Circuit breaker market worth $10.9 B
Verified Market Research recently published a report "Circuit Breaker Market".
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Verified Market Research recently published a report “Circuit Breaker Market”.
According to Verified Market Research, the global circuit breaker market was valued at $7.86 B in 2020 and is projected to reach $10.89 B by 2027, growing at a CAGR of 4.78 % from 2021 to 2027.
Increasing demand for advanced equipment in electronics, automotive, and telecommunication segments owing to increasing safety concerns related to short circuits and damage due to power fluctuations, thus the market for circuit breakers and fuses is rising over the forecast period. These devices reduce and manage the electric load on equipment such as home appliances, industrial machinery, IT products and electric tools, thus protecting them from unforeseen power fluctuations arising from situations such as short circuits, overvoltage, and overload. Moreover, increasing usage of circuit breakers and fuses in the automotive industry and rising energy consumption are considered to further raise the demand for these devices over the forecast period. Additionally, increasing urbanization and industrialization in emerging economies such as India, Indonesia, Malaysia, and others, is anticipated to further boost the market growth.
The key players in the market are: ABB, Siemens Energy, Eaton, Schneider Electric, Mitsubishi, Toshiba, Powell, TE Connectivity, CG Power, and Fuji Electric.
Source: PR Newswire