The COVID-19 pandemic has immensely impacted the global circuit breaker market in a negative way. However, the market is expected to recover by Q1/Q2 of 2023. The stringent safety and environmental policies are anticipated to hamper the market growth during the forecast period. The major players of the market are adopting several business strategies such as product launches and technology innovations to sustain in this unprecedented situation.
The global circuit breaker market is likely to witness a decline in the growth rate owing to the COVID-19 pandemic all across the globe.
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According to a new research report published by Research Dive, the global circuit breaker market is anticipated to reach $20.6 billion and grow at a CAGR of 6.5% in the forecast period from 2019 to 2026.
Though there is a decline in the growth rate, the market is projected to recover by the end of Q1/Q2 of 2023. Comprehensive analysis on drivers, growth opportunities, restraints, vital segments, and strategies implemented by major market players are further provided in the report to better understand the pandemic effect on the global industry.
Key Features of the Market
Our analysts stated that the extensively growing demand from the commercial sector and the increasing emphasis on the smart cities all over the world are the major factors boosting the growth of global circuit breaker market.
The predicted market size of the circuit breaker market post COVID-19 pandemic is $9.9 billion in 2020, which is a drastic decline from $14.8 billion before the pandemic situation.
On the contrary, the growing global spending on smart city initiatives are anticipated to raise the need for circuit breakers, thereby, sustaining the market growth during the forecast period.
Sustaining in the Pandemic Situation
The major players of the global circuit breaker market include Schneider Electric, Siemens, Eaton, ABB, Toshiba Corporation., Mitsubishi Electric Corporation, Hitachi Industrial Equipment Systems Co., Ltd., Powell Industries, and GENERAL ELECTRIC. These players are adopting several business strategies such as technological advancements and product innovations to grow exponentially during the forecast period.
Phoenix Contact launched a thermomagnetic circuit breaker in March 2020. The highly advanced circuit breakers are majorly useful to protect electrical MCC Panels. Execution of such strategies are helping the global market to sustain during the COVID-19 crisis.
As per the report, the global circuit breaker market is anticipated to witness a noteworthy growth post-coronavirus pandemic. The growing urban infrastructure mainly in the developed countries is a major factor impelling the growth of global circuit breaker market during the forecast period. In addition, the need for the prevention of over-heating of components and wires will eventually increase, which will help to drive the growth of the market during after COVID-19 pandemic.
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