Kenneth Research examined the statistical and analytical approach that is required for the growth of Circuit Breaker and Fuses Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Circuit Breaker and Fuses Market products.
The growth of the Circuit Breaker and Fuses market can be attributed to the rising consumption of consumer electronics devices across the globe. It is expected that the total number of users of consumer electronics would reach a value of approximately 3 billion by 2025. The user penetration is also expected to grow to about 35% by the same year. Additionally, the emergence of advanced technologies such as artificial intelligence (AI), internet of things (IoT) and machine learning (ML) is predicted to offer a myriad of lucrative opportunities to the market players. This can be credited to the increase in the number of connected devices, which is further expected to raise the demand for semiconductor chips worldwide. In 2018, there were more than 20 billion IoT connected devices in the world, which are estimated to increase up to about 35 billion and 48 billion by the end of the years 2025 and 2030 respectively.
The Global Circuit Breaker & Fuses Market is anticipated to reach USD 19.41 billion by 2026 according to a new study published by Polaris Market Research. Various initiatives to renovate existing power grid and installation of new smart and green substations is driving the circuit breaker and fuses market in near future. In addition, technological advancement will also encourage sales volume of circuit breakers in different applications, such factors have highly propelled circuit breaker & fuses market worldwide. However, Stringent government regulations and intense competition from local players are some of the factors that could affect the growth of the market.
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With the growing number of smart cities around the globe, the need for new and intelligent infrastructure to meet the advanced requirements of residents and businesses is also increasing. An effective way to support these city goals is by using technology which supports power conservation, and optimize and control key systems and infrastructure. The growing number of smart cities and green constructions is influencing the circuit breaker and fuses market congruently. Apart from this, market is projected to witness a high growth on the account of increasing substantially big residential and construction activities, and up-gradation of electrical power distribution infrastructure in commercial and industrial sector. It is expected that by 2050, more than two-third of world population will be living in cities and these cities will be fully electrified. This increase in power transmission will boost the market, which is primary choice for power transmission and distribution among various end-user.
Currently, APAC region dominates the global circuit breaker & fuses market attributed due to the aggressive renewal activity of age-old electrical infrastructure is going on in different developing countries with the increasing demand of power. Circuit breaker & fuses providers in the region, and robust technical adoption base. However, with global power demand and spending both is increasing significantly over last few years, the trend is more specific in developing region especially in countries of APAC and MEA.
Major companies profiled in the Breaker & Fuses Market report include ABB Ltd., Eaton Corporation, Alstom SA, Schneider Electric, General Electric, Mitsubishi Electric, Siemens AG, Eaton Corporation Plc, Toshiba Corporation and Maxwell Technologies, among others.
Key findings from the study suggest the APAC Breaker & Fuses Market is expected to dominate over the forecast years and is presumed to be the fastest growing market. Some of the key factors influencing this growth are increasing per capita income and government initiations with respect to rising urbanization and industrialization. In past few years, APAC has become an industrial hub and is still in its growing phase. Rising power demand in Asia Pacific and Middle East has not only led to higher power production but also changes in consumption patterns
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