New York, NY 09 Sep 2020: 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.
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.
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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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