PORTLAND, Oregon, June 4, 2020
- Increase in demand for electricity and need for reliable power delivery, and rise in electricity access rate across the globe have propelled the growth of the global circuit breakers market
PORTLAND, Oregon, June 4, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Circuit Breakers Market by Voltage (High, Medium, and Low), By Installation (Indoor and Outdoor) and Application (Residential, Commercial, Industrial, and Utility): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global circuit breakers industry was pegged at $9.8 billion in 2018, and is projected to garner $14.8 billion by 2026, growing at a CAGR of 5.3% from 2019 to 2026.
Major market drivers
Rise in demand for electricity and need for reliable power delivery and surge in electricity access rate across the globe have boosted the growth of the global circuit breakers market. Moreover, safety regulation regarding the product quality of circuit breaker and resulting opportunity for unorganized sector hampers the market growth. On the contrary, rise in renewable energy production would further propel the market growth.
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The low segment dominated the market
Based on voltage, the low segment held the largest share in 2018, accounting for more than half of the global circuit breakers market. This is due the increase in adoption rate of low-voltage circuit breakers in commercial and residential application. On the other hand, the high segment is expected to reach 5.6% from 2019 to 2026, owing to increase in energy production and resulting need for energy transmission and distribution.
The indoor segment held the largest market share
Based on installation, the indoor segment dominated the global circuit breakers market in 2018, accounting for more than three-fifths of the market, owing to its application in power plants, substations, and various monitoring use such as chemical plants, steel mills, automation plants, airports, and power supply parts of large buildings. On the other hand, the outdoor segment is expected to manifest the largest CAGR of 5.5% during the forecast period. As outdoor circuit breakers are designed to be functional even in changing environmental conditions, which drives the growth of the segment.
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North America to register the fastest growth rate
Based on geography, the market across North America is anticipated to manifest the fastest CAGR of 6.1% during the study period. On the other hand, the region across Asia-Pacific held the maximum market share, contributing to nearly two-fifth of the total market share in 2018. The report also analyzes Europe and LAMEA region.
Major market players
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