NEW YORK, Nov. 8, 2023 /PRNewswire/ — The circuit breaker market is expected to grow by USD 3.38 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.11% during the forecast period. The market is segmented by power rating (high, medium, and low), end-user (commercial, industrial, residential, and utilities), and geography (APAC, North America, Europe, Middle East and Africa, and South America). An increase in the number of residential and commercial building projects is the key factor driving market growth. This is due to factors such as population growth and support from government bodies. Moreover, there is a greater number of construction projects being undertaken by certain cities as compared with others because of the need to meet increasing population needs. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample
Technavio has announced its latest market research report titled Global Circuit Breaker Market 2024-2028
Key Highlights:
The report recognizes the following as some of the key players in the circuit breaker market: ABB Ltd., BCH Electric Ltd., Camsco Electric Co. Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, General Electric Co., Larsen and Toubro Ltd., LS ELECTRIC Co. Ltd., Meidensha Corp., Mitsubishi Electric Corp., Myers Power Products Inc., Powell Industries Inc., Schneider Electric SE, Siemens AG, Tavrida Electric GmbH, Toshiba Corp., Zhejiang CHINT Electrics Co. Ltd., TE Connectivity Ltd., Salzer Electronics Ltd., and Hyundai Electric and Energy Systems Co. Ltd.
Circuit Breaker Market is fragmented in nature.
Market to observe 5.67% YOY growth in 2024.
Market Dynamics:
Major Trend
The rise in adoption of smart grids is a major trend in the market.
Improved grids that communicate with their components to ensure greater operational efficiency can be described as smarter grids.
In addition, smart grids are an integrated network that connects all assets of the electricity grid in terms of energy generation, transmission, distribution, and consumption.
It is therefore a positive influence on the market that more and more intelligent networks are being adopted, especially in the power sector.
Significant Challenge
Threat from refurbished and counterfeit products is a significant challenge restricting market growth.
Refurbished and counterfeit goods are normally classified as grey market products sold illegally or by unauthorized undertakings.
Moreover, since many of these products are still in their test phase, they may not operate safely when subjected to overloads and leakage which would lead to damaged circuit components, fire hazards, or injury to workers.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The high segment is estimated to witness significant growth during the forecast period. The growth in this segment is due to factors such as the rapidly rising adoption of renewables worldwide and an increasing demand for high-voltage circuit breakers, which switch electrical load at industrial facilities, office buildings, business complexes, and hotels.
Get a glance at the market contribution of the segments, Request a Sample Report
Related Reports:
The protective relay market size is estimated to grow at a CAGR of 5.07% between 2023 and 2028. The market size is forecast to increase by USD 690.09 million.
The industrial relays market size is estimated to grow at a CAGR of 6.39% between 2022 and 2027. The market size is forecast to increase by USD 1,401.63 million.
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Circuit Breaker Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.11% |
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Market Growth 2024-2028 |
USD 3.37 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.67 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, Japan, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Power Rating
Market Segmentation by End-User
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio