Albany, NY -- (SBWIRE) -- 02/21/2018 -- According to a new market report published by Transparency Market Research "Circuit Breakers and Fuses Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," the circuit breakers and fuses market was valued at USD 20.75 billion in 2014, which is expected to reach USD 31.11 billion by 2021, growing at a CAGR of 6% from 2015 to 2021.
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Circuit breakers are electric switches which operate automatically to protect the electric circuit from damage by turning itself on/off when faced with overload or short circuit. The basic function of the circuit breaker is to identify any malfunctioning and breakup in the current flow. Whereas fuses are a kind of low resistance resistor which acts as a sacrificial appliance designed to protect overcorrect protection from either load or short circuit. Growth of industrial and construction industry in emerging markets and increasing demand for electricity and reliable power delivery are factors driving the circuit breakers and fuses market. Moreover, electronic devices are vulnerable to failure due to power fluctuations. Private agencies and governments around the world have recommended and mandated the incorporation of device protection components such as fuses and circuit breakers in electronic devices.
Geographically the circuit breakers and fuses market has been broadly segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). In 2014 North America was the largest contributor in the circuit breaker and fuses market. The North America market accounted for 34.8% of the total market share. The market for circuit breakers and fuses in North America is likely to grow significantly in the future due to rising demand for electricity.
The global circuit breaker and fuses market is segmented by the voltage level of installation into low, medium and high voltage circuit breakers. By arc quenching media type the circuit breaker market can be segmented into air, vacuum, oil and SF6 circuit breakers. Further, the fuses market is segmented into low voltage fuses and high voltage fuses. The low voltage fuses are further segmented into Plug-in fuses and cartridge fuses. The low voltage circuit breakers were a major contributor in the global circuit breakers and fuses market in 2014. This growth is attributed to vast and rapid development of power grids.
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The global circuit breaker and fuses market by industrial application has been segmented into: construction, automotive, industrial, consumer electronics, power generation, healthcare and military. The power generation segment was the largest contributor in the circuit breakers and fuses market. In 2014 the power generation segment amounted for USD 5.41 billion. There is growth in demand for efficient and smart power generation which is required to address the futuristic demand for electricity. As power generation increases, the market for protection devices such as circuit breakers and fuses is expected to grow.