The circuit breaker market is expected to grow at a CAGR of 4.85%, from 2017 to 2022, to reach a market size of USD 8.68 billion by 2022. Increasing construction and development activities, growing access to electricity in developing countries, and the rising number of renewable power generation projects are the major factors driving the market.
The circuit breaker market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the circuit breaker market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hitachi (Japan), Toshiba (Japan), Schneider Electric (France), and Mitsubishi (Japan).
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The high voltage segment is estimated to be the fastest growing circuit breaker market, by voltage, from 2017 to 2022. This segment is expected to witness growth due to rapid industrialization and urbanization. Aging power infrastructure leading to the modernization and upgradation of existing high voltage electrical grids and power plants is also a key factor driving the growth of the high voltage circuit breaker market.
“The renewable end-user segment is expected to grow at the highest CAGR, from 2017 to 2022.”
The renewable segment of the circuit breaker market, by end-user, is expected to grow at the fastest rate during the forecast period. Increasing investments in renewable energy sources to curb CO2 emissions and the increasing need for access to electricity are the major factors driving the growth of the renewable segment of the circuit breaker market. Circuit breakers enhance protection by decreasing energy losses caused by the poor operational efficiency of electrical equipment.
Based on region, the circuit breaker market in Asia Pacific is projected to grow at the fastest rate during the forecast period. Increasing grid investments and plans for electrification in remote areas in countries such as Vietnam, Indonesia, and the Philippines is likely to drive the growth of the circuit breaker market in the region during the forecast period. Rise in investments in smart grid technologies is also driving the circuit breaker market in Asia Pacific.
Aging power infrastructure, increasing high voltage direct current (HVDC) transmission networks, and upcoming smart cities are expected to create new opportunities for circuit breaker companies. Moreover, the governments of most countries are investing in renewable energy-based power generation to meet the growing energy demand. All these factors are likely to drive the circuit breaker market during the forecast period.
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