Circuit breaker market to witness a phenomenal growth
Circuit Breakers Market will surpass $21bn by 2024, as reported in the latest study by Global Market Insights. Affirmative regulatory mandates toward the development of cross border electric infrastructure to sustain the rising demand for the refurbishment of ageing transmission network will foster the circuit breaker market.
Favourable policy interventions coupled with positive sectoral amendments supported by rapid economic escalation have further instigated the overall energy industry. Aggregate technical & commercial (AT&C) coagulated by accruing circuit losses, result in deficiency in terms of revenue and energy realisation which in turn will complement the integration of effective transmission and distribution components.
Growth drivers of circuit breaker market
- Expansion of smart grid networks
- Refurbishment and retrofit of existing grid infrastructure
- Rising peak load demand
- Expansion of micro-grid networks
- Grid stability and security of supply concerns
- Increasing electricity demand
- of a sustainable energy infrastructure
Greater than 550kV units in the current industrial scenario, have gained an upsurge subject to the ongoing expansion of ultra-high-tension (UHT) electric networks to endure losses accumulated from long-distance power supply. Advance product specifications, curtailment ability for over-currents, cost along with ease of installation are essential factors driving the product penetration.
Regulatory inclination towards the deployment of HVDC transmission infrastructure to meet cross-border demand for electricity will further complement the circuit breaker market outlook.
Europe market will gain escalation subject to the stringent energy efficiency mandates along with rising share of sustainable electricity networks. Regulators with an aim to institute a potent energy mechanism have been channelising funds to befit their networks for effective electricity generation and supply.
European Union’s policy objectives comprehend, investment & restructuring of the existing grid infrastructure to integrate renewable resources and sustain the leap in energy demand.
Greater than 4,500A circuit breaker market will exceed an annual installation of one million units by 2024. Large scale industrial expansion along with product viability across utility deployed transmission and distribution lines will positively sway the industry dynamics.
These units behold significant installations across inter-state and cross border transmission networks exhibiting comparatively higher ampacity with an aim to ensure network and operational security across the regional grid infrastructure.
Eminent players across the global market comprise of Schneider Electric, Eaton, ABB, Mitsubishi, Toshiba, Mersen S.A, Hitachi, Crompton Greaves, Siemens, Powell Industries, Fuji Electric, Meidensha, Hubbell, TE Connectivity, L&T, and BEL Fuse.