Circuit breaker market unveiled with reference to the competitive spectrum: global industry valuation to exceed USD 21 billion by 2024
Publisher : Fractovia | Latest Update: 2018-12-31 | Published Date : 2017-04-26Request Sample
The global circuit breaker market size has lately been growing at a significant rate, primarily owing to the need for safety measures to integrate sustainable and reliable electrical infrastructure. While the growth of the industry is essentially characterized by the increasing prevalence of workplace accidents and power generation facilities due to power system failures, one of the most important factors that will drive the circuit breaker market is the stringent regulatory landscape enforced by electrical safety foundations and global governments. The Health and Safety at Work Act 1974 (HSW Act) for example is one such mandate which has deployed strict regulatory norms under the UK law that requires the employers to ensure the safety of their employees as well as the masses.
North America Circuit Breaker Market Size, By Rated Current (USD Million)
To comply with such stringent laws, a considerable number of companies have now begun to utilize circuit breakers on a large scale, thereby impelling circuit breaker market. With a robust shift in power distribution over the years, consumers’ expectations have now changed – they have, for instance, been demanding solutions that offer enhanced reliability, safety, sustainability and efficiency. In accordance, key industry players have been ramping up development and innovation in order to stay afloat the competitive marketplace. A gist of the contribution from notable companies in the circuit breaker industry has been mentioned below:
Schneider Electric
French automation company Schneider Electric’s popular ‘Masterpact’ circuit breaker is endowed with advanced features for protection against insulation faults, short circuits and overloads, as well as power uptime, even in the toughest environments. Recently, the company has introduced ‘Masterpact MTZ’, a future-ready circuit breaker suitable for an era driven by the Internet of Things (IoT).
Integrating the new EcoStruxure Power architecture, the advanced version provides smooth integration with building and energy management systems, along with providing smartphone connectivity, through an app, for wireless alerts and maintenance. Schneider’s commitment is certain to pave the way for other companies to follow suit, the impact of which is certain to be felt across the circuit breaker market.
Eaton Corporation
It is rather overt that with the rising needs and increasing consumption of electricity in the current scenario, energy usage and management is bound to get highly crucial. In a bid to tackle the issue, The Electric Power Research Institute (EPRI) and Eaton Corporation have joined hands and have brought forth an innovative circuit breaker technology which seeks to demonstrate smarter homes.
Eaton has introduced its energy management circuit breaker (EMCB) which makes circuits ‘smart’, providing participants with an on-board intelligence, along with an option to manage their energy usage safely and more efficiently. Such steps taken to optimize power usage and make the process efficient would drive demand from the household consumers and further boost circuit breaker market trends.
ABB Group
Enumerating on further efforts undertaken by industry contenders that have been driving the circuit breaker market, it is imperative to mention that the Swiss automation company, ABB has recently rolled out medium voltage circuit breaker ‘VD4G’. These circuit breakers are especially designed for generator applications, to reduce carbon footprint by over 30 percent and protect from up to 130 per cent higher DC components levels.
This technological development from ABB is aligned with environmental conservation, the ongoing trend that has been encouraging numerous companies to manufacture products adhering to eco-friendly standards. This is expected to eventually generate substantial demand for circuit breakers, as the awareness for reducing carbon footprint depicts a gradual upsurge.
Powered by the incredible efforts adopted by pivotal industry players, it is evident that the circuit breaker market would depict a significant growth rate in the upcoming years. The competitive spectrum of circuit breaker market is quite diverse, comprising prominent companies such as Mersen S.A, L&T, BEL Fuse, TE Connectivity, Meidensha, Fuji Electric, Hubbell, Powell Industries, Crompton Greaves, Hitachi, Siemens, Toshiba and Mitsubishi. Aided by the ongoing trends of sustainability and energy optimization, the global circuit breaker market size is anticipated to exceed a valuation of USD 21 billion by the end of 2024.
