According to a report released recently, the global circuit breaker market is expected to generate $20.6 billion in revenue by 2026, growing exponentially at a compound annual growth rate of 6.5% During the 2019-2026 forecast period. The comprehensive report briefly summarizes the current situation of the market, including other aspects such as market dynamics, growth and constraints, challenges and opportunities during the forecast period. The report also provides market data, making it easier and more beneficial for new participants to understand the real-time situation of the market.
According to the report, during the forecast period, the market is expected to grow at a compound annual growth rate of 6.5%, while in the pre-pandemic scenario from 2019 to 2026, the compound annual growth rate is expected to be 6.9%. This decline is mainly due to the widespread implementation of blockades around the world, resulting in the temporary closure of all construction activities and future projects. In addition, strict rules and regulations regarding the environmental policy of circuit breakers are expected to further hinder the growth of the circuit breaker market during the forecast period.
According to the report, the real-time market size has dropped significantly compared with pre-pandemic concerns. The real-time market size had reached only $9.9 billion in revenue in 2020, compared to an estimated $14.1 billion in the pre-pandemic situation. The global spread of the virus has had a devastating impact on the circuit breaker industry, causing the industry to stop production to curb the spread of the virus during the pandemic. This leads to a reduction in the demand for circuit breakers. In addition, strict travel restrictions imposed by the government have adversely affected the import and export of raw materials needed to manufacture circuit breakers. These factors are expected to hinder the growth of the circuit breaker market during the forecast period.
According to the report, global circuit breakers are expected to resume in the first/second quarter of 2023. However, it is expected that the global electrification rate will increase with the increasing attention to industrial safety in various industries such as automobiles, electronics, and telecommunications to promote market growth. In addition, the increase in innovation and R&D investment, coupled with the substantial expansion of microgrids, is expected to create ample opportunities for the growth of the circuit breaker market in the post-pandemic era.
Holley had devoted to circuit breaker for more than 2 years, hope to build more cooperations with customers around the world. Any problem please be free to contact us.
Post time: Dec-06-2021