Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Circuit Breakers Market size is expected to reach $13.8 billion by 2028, rising at a market growth of 5.7% CAGR during the forecast period.
The Vacuum segment is showcasing a CAGR of 6.7% during (2022 - 2028). This is because vacuum circuit breakers are electrical switching devices that are used to protect the equipment and devices on distribution and transmission networks. They deliver safe and dependable medium-voltage power distribution and have a long service life. They are a type of circuit breaker in which the arc is quenched in a vacuum. Building and construction, utilities, cement manufacture, mining and metals, and other industries all employ them. A vacuum circuit breaker has the advantage of being able to be used repeatedly or in the event of a multi-breaking short circuit. Medium-voltage applications are the most common application for this technology.
The High voltage segment is leading the Global Circuit Breakers Market by Voltage in 2021, thereby, achieving a market value of $6.0 billion by 2028. This is due to the investments in the electrical transmission network are propelling demand for high voltage circuit breakers. Moreover, many utilities are investing in high-voltage circuit breakers to meet the growing demand for energy in residential areas and to offer power supply with high dependability. The growth of the segment would be driven due to the high-voltage circuit breakers being used extensively in commercial, industrial, and utility applications. Furthermore, rural electrification, rapid growth in the electric utility sector, and development of power infrastructure building & construction activities in developing economies like China, India, Japan, Brazil, Germany, Australia, and others are expected to drive circuit breakers market growth in the coming years.
The Industrial segment has shown growth rate of 6.2% during (2022 - 2028). This is because, in the industrial sector, medium and low-voltage breakers are widely used. Breakers are essential for the safety of industrial machinery and equipment. In industrial applications, air circuit breakers (ACB) and vacuum circuit breakers (VCB), as well as MCB and MCCB, are employed. Breakers for all voltage ranges are required by the electric utility.
The Asia Pacific market dominated the Global Circuit Breakers Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5.0 billion by 2028. The Europe market is estimated to witness a CAGR of 5.3% during (2022 - 2028). Additionally, The North America market would exhibit a CAGR of 5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/circuit-breakers-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Siemens AG, ABB Group, Eaton Corporation PLC, Schneider Electric SE, Alstom Holdings, Mitsubishi Electric Corporation, Furukawa Electric Co., Ltd., Toshiba Corporation, Kirloskar Electric Co. Ltd., and Powell Industries, Inc.
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