The global market size for circuit breaker & fuses market is estimated to be USD 9.72 billion in 2017 and is estimated to grow at a CAGR of around 8% during the forecast period. The demand is attributed to the increasing number of power grids and technological advancement in the renewable energy sector. Also, rising demand of power with increase in industrialization and residential infrastructure construction are some of crucial factors expected to drive the market for circuit breaker & fuses during the coming years.
The constant power supply has become one of the prime factor for economic development and improved lifestyle. One of the key factor for a reliable power supply is an efficient transmission and distribution system. Circuit breakers and fuses are the basic requirement for functioning of both AIS (Air-Insulated) and GIS (Gas-Insulated) switchgears. Therefore, growth in switchgear market is proportionally driving the circuit breaker and fuses market growth and thus, the global circuit breaker & fuses market is anticipated to account for USD 19.41 billion by 2026.
Circuit Breaker & Fuses Market Share, By Sensor, 2017 - 2026
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The circuit breaker & fuses market is primarily segmented on the basis of voltage, application, and geographic region. Market by voltage includes low voltage, medium voltage and high voltage and by applications includes power generation, power transmission & distribution, construction, industrial, transportation and others. The market for circuit breaker & fuses is finding huge opportunities across smart city projects with growing transmission and distribution power lines.
Medium voltage circuit breaker comprises of the major market share of the circuit breaker & fuses with high investment in power transmission and distribution sector. Access to electricity is particularly crucial to county development, as certain signification applications such as industrialization, residential and commercial applications. Electrification can help achieve economic and social objectives. The International Energy Agency (IEA) estimates that 1.5 billion people lacked access to electricity in 2008,more than one-fifth of the world’s population. Roughly, 85% of those without electricity live in rural areas, mainly in Sub-Saharan Africa and South Asia. Considerable progress has been made with government initiatives in these developing countries. Achieving sustainable universal electricity access by 2030 is one of the important global target and this will influence the busway market in positively. It is evident that an even stronger focus on electricity access will be seen in coming years to meet the needs of the low electrification and overcome this constraint on development.
Some of the leading industry players in the Circuit Breaker & Fuses Market include ABB Ltd., Eaton Corporation, Alstom SA, Schneider Electric, General Electric, Mitsubishi Electric, Siemens AG, Eaton Corporation Plc, Toshiba Corporation and Maxwell Technologies, among others.