New York, USA, July 11, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global circuit breaker market is envisioned to generate a revenue of $21.1 billion and grow at a CAGR of 6.9% over the analysis timeframe from 2019 to 2026.
As per our analysts, with the rapid growth in the adoption of renewable energy, the circuit breaker market is predicted to experience progressive growth over the forecast period. Besides, the growing residential projects and industrialization along with the increasing construction and development activities are expected to propel the growth of the market during the estimated timeframe. Moreover, the increasing use of IoT-based circuit breakers all across the world is predicted to create huge growth opportunities over the forecast timeframe. However, the legal limits against greenhouse emissions and competition among existing unorganized sectors may impede the growth of the market throughout the estimated period.
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Segments of the Circuit Breaker Market
The report has divided the market into segments based on voltage, installation, end-use industry, and region.
Voltage: High-Voltage Sub-Segment to be Most Productive
The high-voltage sub-segment is projected to generate a revenue of $11.7 billion during the forecast timeframe. The increasing technological advancements in switchgear which are associated with power system control and circuit breakers for a continuous supply of electricity are predicted to foster the growth of the market sub-segment during the analysis timeframe.
Installation: Indoor Sub-Segment to be Most Lucrative
The indoor sub-segment is expected to garner a revenue of $12.8 billion over the estimated timeframe. The increasing use of the indoor circuit breaker sub-segment due to its lower maintenance costs and providing better protection against severe environmental conditions is expected to bolster the growth of the market sub-segment during the forecast period.
End-Use Industry: Residential Sub-Segment to be Most Profitable
The residential sub-segment is expected to generate a revenue of $6.9 billion during the analysis timeframe. The increasing construction of residential projects in developing economies owing to the growing population worldwide is predicted to fortify the growth of the market sub-segment during the estimated period.
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Region: Asia-Pacific Region to Have the Maximum Share of the Market
The Asia-Pacific region of the circuit breaker market is projected to garner a revenue of $8.0 billion over the analysis timeframe. The increasing supportive rules and regulations from the government of this region regarding construction and development activities are predicted to drive the regional growth of the market throughout the forecast period.
Key Players of the Circuit Breaker Market
The major players of the circuit breaker market include
- CG Power
- Industrial Solutions Limited
- Hitachi Industrial
- Equipment Systems Co. Ltd
- Schneider Electric
- GENERAL ELECTRIC
- Toshiba Corporation
- Powell Industries
- Mitsubishi Electric Corporation
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in September 2021, Infineon Technologies AG, a renowned German semiconductor manufacturer, announced its collaboration with Blixt Tech AB, a leading company that develops technologies that enables software control of electricity and create the spark for an entirely new shift in energy. With this collaboration, the companies aimed to develop new solid circuit breakers with superior electrical safety, real-time circuit-level metering, and full power flow control.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
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