The market is expected to reach USD 3.9 billion by 2024, at a CAGR of 5.2%

The market is expected to reach USD 3.9 billion by 2024, at a CAGR of 5.2% from 2019 to 2024

NEW YORK, Dec. 30, 2019 /PRNewswire/ --

Read the full report: https://www.reportlinker.com/p05832190/?utm_source=PRN

The global air circuit breaker market size is projected to reach USD 3.9 billion by 2024 from an estimated USD 3.0 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.

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.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key air circuit breaker market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier I–60%, Tier II–20%, and Tier III–20%
• By Designation: C-Level–55%, Director Level–30%, and Others–15%

By Region: North America- 30%, Europe- 30%, Asia-Pacific 20%, Middle East & Africa- 10%, South America- 10%
Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3:

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.

Research Coverage:
The report defines, describes, and forecasts the air circuit breaker market, by voltage, type, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.

The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.

These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the air circuit breaker market.

Read the full report: https://www.reportlinker.com/p05832190/?utm_source=PRN

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