Worldwide Air Circuit Breaker Market Insights, 2019-2024 - Medium Voltage, Residential Applications, and Middle East & Africa Dominate their Segments, Respectively
DUBLIN, Dec. 12, 2019 /PRNewswire/ -- The "Air Circuit Breaker Market by Voltage (Low Voltage, and Medium Voltage), Type (Air Blast Circuit Breaker, and Plain Air Circuit Breaker), Application (Industrial, Commercial, and Residential), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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The global air circuit breaker market size is projected to reach USD 3.9 billion by 2024 from an estimated USD 3 billion in 2019, at a CAGR of 5.2% during the forecast period.
The factors driving the market growth include the rising need for reliable & secure power supply and increasing share of renewable power in the electricity portfolio mix.
The global air circuit breaker market is dominated by leading players that have an extensive regional presence. The leading players in the air circuit breaker industry are ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Mitsubishi Electric (Japan), Schneider Electric (France), among others.
Medium voltage segment dominates the global market
The medium voltage segment is expected to be the largest air circuit breaker market, by voltage during the forecast period. This growth is evident owing to the rising demand for air circuit breakers from power distribution utilities as well as the favorable government policies to support renewable generation.
The medium-voltage air circuit breaker finds application in industrial power & distribution, renewables, and transportation to protect & control the power distribution network. According to the Indian Credit Rating Agency (ICRA), the domestic solar power capacity addition is expected at 7-7.5 GW (including about 1 GW of rooftop solar capacity) by 2020, based on tendering and awarding of projects. The increasing number of renewable integration projects and infrastructure developments are some of the factors responsible for augmenting the growth of the medium-voltage air circuit breaker industry.
Residential applications dominate the global air circuit breaker market
Although residential applications account for the smallest share of the global air circuit market, the segment is anticipated to witness the fastest growth during the forecast period due to the rising investments in residential construction. Upcoming technologies such as artificial intelligence and the Internet of Things use a sizable number of sensors and automation devices, which will be needed in the future for ease of operations and safety as well as reliability. Also, the support from government and banks through a low-interest rate for buying new properties has encouraged residential construction.
Middle East & Africa in the air circuit breaker industry is expected to grow at the highest CAGR during the forecast period
Asia Pacific accounted for majority of the global air circuit breaker market share, followed by North America. The Middle East & Africa market is projected to be the fastest-growing market during the forecast period, owing to rising investments towards renewable energy grid infrastructure development.
The government of Saudi Arabia is planning to restructure the country's electricity network and has proposed to increase its electricity generating capacity to 120 GW by 2032 to meet the rapidly growing electricity demand. Additionally, Saudi Arabia is planning to add 41 GW from solar power, 18 GW from nuclear power, and 4 GW from other renewable sources to increase its power generation capacity. The Nigerian government aims to achieve the electrification rate of 75% by 2020 by connecting households through grid extensions as well as non-grid solutions such as renewables.
The governments of countries in the Middle East & African region are also investing heavily in infrastructure projects. As per the African Union's Development Agency, plans are on track for a high-speed rail network connecting Africa from border to border by 2063.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1. Attractive Opportunities in the Air Circuit Breaker Market
4.2. Air Circuit Breaker Market, By Region
4.3. Air Circuit Breaker Market, By Voltage
4.4. Air Circuit Breaker Market, By Type
4.5. Air Circuit Breaker Market, By Application
5 Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.2.4. Challenges
6 Air Circuit Breaker Market, By Voltage
6.1. Introduction
6.2. Low Voltage (6.3. Medium Voltage (1-15 Kv)
7 Air Circuit Breaker Market, By Type
7.1. Introduction
7.2. Air Blast Circuit Breaker
7.3. Plain Air Circuit Breaker
8 Air Circuit Breaker Market, By Application
8.1. Introduction
8.2. Industrial
8.3. Commercial
8.4. Residential
9 Air Circuit Breaker Market, By Region
(USD Million - 2017, 2018, 2019-E, 2024-P)
9.1 Introduction
9.2 North America
9.2.1 By Voltage
9.2.2 By Type
9.2.3 By Application
9.2.4 By Country
9.2.4.1 US
9.2.4.2 Canada
9.2.4.3 Mexico
9.3 Europe
9.3.1 By Voltage
9.3.2 By Type
9.3.3 By Application
9.3.4 By Country
9.3.4.1 Germany
9.3.4.2 UK
9.3.4.3 France
9.3.4.4 Italy
9.3.4.5 Rest of Europe
9.4 Asia-Pacific
9.4.1 By Voltage
9.4.2 By Type
9.4.3 By Application
9.4.4 By Country
9.4.4.1 China
9.4.4.2 Japan
9.4.4.3 India
9.4.4.4 South Korea
9.4.4.5 Rest of Asia Pacific
9.5 South America
9.5.1 By Voltage
9.5.2 By Type
9.5.3 By Application
9.5.4 By Country
9.5.4.1 Brazil
9.5.4.2 Chile
9.5.4.3 Argentina
9.5.4.4 Rest of South America
9.6 Middle East & Africa
9.6.1 By Voltage
9.6.2 By Type
9.6.3 By Application
9.6.4 By Country
9.6.4.1 UAE
9.6.4.2 Saudi Arabia
9.6.4.3 Qatar
9.6.4.4 South Africa
9.6.4.5 Rest of Middle East & Africa
10 Competitive Landscape
10.1 Overview
10.2 Market Share, 2018
10.3 Competitive Landscape Mapping, 2018
10.4 Competitive Scenario
10.4.1 New Product Developments
10.4.2 Investments & Expansions
10.4.3 Contracts & Agreements
10.4.4 Mergers & Acquisitions
10.4.5 Joint Venture/Partnerships/Collobarations/Strategic Alliance
10.4.6 Others
11 Company Profiles
11.1 Introduction
11.2 ABB
11.3 WEG Industries
11.4 Hyundai Electric
11.5 Eaton
11.6 Hitachi
11.7 Schneider Electric
11.8 Mitshubishi Electric
11.9 Siemens
11.10 Larsen & Toubro
11.11 Fuji Electric
11.12 Benergy
11.13 Resa Power
11.14 CG Power and Industrial Solutions
11.15 Legrand
11.16 Energypac
11.17 Romac Electrical Power Equipment
11.18 Havells
11.19 Federal Electric
11.20 LS Industrial Systems
11.21 C&S Electric
For more information about this report visit https://www.researchandmarkets.com/r/v7eag5
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