- August 31, 2015
- Transparency Market Research
The global circuit breakers and fuses market will stand at US$31.11 billion by the end of 2021. This translates to a 6% CAGR between 2015 and 2021.
Both overload and short circuit can be highly dangerous to the performance and safety of an electrical circuit. This necessitates the use of a circuit breaker, which as the name indicates, interrupts the flow of electric current in the event of an overload or short circuit. Likewise, electric circuits also comprise a fuse – a resistor with a low resistance setting that acts as a sacrificial appliance to prevent greater damage to a circuit in the event of a short circuit or overload.
Given their ubiquitous nature, fuses and circuit breakers comprise a multibillion dollar market. In 2014, the global circuit breakers and fuses market was pegged at US$20.75 billion. Transparency Market Research expects that the global circuit breakers and fuses market will stand at US$31.11 billion by the end of 2021. This translates to a 6% CAGR between 2015 and 2021.
Mandates Pertaining to Electric Device Protection Components Propel Demand for Circuit Breakers and Fuses
With far flung regions in the world now gaining access to electricity, industrialization and infrastructure development have gathered pace in many developing regions of the world. This has further fuelled the demand for electricity, ultimately also leading to a higher demand for circuit breakers and fuses.
The breakneck speed at which the consumer electronics sector is expanding is yet another growth driver for the global electric circuit breakers and fuses market that cannot be overlooked. Though electronic devices are getting more sophisticated with time, many of them remain vulnerable to failure if exposed to power fluctuations. Again, this necessitates the use of circuit breakers and fuses. However, it has become imperative that the evolution of circuit breakers and fuses keeps pace with that of electronic devices – this is the only way in which companies in the market can stay competitive.
North America Occupies Top Spot in Global Circuit Breakers and Fuses Market; APAC Emerges as Lucrative Market
About 34.8% of the total circuit breakers and fuses market was held by North America in 2014. This made the region the single-largest contributor to the global market and analysts expect that the region will maintain its position over the next few years as well. Although North America remains the largest market, the interest in the Asia Pacific circuit breakers and fuses market is unmistakable. Developing countries in the Asia Pacific region are laying a great degree of emphasis on developing a safe and reliable energy transmission network, which in turn gives companies in the circuit breakers and fuses market an evident growth opportunity.
Electric Vehicles, Solar Energy, and Smart Meters Represent Three Remunerative Opportunities for Circuit Breakers and Fuses Market
Alternative energy is the buzzword in the power industry today, and it is highly unlikely that the circuit breakers and fuses market will remain insulated from these changing trends. Thus, the development of new and innovative fuses and circuit breakers that are compatible for use in new-age energy applications is an opportunity worth considering.
Companies such as ABB Ltd, Eaton Corporation, General Electric Corp, Toshiba Corporation, and Mitsubishi Electric are all vying for a greater share in the global electric circuit breakers and fuses market by focusing on opportunities on the horizon.
Browse Full Global Circuit Breakers and Fuses Market Research Report With Complete TOC @http://www.transparencymarketresearch.com/circuit-breakers-fuses-market.htmlLearn More
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