San Francisco, Oct. 22, 2015 (GLOBE NEWSWIRE) -- The global circuit breaker and fuse market is expected to reach USD 18.92 billion by 2022, according to a new report by Grand View Research, Inc. Replacement of electromechanical and mechanical devices with electronic equipment is expected to drive demand in manufacturing and industrial sector.
Increasing construction and infrastructure activities using different components in residential and commercial projects such as MCBs, protective relays, air and gas circuit breakers is expected to boost demand.
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Technological advancements such as emergence of generator circuit breakers in natural gas power plants are further expected to boost the demand. Moreover, significant investment transmission grid has surpassed the need of replacing worn out energy infrastructure which is expected to provide significant opportunities for the circuit breaker and fuse industry.
Growing focus on increasing the functionality of power system apparatus to facilitate better system asset management and improve electrical power quality is expected to drive the market over the next seven years. However, high cost of raw materials such as gold and silver used for component wiring are expected to hamper growth.
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Further key findings from the study suggest:
- Low voltage circuit breaker market accounted for over 35% of the overall share in 2014. These are generally used in industrial, commercial and domestic applications. They are rated less than 1000 VAC or 1500 V DC and are primarily used for DC applications.
- The vacuum technology segment accounted for over 25% of the overall industry in 2014 and is expected to increase over the next seven years. This growth can be attributed to features such as less power requirement for control mechanism and growing demand for small and cost competitive vacuum components.
- SF6 segment is expected to grow at a CAGR of 7.8% from 2015 to 2022. Low electromagnetic emissions and low noise levels make them suitable for residential areas. SF6 products are suitable for harsh environments such as offshore oil platforms, high altitude locations which may also boost sales for these products.
- Low voltage fuse market is expected to grow at a CAGR of over 4.5% from 2014 to 2022. Growing demand in automotive applications for auto-recloser breakers is gaining prominence.
- Power generation application segment accounted for over 20% of the revenue in 2014. It is projected to maintain its dominance during the forecast period primarily due to a rapid increase in installation of smart grids.
- Asia Pacific circuit breaker and fuse market is expected to witness significant growth over the forecast period. It accounted for over 30% of the industry share in 2014 and is estimated to exhibit high growth prospects over the next seven years.
- Notable companies dominating the industry include ABB Ltd, GE, Schneider Electric, Mitsubishi Electric, and Eaton Corporation. Several legal and regulatory frameworks are anticipated to positively impact the competition.
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Grand View Research has segmented the circuit breaker and fuse market on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2012 – 2022)
- Circuit breaker market by voltage level of installation
- Low voltage
- Medium voltage
- High voltage
- Circuit breaker market by arc quenching media type
- Fuse market by voltage level of installation
- Low voltage
- High voltage
Application Outlook (Revenue, USD Million, 2012 – 2022)
- Consumer Electronics
- Power Generation
Regional Outlook (Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research