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Growth in end-use industries such as power, oil and gas, mining, chemicals, and pulp and paper is driving the growth of the global circuit breaker market.
PORTLAND, Ore., April 18, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “By Voltage (Low, Medium, High) and Insulation Type (Vacuum, Air, Circuit Breakers Market by Gas, Oil), By Installation (Indoor, Outdoor), By End User (Residential, Commercial, Industrial, Utilities): Global Opportunity Analysis and Industry Forecast 2020-2030″.According to the report, the global circuit breaker industry was valued at $9.4 billion in sales in 2020 and is expected to reach $17.8 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Growth in end-use industries such as power, oil and gas, mining, chemicals, pulp and paper, and participation of domestic governments, non-profit organizations, and international financial institutions has contributed to the growth of the global circuit breaker market.However, greenhouse gas emissions from SF6 circuit breakers hinder the market growth.On the contrary, the surge in electricity consumption and the increased use of circuit breakers in energy-related fields will open up new opportunities in the future.
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The Covid-19 pandemic has shut down several industrial operations including manufacturing, construction, renewable energy and other infrastructure facilities.
In addition, bans on international import, export and manufacturing activities have reduced consumer demand for circuit breakers.
In terms of voltage, the high-voltage segment accounted for the largest share in 2020, accounting for nearly half of the global circuit breaker market, owing to its application in commercial, industrial, and utilities.However, the low-voltage segment is expected to register the highest CAGR of 6.6% owing to the increased demand for low-voltage circuit breakers from residential and commercial users.
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By end user, the residential segment is expected to register the highest CAGR of 6.6% during the forecast period, as the residential segment is the largest consumer of circuit breakers.However, the utility sector is expected to hold the largest share in 2020, accounting for nearly two-fifths of the global circuit breaker market, owing to the increasing demand for electricity in developing and advanced economies.
By region, the global circuit breaker market in Asia Pacific dominated the market in 2020 due to the presence of key market players and the large consumer base in the region, followed by North America, which accounted for about one-third of the market share.However, the overall European market is expected to register the highest CAGR of 6.6% over the forecast period owing to the rapid expansion of the renewable energy sector, rapid expansion of the renewable energy sector, and increasing investments in the upgrading of aging power infrastructure.
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The low voltage circuit breaker market is expected to reach USD 4.4 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.
The transformer market is expected to reach USD 13 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
The energy harvesting systems market is expected to reach USD 1,057.7 million by 2030, growing at a CAGR of 7.5% from 2021 to 2030.
The high-voltage capacitor market is expected to reach USD 30.3 billion by 2030, growing at a CAGR of 9.9% from 2021 to 2030.
The medium voltage cable market is expected to reach USD 49.1 billion by 2030, growing at a CAGR of 5.6% from 2020 to 2030.
The Electric Service Company (ESCO) market is expected to reach USD 49.6 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
The static VAR compensator market is expected to reach USD 1,135.4 million by 2030, growing at a CAGR of 4.1% from 2021 to 2030.
The high voltage cable market is expected to reach USD 23.4 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
Allied Market Research (AMR) is the full-service market research and business consulting division of Allied Analytics LLP in Portland, Oregon.Allied Market Research provides unparalleled quality “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as small and medium enterprises.AMR provides targeted business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market segments.
We have professional corporate relationships with several companies, which help us mine market data, help us generate accurate research data sheets and confirm the maximum accuracy of our market forecasts.Pawan Kumar, CEO of Allied Market Research, has been instrumental in motivating and encouraging everyone involved with the company to maintain high-quality data and help clients succeed in every possible way.Every data presented in our published report is extracted through preliminary interviews with senior officials of leading companies in the relevant fields.Our approach to secondary data sourcing includes in-depth online and offline research and discussions with industry knowledgeable professionals and analysts.
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Post time: May-13-2022