Major circuit breaker market players include ABB, Eaton, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, GE, and Siemens Energy and others.
SELBYVILLE, Del., Sept. 21, 2022 /PRNewswire/ -- The circuit breaker market is expected to record a valuation of USD 30 billion by 2030, according to the latest research study by Global Market Insights Inc.
The rising emphasis on grid stability and power supply security is asserting a positive influence on the industry expansion. The upgradation of the existing power networks is set to increase, mainly due to the ongoing reforms associated with energy efficiency. The integration of smart networking technologies has been surging considerably over recent years, more prominently across developed nations. According to data from the U.S. Department of Energy, investments in smart grid tech rose from USD 3.4 billion in 2014 to USD 6.4 billion in 2018. Electric utilities also spend over USD 80 billion on capital improvements within the power transmission and distribution systems.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1172
Rising demand for medium-voltage circuit breakers
The medium voltage circuit breaker market is slated to amass considerable profits during the forecast period, given its wide application scope in industries including process, power, and infrastructure. Unlike other circuit breaker types, the medium voltage type can be also operated on a manual level. Such significant features will enable MV circuit breakers to emerge as a suitable component across the electric sector.
Increasing demand for 300 kV to 550kV circuit breakers across the manufacturing sector
The circuit breaker market from the 300kV to 550kV rated segment is poised to register substantial growth during forecast timeframe, credited to the rising growth potential of manufacturing, power generation, and other industries. These sectors highly demand 300kV to 550kV circuit breakers to ensure that industrial power networks function properly.
<500A circuit breakers to gain widespread adoption
The <500A segment in the circuit breaker market is projected to depict a strong growth rate through 2030. This is driven by the rapid deployment of clean energy technology across global economies. The subsequent increase in the need for smart grids to boost the reliability of electric infrastructure worldwide will also have a profound impact on the industry outlook from the <500A segment.
High awareness about at-home circuit breaker installation to amplify the indoor segment growth
The indoor segment is predicted to showcase robust gains during the forecast timeline. This growth is attributed to the rising awareness about the benefits of installing smart circuit breakers at home. Key advantages of these smart components include optimization of usefulness as well as efficiency of the energy systems, among others.
Escalating investment in power transmission systems to foster industry development
The circuit breaker market from the power transmission segment is estimated to witness a considerable upsurge through 2030. As per data from the U.S. Energy Information Administration, investment of major electric utilities in electric transmission systems rose from USD 9.1 billion in 2000 to USD 40 billion in the U.S. in 2019.
Rapid electrification across the industrial sector
The industrial segment will contribute to a major market share by 2030, owing to the growing investments in industrial electrification programs. As per the International Institute for Sustainable Development, the industrial sector currently used electricity to power over 25% of the energy needs in Canada, creating a strong outlook for the industry.
North America to serve as a prominent manufacturing hub for circuit breaker providers
North America circuit breaker market accounted for USD 3 billion in 2021, which was attributable to the strong demand for energy. Utility service providers are emphasizing the development of long-distance power distribution networks and upgrading domestic distribution infrastructure through investments and other initiatives.
New product developments to expedite industry share
Major companies operating in the circuit breaker market are ABB, Eaton, Toshiba International Corporation, Schneider Electric, Hyundai Electric & Energy Systems Co., Ltd., Mitsubishi Electric Corporation, GE, and Siemens Energy. These leaders are focusing on product development and collaboration initiatives to retain their footprint in the global market.
Request for customization of this research report @ https://www.gminsights.com/roc/1172
Partial Table of Contents (ToC) of the report:
Chapter 3 Circuit Breaker Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.2.2 Schneider Electric
3.2.4 Siemens Energy
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
220.127.116.11 North America, Europe
18.104.22.168.1 Expansion of smart grid networks
22.214.171.124.2 Refurbishment & retrofit of existing grid infrastructure
126.96.36.199 Asia Pacific
188.8.131.52.1 Rising peak load demand
184.108.40.206.2 Expansion of micro-grid networks
220.127.116.11.3 Grid stability & security of supply concerns
18.104.22.168 Middle East, Africa and Latin America
22.214.171.124.1 Increasing electricity demand
126.96.36.199.2 Integration of a sustainable energy infrastructure
3.5.2 Industry pitfalls & challenges
188.8.131.52 Slow paced technological evolution across developing regions
184.108.40.206 Volatile raw material prices
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Us: Aashit Tiwari
Corporate Sales, USA
Global Market Insights Inc.
Toll Free: 1-888-689-0688
View original content to download multimedia:https://www.prnewswire.com/news-releases/circuit-breaker-market-revenue-to-cross-usd-30-billion-by-2030-global-market-insights-inc-301629514.html
SOURCE Global Market Insights Inc.