Global Circuit Breakers and Fuses Market To Reach Around USD 32.0 Billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 07/25/2017 -- Zion Market Research has published a new report titled "Circuit Breakers and Fuses Market by Type (Air, Vacuum, Oil, SF6 and Others), by Voltage (Low Voltage, Medium Voltage and High Voltage) for Automotive, Consumer Electronics, Construction, Power Generation, Industrial and Others Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014-2020." According to the report, global demand for circuit breakers and fuses market was valued at USD 21.0 billion in 2014, and is expected to reach USD 32.0 billion in 2020, growing at a CAGR of 6.5% between 2015 and 2020.
Circuit breakers and fuses are the electronics equipment that are made up of electrical wires and circuits associating with semiconductor or glass outlet. These components are fully automatic. They are extensively used in various applications like construction industry, automotive industry, consumer electronics and power industry among others.
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The major driving factor for the global circuit breakers and fuses market is rapidly advancing industrialization and construction industry across the globe. Another key driving factor is raising demand for energy consumption among the consumers in remote areas. Government initiatives and support has provided strong boost to circuit breakers and fuses market in Asia Pacific and North America regions. However, high competition among the participants on the cost of circuit and fuses is expected to hamper the growth of circuit breakers and fuses market. Nonetheless, advancement in technology to provide better energy installation and generation services can open a new opportunity for the market during the years to come.
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The global circuit breaker and fuses market is segmented on the basis of different types of circuit breakers such as air, vacuum, oil and SF6 circuit breakers and further it also segmented on the basis of the voltage level as low, medium and high voltage circuit breakers. In 2014, the low voltage circuit breaker was a leading contributor to the market owing to immense and rapid advancement in power grids. However, this trend is likely to continue throughout the forecast period due to development in power grids.
Power generation is leading application market for circuit breakers and fuses and accounted over 40% share of the entire market in 2014. Rapidly rising demand for protective and efficient power installation has resulted into the healthy growth of power generation. This, in turn, has been resulted in high demand for circuit breakers and fuses in power generation applications. Automotive and consumer electronics are another important outlet that is projected to boost the demand for circuit breakers and fuses during the near future. This demand is attributed to emerging automotive industry coupled with rising disposable incomes in Asia Pacific region.
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North America dominated the circuit breakers and fuses market and accounted for over 35% share of the global market in 2014. North America was followed by Asia Pacific region in terms of demand in 2014. In terms of revenue, Asia-Pacific was the second largest market for circuit breakers and fuses in 2014. The market in Asia-Pacific region is expected to witness immense growth owing to rising demand for energy consumption attributed to rapid urbanization. In addition, rising penetration of power transmission and installation infrastructure together are expected to experience an exponential expansion of circuit breakers and fuses market in the years to come.
Some of the key player for globe circuit breakers and fuses market includes Toshiba Corporation, Alstom SA., G&W Electric Company, Maxwell Technologies Ltd, General Electric Corp., Pennsylvania Breaker LLC, ABB Ltd., Siemens AG, and Mitsubishi Electric amongst other.
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