New York City, NY, 10 December, 2019/ 24 Market Reports: The global circuit breaker market is estimated to reach USD 8.9 billion by 2022 from that of USD 6.7 billion in 2016 witnessing the growth at a CAGR of 4.9% during the forecast period of 2016 to 2022. Growing access to electricity in developing countries, increasing construction and developmental activities, and the rising number of renewable power generation projects are the prime factors that are driving the growth of the market during the forecast period.
The renewable end-user segment to witness the growth at the highest CAGR during the forecast period
Increasing investments in renewable energy sources to curb CO2 emissions and the growing need for access to electricity are the major factors due to which it is estimated for the renewable end-user segment to grow at the highest CAGR during the forecast period. Circuit breakers are used to detect the fault current and protect electrical equipment in the grid.
The outdoor circuit breaker segment to hold the highest share in the circuit breaker market
The outdoor circuit breaker segment offer space optimization, low maintenance, and protection against extreme environmental conditions due to which the segment held the highest share in the market in the year 2016 and is estimated to continue throughout the forecast period.
Need of various necessities for the maintenance of the circuit breakers to slowdown its market growth
The internal parts of SF6 circuit breakers are needed to be kept clean and hence to be cleaned at the regular intervals. If not cleaned, the parts would get damaged. Special amenities are required for transporting of this gas. The reliability of SF6 circuit breakers would be affected by the deterioration in the quality of the gas that would also affect its performance.
Asia Pacific region to dominate the global circuit breaker market throughout the forecast period
Asia Pacific is expected to be the largest market for a circuit breaker in 2022 and is projected to grow at the highest CAGR, during the forecast period. In the year 2016, China accounted for the largest share in the circuit breaker market and the trend is estimated to continue during the forecast period. As China aims to supply 20% of power from non-fossil sources by 2030, the government of China planned to invest about USD 361 billion in clean energy in January 2017. All these factors contributing to the growth of the market in the Asia Pacific region during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the global circuit breaker market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global circuit breaker market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global circuit breaker market and their future potential during next decade?
- How competitive landscape is evolving in global circuit breaker market?
