The 2020 Circuit Breaker Market overview through 2026 forecasts to grow in terms of market size and value at a CAGR of 6.98%, notes OG Analysis.
Global circuit breaker market growth is characterized by increasing demand for energy, growing construction and developmental activities, and the rising number of renewable power generation ventures during the forecast period.
Moreover, low maintenance cost, increasing usage of the circuit breaker in locomotive industries to influence positively for the circuit breaker market growth.
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Increasing trend of urbanization and industrialization in developing countries caused an enhancement in the electricity infrastructure, as well as increase in power supply to rural areas, drives the consumption of circuit breaker market.
Further, worldwide evolution towards decentralization with driving economic growth and prosperity hikes the energy sector to impact the market growth positively. In addition, factors including rising grid investments to substitute aging grids in order to upgrade them as efficient networks for effective load managing set to shape the circuit breaker market growth.
Aspects of regional circuit breaker market growth during the forecast period
Asia Pacific to hold the largest market share for the circuit breaker market driven by growth manufacturing and industrial units across the region. Further, metro lines and railways extensive layouts in metropolitan cities of developing regions of the Asia Pacific and Africa to increase the demand for medium voltage circuit breakers.
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Moreover, in terms of price competitiveness and continuous expansion the Asian Circuit Breaker Market value is driven by India, China, and Indonesia.
Whereas, in North Americas’ government standards towards consumer safety boost the market further in the upcoming years. For instance, in 2019, Underwriters Laboratories, under government standard invented by Atom Power listed its first and only digital solid-state circuit breaker.
Furthermore, the active presence of key market players in Europe is observed to trigger market growth with niche products. For instance, in 2019, Eaton launched circuit protection technology Power Defense molded case circuit breakers to provide in-depth system visibility and predictive diagnostics.
Upgrades, strategies, and new launches by prominent key players to contribute to the circuit breaker market share during the forecast
The circuit breaker market players are observed to capitalize on market growth opportunities with product remodeling. For instance, in 2019, ABB reinvents the circuit breaker by digital technology to enhance the performance of renewable energy solutions, industrial battery storage solutions, and next-gen power grids.
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Further, new digital circuit breakers launched by Atom Power, Inc. in 2019 with wireless connectivity to replace a 140-year-old electromechanical technology to monitor and control the energy use of buildings remotely.
Where prominent market players are investing in product modification, other key OEMs are focusing on next-generation productline to meet the needs for grid overload. For example, in 2019, Schneider Electric launched the next generation high-power low voltage circuit-breakers, Masterpact MTZ assembled. Moreover, Amber Solutions, Inc., acknowledged the plans for its next-generation smart circuit breakers in 2019 for Both Retrofit and New Panel Installation.
Major key players contributing to the Circuit Breaker Market include ABB, Siemens, Eaton, Hitachi, Toshiba, Schneider Electric, Mitsubishi, Fuji Electric, Larsen & Toubro, Hawker Siddeley Switchgear among others.
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