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Rapid growth of the renewable energy industry is anticipated to provide potential circuit breakers market opportunities in the upcoming years.
PORTLAND, OREGON, UNITED STATES, August 22, 2022 /EINPresswire.com/ — Global circuit breakers industry accounted for $9.4 billion in 2020, and is expected to reach $17.8 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. The growth of end-use industries including power, oil & gas, mining, chemicals, pulp & paper, and others and involvement of domestic governments, non-profit organizations, and international financial institutions have increased the growth of the global circuit breakers market. However, greenhouse gas emission from the SF6 circuit breaker hinders the market growth. On the contrary, surge in consumption of electricity and rise in use of circuit breakers in energy-related areas would open new opportunities in the future.
Significant development of the end-use industries, such as oil & gas, power, mining, chemicals, pulp & paper, and others fuels the demand for circuit breakers, which in turn is expected to fuel the growth of the circuit breakers market. In addition, involvement of domestic governments, non-profit organizations, and international financial institutions, such as the World Bank in the development of electricity access rate majorly influences the adoption of circuit breaker at the global level. In addition, increase in the consumption of electricity fuels the demand for circuit breakers, thereby propelling the growth of the market. Circuit breakers are used in energy-related areas to define the sensitivity of high residual current to provide optimum protection. On the contrary, greenhouse gas emission from the SF6 circuit breaker hampers the growth of the global market. Therefore, this market is leading toward growth stabilization and stable demand for circuit breakers.
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By voltage, the high segment held the largest share in 2020, accounting for nearly half of the global circuit breakers market, due to applications in commercial, industrial, and utilities sectors. However, the low segment is expected to register the highest CAGR of 6.6% during the forecast period, owing to rise in demand for low voltage circuit breakers from residential and commercial users.
On the basis of insulation type, the gas segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for gas circuit breakers from industrial, utilities, and commercial sectors across the globe. In addition, rise in focus towards distributed power infrastructure and the rapid growth of the renewable energy sector are anticipated to drive the growth of the market during the forecast period.
By end user, the residential segment is expected to register the highest CAGR of 6.6% during the forecast period, as residential sector is the largest consumer of circuit breakers. However, the utilities segment is expected to hold the largest share in 2020, contributing to nearly two-fifths of the global circuit breakers market, due to increase in demand for electricity from developing and developed economies.
By region, the global circuit breakers market across Asia-Pacific, followed by North America, dominated the market in 2020, holding around one-third of the market, due to presence of key market players and huge consumer base in the region. However, the market across Europe is expected to register the highest CAGR of 6.6% during the forecast period, owing to rapid expansion of renewable energy sector, rapid expansion of the renewable energy sector, and increased investment toward upgradation of aged power infrastructure.
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In addition, rapid expansion of the renewable energy sector, rise in investment toward up gradation of aged power infrastructure, and rapid industrialization in the region are further anticipated to fuel the growth of the circuit breakers market in the upcoming years.
The global circuit breakers market analysis covers in-depth information of the major circuit breakers industry participants. The key players operating and profiled in the report include ABB, Ltd., Alstom, Eaton Corporation Plc, Furukawa Group, Kirloskar Electric, Powell Industries, Mitsubishi Electric Corporation, Schneider Electric, Siemens AG, and Toshiba Corporation.
Other players operating in the value chain of the global circuit breakers market are Tavrida, LS Electric, Huayi Electric, Myers Power Products, and others.
COVID-19 Impact on Market
Lockdowns imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for circuit breakers from consumers. In addition, halt in building & construction of new electric utility infrastructures, renewable power plants, grid network, residential & commercial buildings, and other power plants, owing to unavailability of workers and increase in demand–supply gap hampered the circuit breakers market growth during the pandemic period. This resulted in decline in market growth in the 2020. However, the circuit breakers market was expected to recover by the last quarter of 2021, as COVID-19 vaccination is available in various economies across the globe, which is expected to improve the global economy.
David Correa
Allied Analytics LLP
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