Circuit Breaker Market Worth $ 10.89 Billion, Globally, by 2027 at 4.78% CAGR: Verified Market Research
- Factors such as increasing demand for advanced equipment in electronics, automotive, and telecommunication segments owing to increasing safety concerns related to short circuits and damage due to power fluctuations, are primarily driving the market
JERSEY CITY, N.J., Jan. 27, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Circuit Breaker Market" By Voltage (High Voltage, and Medium Voltage), By Type (Outdoor Circuit Breaker, and Indoor Circuit Breaker), By End Use (Transmission & Distribution Utilities, Power Generation, Renewables, and Railways), By Geography. According to Verified Market Research, the Global Circuit Breaker Market was valued at USD 7.86 Billion in 2020 and is projected to reach USD 10.89 Billion by 2027, growing at a CAGR of 4.78% from 2021 to 2027.
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Global Circuit Breaker Market Overview
Increasing demand for advanced equipment in electronics, automotive, and telecommunication segments owing to increasing safety concerns related to short circuits and damage due to power fluctuations, thus the market for circuit breakers and fuses is rising over the forecast period. These devices reduce and manage the electric load on equipment such as home appliances, industrial machinery, IT products and electric tools, thus protecting them from unforeseen power fluctuations arising from situations such as short circuits, overvoltage, and overload. Moreover, increasing usage of circuit breakers and fuses in the automotive industry and rising energy consumption are considered to further raise the demand for these devices over the forecast period. Additionally, increasing urbanization and industrialization in emerging economies such as India, Indonesia, Malaysia, and others, is anticipated to further boost the market growth.
The major players in the market are ABB, Siemens, Eaton, Schneider Electric, Mitsubishi, Toshiba, Powell, TE Connectivity, CG Power, and Fuji Electric.
Verified Market Research has segmented the Global Circuit Breaker Market On the basis of Voltage, Type, End-Use, and Geography.
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