Circuit Breaker Market Overview:-
The adoption of the latest technology in the production of circuit breakers mitigates the problem of maintenance which will encourage the growth of the market over the next few years. Market Research Future (MRFR) has revealed in its latest report that the global circuit breaker market will grow at a CAGR of 6.5% throughout the forecast period.
The increased count of product offerings by the circuit breaker market which includes low voltage, high voltage, and, medium voltage circuit breakers is expected to augment the market size by the end of 2023. The market operators are striving to strategize growth trajectories for maximum value which is going to benefit the market growth and expansion globally.
The widening range of application base for circuit breakers generates demand from end-user industries such as electric, telecommunication, electronic, and automotive. The increase in demand has accelerated its adoption in the recent times, and the trend is likely to continue over the assessment period. The benefits associated with circuit breakers such as efficient current flow, minimized probability of short circuit, etc. will be the key drivers of demand creation. Other factors complementing the growth of the market include developments in the transmission network, increased infrastructural activities, rising concern for safety in electronic equipment, etc.
Industry Top key Players:-
The key players profiled by MRFR for drawing a deeper insight into the market include Siemens (Germany), STAHL (Netherlands), Holley Metering Ltd. (China), General Electric (US), ABB Group (Switzerland), Honeywell International Inc. (U.S.), Schurter Electronics (Switzerland), and Sensus (U.S.) among others. The market players strive to gain a competitive edge by employing strategies such as acquisitions & mergers, product innovations, adoption of latest technology, agreements, etc.
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By type, the circuit breaker market is segmented into SF6, vacuum, and, others.
By voltage, the global circuit breaker market has been segmented into high voltage, medium voltage, and, low voltage.
By end users, the circuit breaker market is segmented into residential, industrial, and, commercial.
In February 2018, Tokyo based Mitsubishi Electric Corporation completed the construction of integrated-automation factory for the production of vacuum interrupters and circuit breakers in Marugame, Japan.
In June 2018, France based Schneider Electric has added Masterpact MTZ Circuit Breaker to its product line. Masterpact™ MTZ circuit breakers claimed to bring “Future Ready” EcoStruxure Power capabilities required to build smart, dependable and sustainable power distribution systems.
By region, the global circuit breaker market has been segmented into North America, Europe, Asia, South America, Middle East, and, Africa. North America currently holds the maximum share in the market owing to the boom in end-user industries that drive the demand for circuit breakers in the region. The consumption of circuit breakers in the region is highest globally, and the trend is likely to continue over the next couple of years. The upward trajectories planned by the key market players present in the region is also complementing the growth of the market. Another factor encouraging the circuit breaker market expansion in the region is the widening product base. South America market will also exhibit growth and potential during the assessment period.
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Europe market will trail North America in terms of revenue creation. The adoption of the latest technology and its early integration into the production of circuit breakers is the crucial driver influencing the market positively. Asia Pacific market will grow expeditiously owing to the consolidation of emerging economies such as China, India, and Indonesia among others. An all-round development and continuous market expansion are expected to be witnessed in Asia Pacific across the forecast period. The markets in Middle East, and, Africa will exhibit steady growth with massive potential for growth throughout the review period.
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