Circuit Breakers Market Will Secure 7% Growth To Exceed USD 13.5 Billion By 2024
SELLBYVILLE, Del., Dec. 1, 2017 /PRNewswire-iReach/ -- Global Circuit Breakers Market is anticipated to surpass USD 13.5 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Growing demand for the modular and packaged substation primarily across commercial and industrial end users will stimulate the global circuit breakers market share during the forecast timeframe. In 2016, Qatar had awarded USD 12.4 million contract to Siemens for the supply of integrated E-House substations for Hamad Port megaproject.
Development of numerous green corridors projects for exporting electricity generated from renewable energy sources to national grids will positively impact the industry landscape. In 2014, Power Grid Corporation of India Ltd. (PGCIL) had announced the investment of over USD 7 billion to facilitate the integration of clean energy plants with the national and state grids.
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Rising investments towards the renovation of conventional transmission grid infrastructure by utilities and other private participants will augment global circuit breakers market revenue. In 2015, Government of China announced a USD 315 billion investment towards the refurbishment of power grid infrastructure over the next five years. Rural electrification programs designed by countries including China, India, South Africa, and Nigeria will further influence the business outlook.
LV circuit breakers market was valued over USD 1 billion for 2015. Strong investment outlook towards deployment of new low voltage substations across remote areas will augment the industry size. SF6 is expected to witness significant growth of over 10%, owing to its high dielectric strength and efficient arc quenching properties.
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U.S. circuit breakers market share is anticipated to expand over 7%. Government programs to enhance the safety of existing T&D grid infrastructure coupled with the deployment of new HVDC lines for long distance power transmission will augment the industry growth
For Europe circuit breakers market, UK 2015 revenue was in excess of USD 140 million. Investment for the development of new smart grid infrastructures will complement the industry outlook. China circuit breakers market looks set to exceed USD 2 billion by 2024. Numerous programs including China Township Electrification Program and China Village Electrification Program for providing renewable electricity to household consumers will enhance the country's business landscape.
India circuit breakers market is expected to witness significant growth of over 8% over the forecast timeframe. Initiatives including One Nation, One Grid, One Price will enhance business size. 2015 Saudi Arabia revenue was over USD 100 million, rising demand for modular and packaged substations across the remote onshore oil and gas drilling areas will favor the industry demand.
Brazil circuit breakers market size is predicted to exceed USD 450 million by 2024. Integration renewable energy generation sources with the state and national grid will boost the demand over the forecast timeframe.
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Key industry players include GE Alstom, Powell Industries, Mitsubishi Electric Corporation, BEL Fuse Inc., Schneider Electric, Toshiba, Siemens, Eaton Corporation, TE Connectivity and ABB.
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