According to the report, The global air circuit breaker market size is projected to reach USD 4.90 billion by 2027, exhibiting a CAGR of 5.8% during the forecast period. The market is expected to experience subdued growth in 2020 owing to the COVID-19 outbreak. However, increasing production of energy from renewable sources will be a key factor driving the growth of this market till 2027, enumerates Fortune Business Insights™ in its new report, titled “Air Circuit Breaker Market Size, Share & Industry Analysis, By Type (Air Blast Circuit Breaker and Plain Air Circuit Breaker), By Voltage (Low Voltage and Medium Voltage), By End User (Utility, Industrial, Commercial, and Others), and Regional Forecast, 2020-2027”.
According to the International Energy Agency (IEA), renewable energy sources account for 26% of the world’s total electricity production currently and in the next five years, electricity generation from renewables is likely to expand by 50% from current levels. Powered by resurgence in solar energy, the IEA predicts that by 2024, global solar capacity is set to rise sharply by 600 GW, while the overall renewable electricity capacity is poised to grow by 1,200 GW in the coming five years. This promising rise in renewables bodes well for the ACB market growth as air circuit breakers (ACBs) play a central role in load management in power plants, protecting these facilities from short circuits, over and under-voltage, and service downtime.
As per the report, the value of this market stood at USD 3.24 billion in 2019. The report also contains the following:
- Panoramic overview of the overall industry outlook;
- Comprehensive study of the trends, drivers, and restraints shaping the market;
- In-depth analysis of the market segments; and
- Exhaustive examination of the regional developments and competitive landscape characterizing the market.
List of Players Profiled in the Air Circuit Breaker Market Report are:
- CBI-electric Group (United States)
- WEG (Brazil)
- Legrand (France)
- Fuji Electric (Japan)
- Eaton (Ireland)
- GE (United States)
- Siemens (Germany)
- Hitachi Industrial Equipment Systems Co., Ltd. (Japan)
- Larsen & Toubro (India)
- Terasaki Electric Co. Ltd (Japan)
- Mitsubishi Electric (Japan)
- Hyundai Electric & Energy Systems Co., Ltd. (South Korea)
- Schneider Electric (France)
- ABB (Switzerland)
Market Restraint
- Unhindered Spread of the Coronavirus Worldwide to Stall Market Growth
The sudden outbreak of the COVID-19 contagion has deeply injured global economic prospects and has brought all forms of economic activities to a virtual standstill. To contain the spread of the infection, governments around the world have imposed strict lockdowns, halted business activities, and enforced social distancing norms. This has severely impacted the power sector as disruptions in manufacturing and construction activities have diminished the demand for electricity, which in turn has negatively affected the air circuit breaker market growth. For example, in India, data from the National Load Dispatch Center revealed that peak power demand has reduced by 46,000 MW since mid-March. Furthermore, the IEA has reported that renewable energy projects have also come to an abrupt halt as labor in countries such as India and USA are unable to work due to the lockdown measures.
- Regional Analysis
Heightening Energy Demand to Propel the Market in Asia-Pacific
Asia-Pacific, with revenue generation of USD 1.02 billion in 2019, is anticipated to command the air circuit breaker market share in the forthcoming period on account of high population growth, which translates to even higher demand for energy. Moreover, in India and China, investments in the power sector from the government and private companies are gathering steam, which is likely to spike the adoption of ACBs in these countries. In North America, the prospects appear lucrative for the market owing to increasing demand for advanced electrical equipment and machineries from the manufacturing sector in the region. On the other hand, the market in Europe will be primarily driven by the attractive investment options in region’s strong transmission and distribution infrastructure.
