth rate (CAGR) of more than 6.7% during the period 2019-2024, according to the latest market research report by Global Market Insights.
With each passing day, the demand for electricity has been increasing worldwide. Developing nations like Africa and Asia have been witnessing frequent cases of network breakdowns and power failures. Such growing instances has fueled the requirement for effective circuit breaker systems. Measures to curb operational dereliction, fire hazards and electrical supply faults has influence increased product adoption.
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Moreover, there has been a rise in construction of renewable energy and smart grid infrastructures. The advent of such technologies has emphasized the need to restructure and revamp aging grid structure that offer safe and secure operations. Meanwhile, ongoing suburban migration has led to an exponential surge in power consumption, which has in turn driven the demand for efficient circuit protection equipments.
With growing consumer awareness and stern building norms focus on securing and safeguarding electrical networks, the circuit breaker market may accrue sizeable growth. Citing reports, a study conducted by Global Market Insights, Inc., suggest that the global circuit breaker market may record annual installation of 40 million units by 2024.
As per voltage rating, the < 70 kV circuit breaker market is anticipated to witness increased traction over the coming years. Ongoing development of power distribution systems coupled with rising energy demand across the primary and secondary electric infrastructure may influence segmental growth. The adoption of micro-grid action plans towards off-grid renewable grid network may further aid product demand.
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Notably, circuit breakers for gaining increased traction in various industrial spheres. From small scale residential grid network to large scale utility-aided distribution network, these products enable enhanced safety in overall business operations. With growing demand, industry participants and manufacturers are inclined towards achieving sustainable product distribution and development. Positive customer inclination towards safer operations and the product’s flexibility and cost-effectiveness may also stimulate the demand for circuit breakers in the industrial sector.
As per regional share, Europe circuit breaker market is slated to witness prominent growth owing to strict efficiency norms and growing implementation of renewable energy networks. With an aim to install strong energy mechanism, government authorities are also investing heavily to befit the region’s energy generation and distribution systems.
In essence, the global circuit breaker market is registering notable growth, driven by the addition of advanced, flexible and secure product configurations. Key market players operating in this industry include Mersen S.A., BEL Fuse, Meidensha, Fuji Electric, Hitachi, Siemens, Crompton Greaves, L&T, Hubbell, Powell Industries, Mitsubishi, Toshiba, TE Connectivity, Eaton, ABB and Schneider Electric.
Suppliers and manufacturers across the globe are investing heavily on research and development to enhance and expand their product portfolio. Moreover, additional funds are infused by companies to roll out advanced products which may compliment global circuit breaker market development.
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