Circuit Breaker & Fuse Market size to hit USD 23.51 Bn by 2029 at a CAGR 5.3 percent

Oct 03, 2023

Pune, June 05, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a leading Electronics research firm, has published a market intelligence report on the Circuit Breaker & Fuse Market , which is a combination of primary and secondary data. As per the report, the total market opportunity by 2029 is expected to be USD 23.51 Bn with North America to grow at a CAGR of 4.5 percent during the forecast period. The total market was valued at USD 16.375 Bn in 2022 and it is expected to grow at a CAGR of 5.3 percent during the forecast period.

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Circuit Breaker & Fuse Market Report Scope and Research Methodology

The main objective of the research is to provide an analysis and forecast of the global market size. The report includes the factors that influence the business and also gives a clear futuristic view of the industry to the decision-makers, which makes it an investor's guide. For competitive analysis, it includes strategic profiling of Circuit Breaker & Fuse key players in the market, a wide-ranging analysis of their core competencies and their strategies, agreements, growths, joint ventures, partnerships, and acquisitions. The bottom-up approach was used to estimate the Circuit Breaker & Fuse Market size. Primary and secondary research methods were used to collect data on the Circuit Breaker & Fuse Industry. Primary research method includes interviews with the stakeholders in the industry including manufacturers, consultants, service providers and end-users. The secondary research method includes data collection from the list of sources including annual reports of top players, government reports, paid and free sources. SWOT analysis was used to provide the strengths and weaknesses of Circuit Breaker & Fuse key competitors in the industry.

Circuit Breaker & Fuse Market Overview

Circuit Breaker is a switching device that interrupts the flow of current into an electrical circuit when an overflow of current is detected. The market is growing mainly because of the increasing demand for electrical gadgets especially in developing countries.

Circuit Breaker & Fuse Market Dynamics

The market is majorly growing because of the growing industries such as telecommunication, electronics, automotive and others. The demand for circuit breakers and fuses is due to the increasing safety concerns related to short circuits. Over the past few years, the increasing demand for renewable energy connectivity has contributed to the growth of the Circuit Breaker & Fuse Market. The increasing demand for electricity and consistent power delivery are the key factors to drive the growth of the industry. The demand for power and electricity has increased immensely with the rapid technological advancements. Electronic devices are susceptible to power fluctuation causing device failures. Hence, governments and private agencies across the world are directed to the addition of device protection components such as circuit breakers and fuses. Electric equipment such as IT products, home appliances, electric tools and industrial machinery are prone to damage due to power fluctuations. Hence, the circuit breaker is highly used to manage and reduce the electric load on equipment.

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Circuit Breaker & Fuse Market Regional Insights

In 2022, the Asia Pacific Circuit Breaker & Fuse Market held a substantial share of 41.42 percent. The regional market is mainly driven by the increasing construction activities along with the rising adoption of renewable power generation sources such as wind and solar. Rapid urbanization is resulting in an increase in demand for electricity also contributing to the market.

During the forecast period, the North American Circuit Breaker & Fuse Market region is expected to grow at a CAGR of 4.5 percent. The United States Circuit Breaker & Fuse Market is the largest market in the region. The Mexican and Canadian markets are also contributing largely to the market growth.

Circuit Breaker & Fuse Market Segmentation

By Type

The Vacuum Circuit Breaker & Fuse segment held 31.73 percent of the Circuit Breaker & Fuse Market share in 2022. The Vacuum Circuit Breaker & Fuse is cost-effective and its use in residential and commercial settings is enabled with a longer lifespan.

By Voltage

The High Voltage segment accounted for a 61.72 percent share of the global market in 2022. The Low Voltage segment is expected to grow rapidly during the forecast period. These growths of the segments are attributed to the high preference of commercial and industrial end-users to high voltage fuses and the high preference of residential customers to low voltage fuses.

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By Application

The Power generation segment held the largest Circuit Breaker & Fuse market share in 2022. This is attributed to the high consumption of circuit breakers and fuses in the power generation sector due to the increasing use of IT services for various purposes. The construction segment is expected to grow at a high CAGR during the forecast period. This is attributed to the growing construction market resulting in the increase in demand for circuit breakers and fuses.

Circuit Breaker & Fuse Market Key Competitors include:

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Key questions answered in the Circuit Breaker & Fuse Market are:

Key Offerings:

Maximize Market Research is leading Electronics research firm, has also published the following reports:

Ground Fault Circuit Interrupter (GFCI) Market - The market size is expected to reach USD 3.81 billion by 2029 at a CAGR of 7.01 percent during the forecast period. The market is expected to be driven by the rising safety awareness among developing countries and increasing demand for electrical appliances.

Fixed Switch Cabinet Market - The market size is expected to reach USD 3.20 billion by 2029 at a CAGR of 4.8 percent during the forecast period. The market is expected to be driven by the increasing demand for automation, digitization, and data-driven decision-making in various industries.

DC Switchgear Market - The market size is expected to reach USD 15.57 billion by 2029 at a CAGR of 6.1 percent during the forecast period. The market is expected to be driven by the increasing demand for safe power supply.

Low Voltage Disconnect Switches Market - The market size is expected to reach USD 4.43 billion by 2029 at a CAGR of 4.8 percent during the forecast period. The market is expected to be driven by increasing demand for renewable energy sources such as solar and wind power.

Switch Cabinet Market - The market size is expected to reach USD 2.25 billion by 2029 at a CAGR of 4.56 percent during the forecast period. The market is expected to be driven by the growing urbanization and infrastructure development, which is rising the need for robust power distribution systems.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.