- Circuit breakers are critical for managing electrical loads. They prevent damage to electrical and electronic parts otherwise resulting from unexpected power fluctuations. A recent study by Grand View Research, Inc. notes that the circuit breaker and fuse market was worth over USD 11.9 billion in 2014. It is anticipated to reach around USD 18 billion by 2022.
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Growing safety concerns regarding electrical, automotives, and telecommunication equipment are creating the demand for advanced devices. This will boost the growth of circuit breakers and fuses. Rising worldwide energy consumption is also expected to fuel the market. Automotive electronics is a growing market application.
Grand View Research segments the circuit breaker and fuse market on the basis of products, applications, and regions. There are two products. The first is by voltage level of installation, and the second by arc quenching media type.
The first product is fragmented into low voltage, medium voltage, and high voltage. Low voltage products accounted for more than 34% share in the global market in 2014. They are mainly used for domestic, commercial, and industrial purposes.
The second product is sliced into vacuum, oil, air, SF6, and others. The vacuum segment will be worth more than USD 3 billion by 2022. SF6 will grow at a CAGR of 7.7% from 2015 to 2022. The application segments include transport, consumer electronics, industrial, power generation, construction, and others.
Power generation will grow at a CAGR of more than 4.4% over the next seven years. Construction will witness high growth due to growing urbanization and expansion in residential and commercial establishments.
North America, Asia Pacific, Europe and ROW – Rest of the World are the four regional segments. Growth in North America will be triggered by an expanding manufacturing base and robust economy. The European circuit breaker and fuse market is about to profit from governmental initiatives like the EEGI – European Electricity Grid Initiative and their likes.
Asia Pacific will experience high growth, at a CAGR exceeding 6.4% till 2022. Greater demand from end-use industries like petrochemicals, cement, oil & gas, and steel will remain the regional market propeller.
Notable market participants are Maxwell Technologies, Schneider Electric, Alstom SA, General Electric, Eaton Corporation, and ABB Ltd. Other important players include G&W Electric Company, Pennsylvania Breaker LLC., and Mitsubishi Electric.
Information Source: Grand View Research
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