The global circuit breaker and fuses market is estimated to grow at a CAGR of nearly 6.0% during the forecast period. The major factors contributing to the growth of the market include the rising demand for renewable energy sources and the growing construction industry. As per the International Renewable Energy Agency (IRENA), the global solar energy capacity increased from 488.7 gigawatts (GW) in 2018 to 586.4 GW in 2019. Solar energy and wind energy is constantly leading renewable capacity expansion. These combinedly accounted for 90% of total net renewable additions in 2019. Growing environmental concerns such as rising carbon emission, air pollution, and global warming are the major factors encouraging the adoption of solar panels.
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Another major factor for the growth of the solar industry is the reduction in the price of the solar panels. A significant decline in the cost of rooftop solar panels has been observed over the years. Solar panels are penetrating significantly from various commercial to household applications across the globe. Due to these benefits, the installations of solar photovoltaic (PV) systems has been accelerating, which in turn, is leading the adoption of circuit breakers and fuses. Circuit breakers and fuses are primarily used for the protection of the PV wiring from getting too hot and catching fire.
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Global Circuit Breaker and Fuses Market Segmentation
By Product Type
By Arc Quenching Media Type
Vacuum Circuit Breakers
Oil Circuit Breakers
Air Circuit Breakers
Rest of Europe
Rest of Asia-Pacific
Rest of the World
Atom Power, Inc.
Camsco Electric Co., Ltd.
Changan Group Co.,Ltd.
Eaton Corp. plc
Fuji Electric Co., Ltd.
G&W Electric Co.
Havells India Ltd.
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