Circuit Breakers Market size worth USD 6 billion in 2015 is forecast to grow at over 7% CAGR to 2024 as demand for smart transmission & distribution network grows
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- The escalating replacement and development activities to enhance the electricity transmission capability across the globe will also generate eye-catching revenue over coming timeframe. Shifting trends toward smart transmissions and distribution network as well as high investment in the development of digital substation will boost circuit breakers industry share notably.
The prominent end users of circuit breakers market are power distribution and power transmission. The power transmission end-use segment will exhibit a CAGR of more than 5% over the period of 2016 to 2024. The growing concerns regarding power transmission safety will augment the industry growth considerably.
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Based on the voltage level, circuit breakers market is mainly divided into HV, MV, and LV. The HV circuit breakers market will record a CAGR of more than 6% over the coming seven years. The growth can be attributed to the growing investments for the development and improvement of transmission grid infrastructures such as extra high voltage (EHV) and ultra-high voltage (UHV). MV circuit breakers industry is projected to generate a revenue of over USD 4 billion by 2024, owing to its surging demand across industrial and commercial sectors to install compact sized substation.
Oil, air, SF6, and vacuum are few of the technologies based on which circuit breakers market is primarily segmented. SF6 circuit breaker technology market was worth USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 10% over the period of 2016 to 2024. The growth can be attributed to the rising product demand, owing to significant features such as high dielectric strength and sufficient arc quenching capability. Vacuum based technology will register a CAGR of more than 9% over the coming seven years, due to its surging requirement for the various high and medium voltage substation applications.
Considering the geographical landscape, China circuit breakers market will surpass a revenue of 2 billion by 2024, owing to the numerous on-going renovation and replacement activities of existing transmission and distribution activities. In addition, China Village Electrification Program and China Township Electrification Program will also contribute favorably toward the industry growth.
India circuit breakers industry size is predicted to record an annual growth rate of more than 8% over the coming years of 2016 to 2024. The futuristic electrification mission of the Government like One Nation, One Grid, and One Price will augment the regional share noticeably.
U.S. circuit breakers market was worth USD 1 billion in 2015 and will grow at a CAGR of more than 7% over the coming seven years, primarily driven by the favorable government support to improve the reliability and safety of the distribution and transmission network.
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Russian circuit breakers industry share will exhibit an annual growth rate of more than 7% over the period of 2016 to 2024. The growing adoption of smart grid technology will boost the market size considerably.
Industry giants are adopting the growth strategies like mergers & acquisition to strengthen the business space across the globe over the coming timeframe. Key players in circuit breakers market are Siemens, ABB, Mitsubishi Electric Corporation, Eaton Corporation, GE Power, Mersen, Powell Industries, TE Connectivity, Toshiba, and Schneider Electric.