Global Circuit Breakers Market by Voltage, Types, Applications, Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Circuit Breakers Market is valued to reach USD 8.2 Billion by 2022, growing at a CAGR of 4.8% over forecast period 2020–2026. Increase in demand for electricity, growing access to electricity in developing countries, emerging need to save electricity, rising number of renewable power generation projects are the key factors contributing to the growth of the market.

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Circuit Breaker is an automatic electric switch which is used to stop the flow of current in an electric circuit to protect the electrical system from damage. Circuit breakers are used in industrial, commercial, and residential areas. It helps to protect the electric appliances from over-current, overload, or short circuit. Advantage of circuit breaker includes that it does not need any replacement like a fuse or other safety devices. Moreover, the circuit breakers are cost effective and provides reliable operation of the electric circuit.

Increasing access to electricity in developing countries would propel the growth of circuit breakers. Additionally, governments around the globe are taking initiatives to develop smart cities around the globe for conserving energy which would further drive the market for circuit breakers such as miniature and molded case circuit breaker.

Market Trends, Drivers, Restraints, and Opportunities:

Increasing urbanization and industrialization in developing countries and rising power supply to rural areas are leading to the improvements in the electricity infrastructure. This, in turn is, boosting the growth of the circuit breakers market.
Rising need for safe kitchen appliances, manufacturing tools, and machinery plays a major role in fueling the demand for circuit breakers. Use of circuit breakers can make the complete power mechanism safe as they protect the devices and machinery against short circuits and frequent power fluctuations.
High costs of circuit breakers as compared to traditional fuses are major factors restraining the growth of the circuit breaker market.
Rising use of these devices in the locomotive industry is likely to create opportunities in the global circuit breaker market.