Global Circuit Breakers Market to exceed USD 785.81 Million by 2022
Zion Market Research, the market research group announced the analysis report titled ‘Circuit Breakers Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
The study concludes that the global Circuit Breakers Market is expected to grow at a CAGR of around 4.63% between 2017 and 2022. The market revenue of $599.97 million in 2016, is expected to reach $785.81 million in 2022. The main drivers for the growth of the market increase in numbers of women working outside the home.
Circuit breakers are mainly used in automotive, construction, oil and gas, power generation, commercial and industrial sector among others. Low-voltage circuit breakers, magnetic circuit breakers, thermal magnetic circuit breakers, common trip breakers, medium-voltage circuit breakers, and high-voltage circuit breakers are the general type of circuit breakers. Magnetic circuit breakers can be used to protect transformers, solid state systems, motors, generators, computers, telecommunications systems, peripheral & printing devices and microprocessors.
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Canada circuit breaker market is mainly driven by rising demand for power transmission equipment and industrialization & urbanizations. However, a counterfeit of circuit breakers is becoming the major challenge for this market. New power generation sources such as the wind and solar that require distribution and transmission investment are enhancing growth opportunities for different circuit protection devices. Furthermore, growing industrialization and urbanizations are predicted to flourish circuit breaker market growth.
Significant increase in wind generation in both the U.S. and Canada with a gradual retirement of coal and nuclear energy along with large investments in transmission capacity across the border, almost doubling the existing capacity of transmission lines.North America dominated the automatic circuit breakers market in 2016 on account of well-developed smart grid infrastructure in the U.S. and Canada.
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Low voltage circuit breakers had noteworthy penetration in 2016 and are anticipated to grow at a CAGR of around 5% by 2022.Proliferating demand for safety and protection in electrical distribution is anticipated to fuel the low voltage circuit breaker industry growth.Medium voltage circuit breaker emerged as another key outlet for this market in 2016 and accounted for over 32% share of the overall market.
In term of revenue, power (power generation, power transmission, nd power distribution dominated the circuit breakers market and accounted for around 30% share of the total market. Others application like consumers electronics, industrial strengthening application segment is expected to be the fastest growing segment. It acquired more than 28% share of the overall market in 2016.
Some of the key players in the Canada circuit breaker market include ABB Ltd., Alstom, Siemens AG, Mitsubishi Electric Corporation, BEL Fuse Inc., Eaton Corporation, General Electric, Schneider Electric, Toshiba, Powell Industries Inc., TE Connectivity, and Mersen.ABB was one of theleading players of the circuit breakers market in Canada.
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