WASHINGTON, Sept. 19, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the global circuit breaker market shows that the use of market-based circuit breaker systems in global electrification is on the rise and the collection of electrical safety regulations is expected to increase the growth of the global circuit breaker market during the forecast period. Global market revenue in 2021 is $5.9 billion.
The global circuit breaker market size is expected to reach US$8.2 billion by 2028, and the compound annual growth rate (CAGR) is expected to grow at 5.7% during the forecast period; Air Circuit report on market size, share and trend analysis Circuit Breakers, Gas Circuit Breakers, Oil Circuit Breakers), Voltage (Medium Voltage, High Voltage), by Installation (Indoor, Outdoor), by End User (Utilities T&D, Power Generation , renewables, rail), by region (North America, Europe, Asia-Pacific, Latin America) – global industry assessment (2016-2021) and forecast (2022-2028).”
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Increasing plans for electrification and increasing investment in the industrial sector to stimulate market growth
Many developing countries have electrification programs to connect rural areas to the grid. In addition, some countries are making further attempts to connect different areas of the power system to expand large nationwide networks. These key aspects improve the market prospects for utility-scale switches. In addition, the increase in power supply leads to a rapid expansion of the infrastructure to provide sufficient power. For example, over the past few decades, the World Bank has invested more than $2.3 billion in WAPP infrastructure and reforms, which are considered critical for the 15 countries of the ECOWAS Economic Community to ensure global electricity supply by 2030. In addition, this new mandate is progress-based and could fund building work to accelerate access in Niger, Mauritania and Senegal. Therefore, electrical switchgear, which ensures the safe and reliable operation of equipment, stimulates the demand for infrastructure projects around the world, contributing to the expansion of the market in the future.
Moreover, increased investment in the industrial sector and the impact on industrial infrastructure are increasing market demand around the world from various end users and manufacturing industries. Therefore, such devices are mainly used in industrial and commercial fields.
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Circuit breakers are critical to electrical associations in commercial buildings, organizations, and utility-scale electrical networks. In addition, electrical switchgear is installed in almost all homes, offices and other places, due to rapid urbanization and modernization, circuit breakers have become an important part of every building. In addition, circuit breakers are also used in subways, railways, trains, shopping malls, IT hubs and other places where a stable and reliable power supply is required. Increasing urbanization has increased the demand for electrical switches. In addition, the proliferation of power plants and transmission infrastructure has increased the need for automatically operating electrical switches.
In addition, regular changes require strict adherence to the test indications of circuit breakers and switchgears used in power distribution systems. Some heavy equipment requires a separate circuit breaker market to ensure safe and reliable operation. Hence, this regulatory scenario has had a positive impact on the market, contributing to the growth of the circuit breaker market.
The COVID-19 outbreak has affected various industries around the world and the global circuit breaker market is no exception. Governments around the world have taken a number of measures, such as strict restrictions to enforce social distancing norms, to limit the rapid spread of the pandemic. The circuit breaker market has been hit hard as global manufacturing plants were forced to close early in the pandemic. The epidemic has directly affected small and medium-sized companies that are suppliers of basic technologies for the circuit breaker market. In addition, the launch of the circuit breaker market industry is also taken into account, as the effects of the pandemic disappear from the beginning of 2022.
The situation is expected to improve in the second half of 2022 when supply returns to normal. Vantage Market Research reviewed the impact of COVID-19 on the global circuit breaker market and industry subsidiaries of the circuit breaker market in conducting analytical research on the global circuit breaker market. In addition, demand and supply chain are also taken into account when estimating the current and forecast market size of the global Circuit Breaker industry in all regions and countries based on the following data:
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Asia-Pacific led the global marketing of circuit breakers in 2020 and this momentum is expected to continue over the forecast period. The development of the region is attributed to the rapid growth of the renewable energy sector, rapid industrialization, increased investment in the modernization of outdated energy infrastructure, and the growth of manufacturing and industrial transport units. Moreover, South Korea, Japan, China and India are world leaders in the innovation and production of these hydraulic breakers, which is driving the expansion of the industry in the Asia-Pacific region. In addition, the leading market players and the large consumer base in Asia Pacific are expected to drive the future growth of the market.
Browse tables and figures with market data by insulation type (vacuum circuit breakers, air circuit breakers, gas circuit breakers, oil circuit breakers), by voltage and go to “By insulation type (vacuum circuit breakers, air circuit breakers, gas circuit breakers, Circuit Breaker Market Size, Share and Trend Analysis by Oil Circuit Breakers (Medium Voltage, High Voltage), by Installation (Indoor, Outdoor), by End User (Utility T&D, Power Generation, Renewable Energy, Railway), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016-2021) and Forecast (2022-2028).”
February 2022: Phoenix Contact, a global manufacturer of electrical and cable accessories, has launched a new range of market-oriented electronic circuit breaker systems called CAPAROC. It uses data-driven power supplies to set up overcurrent protection. With multiple power modules, circuit breaker boxes, potential distribution modules and current rails, CAPAROC makes it easy to design intelligent systems with communication capabilities.
January 2021: ABB India launched a new marketplace for Formula DIN-Rail circuit breakers targeting the electrical retail market. In addition, Formula DIN-Rail is a complete line of insulators for the Miniature Circuit Breaker (MCB) market, Residual Current Circuit Breaker (RCCB) market and Electrical Retail Market, valued at US$250 million in India. They are designed and developed under the Made in India scheme for all types of residential and commercial buildings.
This market, titled “Circuit Breakers Market”, will contain exclusive information on regional analysis, forecasts and units of quantitative data, key market trends and various other information as follows:
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Post time: Jun-14-2023