Based on the findings of a recent report by Grand View Research, Inc.; the worldwide circuit breaker and fuse market is estimated to reach around USD 18.92 billion by 2022. The market was estimated at $13.58 billion in 2016. Rising need for advanced and efficient networks can propel the growth of the global market over the forecast period (2012 to 2022). There has been a rise in demand for superior equipment in telecommunication, automobiles, and electronics sectors on account of growing safety concerns regarding short circuits and damages caused due to fluctuations in energy supply. This factor is further expected to boost the demand for global market in near future.
Circuit breakers and fuses ease and manage power load on various tools such as industrial machines, home appliances, and other gadgets and protect them from power fluctuations caused due to overload, short circuits, etc. Growing product demand from various end-use industries including automobiles along with the increased power consumption is likely to fuel the market expansion over the forecast years. Moreover, technological developments, such as the advent of generator circuit breakers in natural gas energy plants, are also projected to boost the market during the next few years. Rapid industrialization and urbanization in developing economies including Malaysia, India, Indonesia, and others are also expected to boost the demand for circuit breakers and fuses in the coming years.
Full Research Report On Circuit Breaker and Fuse Market Analysis:
Moreover, increasing demand to replacing the traditional mechanical and electrochemical devices in the industrial and manufacturing sectors is also likely to drive the circuit breaker and fuse market. Factors such as growing focus on improving the functionality of energy system apparatus to enhance the power quality and to facilitate better system asset management are also anticipated to contribute toward market expansion over the forecast period. Plus, strict regulations regarding environment delegating the demand for high transmission tools are also estimated to further boost the market.
The global circuit breaker and fuse market is categorized as per product type, application or end user, and region. On the basis of product type, the market is further categorized by circuit voltage type (high, medium, and low voltage), circuit arc quenching media (vacuum, air, SF6, oil, and others), and fuse voltage (high and low voltage). On the basis of end user, the market is segregated into power generation, construction, industrial, transport, consumer electronics, and others. On the basis of geographies, the market is divided into North America, Asia Pacific, Europe, and Rest of the World (RoW).
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The North America region witnessed the maximum growth in terms of demand as a result of the presence of a large construction sector. The regions is expected to grow further during te forecast period on account of rising adoption of alternative power generation sources, like solar and wind, which need huge investments for its transmission and distribution is offering many growth opportunities for the regional market.
The Asia Pacific region accounted for around 30% of the overall market share in 2014. The region is likely to experience a significant expansion during the next few years growing at a CAGR of 6.5 % from 2017 to 2022. In addition, many economies in this region are investing heavily to improve the electricity infrastructure and offer better power supply in rural areas. This is also likely to have a positive impact on the growth of the regional market. The Europe market, on the other hand, is also expected to witness rapid development as a result of various government initiatives, such as the European Electricity Grid Initiative (EEGI), to boost the development of power networks.
Some of the leading companies operating in the global circuit breaker and fuse market include Eaton Corporation PLC; Schneider Electric SE; G&W Electric Co.; Mitsubishi Electric Corp.; and Pennsylvania Breaker LLC. Most of these market players focus on research and development activities for product innovations and strategic alliance and acquisitions as part of their business development strategies to maintain and improve the market position.
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