New York, USA, July 12, 2021 (GLOBE NEWSWIRE) – According to a report released by Research Dive, the global circuit breaker market is expected to receive USD 21.1 billion in revenue, with a CAGR of 6.9% during 2018-2026 The growth rate has soared from USD 12.4 billion in 2018. The inclusive report provides a brief overview of the current situation of the market, including important aspects of the market during the forecast period, including growth factors, challenges, constraints and various opportunities. The report also provides market data to make it easier and more helpful for new participants to understand the market.
Driving factors: Due to the widespread global demand for renewable energy, the circuit breaker market has seen significant growth. In addition, more and more residential and industrial projects worldwide are conducive to the growth of the global circuit breaker market.
Constraints: Fierce competition in the unorganized sector of circuit breakers and greenhouse gas emissions from certain circuit breakers are the primary reasons that limit the growth of the circuit breaker market.
Opportunity: Internet of Things-based circuit breakers use the Internet of Things to monitor and control circuit breakers to ensure that any major faults in the circuit breaker system are identified. This technological advancement is expected to promote the growth of the circuit breaker market.
The report divides the market into different market segments based on voltage, installation, end users, and regional prospects.
The low-voltage segment had revenue of US$3.6 billion in 2018 and was estimated at US$6.3 billion during the analysis period. This surge is mainly due to its wide application in commercial, industrial and residential fields.
By 2026, the indoor sector is expected to generate $12.8 billion in revenue, soaring at a compound annual growth rate of 6.8% during the analysis period. The important factors leading to the growth of this market segment are cheap maintenance and safety against harsh environmental conditions.
In 2018, the business segment revenue was US$3.7 billion, and it is expected to receive US$6.6 billion in revenue during the forecast period. The continuous economic development of developing countries and the continuous growth of population around the world are expected to drive the demand for commercial project construction.
It is estimated that by the end of the forecast period, revenue in the Asia-Pacific region will reach US$8 billion. Due to the increase in population and employment opportunities, the construction of residential, industrial and commercial projects must meet people’s needs. These factors may promote the growth of the market.
In July 2019, the power management company Eaton Cummins Automatic Transmission Technology Company acquired medium-voltage electrical equipment manufacturer Switchgear Solutions to broaden its medium-voltage electrical equipment product line. This investment greatly helps Eaton Cummins conduct business in a wider range of areas and provide customers with high-quality services. The report also summarizes many important aspects, including the financial performance of the major players, SWOT analysis, product portfolio and the latest strategic developments.