India – March 16, 2022 —
Circuit breaker Market- COVID-19 Analysis
The circuit breaker market is predicted to see a drop due to the COVID-19 outbreak. The crisis has negatively affected the power industry worldwide for the past few months. The demand for electricity has taken new shapes mostly in those countries where there is a high impact of the pandemic. The decreasing demand for electricity is caused due to lockdowns across the countries for mitigating the spread of the virus that is likely to have a negative impact on the circuit breaker market. Besides the investments for grid modernization are also likely to slow down over the forecast period.
Market Analysis
The Circuit breaker Market size will grow at a favorable 4.90% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Drivers
Rising Investment in Industrial Sector to Boost Market Demand
The rising investment in the industrial sector along with the growing investment to leverage the industrial infrastructure is increasing the need for such breakers in the global market. These devices are used in the commercial and industrial sectors. Thus, the increasing investments from the industrial sector necessitate the deployment of such devices in different end use and manufacturing industries.
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Opportunities
Growing Adoption of Electrical Safety Regulations to offer Robust Opportunities
Circuit breakers have turned into a mandatory part of electrical networks in industries, commercial buildings, residential buildings, and utility scale grids. Each office, home, has a circuit breaker installed. Thus due to rapidly increasing modernization and urbanization, the breakers have turned into an essential part of every structure. Thus the growing adoption of electrical safety regulations will add to the global circuit breaker market value over the forecast period.
Market Segmentation
The global circuit breaker market is bifurcated based on voltage, type, and end user.
By voltage, the high voltage segment will lead the market over the forecast period. These are mostly used by various end users like T&D utilities, railways and metros, and large power generation plants. Growing investments in transmission and distribution networks for the rise in demand for power and the requirement for a rise in the reliability of high-voltage electrical assets are driving market growth.
By type, the outdoor circuit breaker will dominate the market over the forecast period. Outdoor circuit breakers can be operated in toughest climates and also operates reliably in every form of environment.
By end user, the transmission and distribution segment will spearhead the market over the forecast period for the mounting investments in substation automation and also modernization of power grids.
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Regional Analysis
APAC to Steer Circuit Breaker Market
The APAC region will steer the circuit breaker market over the forecast period. China will have the utmost market share. The burgeoning need for renewable energy, focus on high load remission lines, presence of developing nations like India, expansion of existing power generation capacities and supply infrastructure to meet the rising electricity demand, the launch of One Nation, One Grid and One Price initiative for interlinking all the national grid and states to attain a single tariff structure across the nation, increase in industrialization, & rapid urbanization are fuelling the global circuit breaker market growth in the region. Besides, the increasing infrastructural development, industries, and commercial, the region being the manufacturing hub across the globe, variety of such breakers used in every manufacturing and industrial unit, growing number of manufacturing and industrial units, use of breakers in IT hubs, bullet trains, commercial centers, metros, and railways, that need reliable and stable electricity supply, rise in power generation plants and transmission infrastructure, India, Japan, the Republic of South Korea, and China being world leaders in technology as well as production of such devices, increasing population in China and India, rise in demand for electricity, and replacement of old grid infrastructures are adding to the global circuit breaker market share in the region.
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