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. Asia Pacific is estimated to be the largest market for air circuit breakers, followed closely by North America. The Middle East & Africa market is also projected to be the fastest-growing market during the forecast period. The growth of the air circuit breaker market is driven by rising need for reliable & secure power supply and increasing share of renewable power in electricity portfolio mix.
The major strategies adopted by the players in the air circuit breaker market include contracts & agreements, investments & expansions, new product launches, and partnerships & collaborations. Investments & expansions was the most commonly adopted strategy from 2016 to 2019. Contracts & agreements have also emerged as a key strategy, as companies look to strengthen their service offerings and geographic market reach by offering their product.
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ABB is a leading player within the global air circuit breaker market, providing air circuit breakers to the global industries. The company offers various products and services such as manufacturing and sale of air circuit breakers, molded case circuit breakers, and miniature circuit breakers.
Siemens is one of the major technology companies, with core business activities in the field of electrification, automation, and digitalization. It offers a wide range of products for power generation, transmission, and distribution under its energy management business segment. The products include turbines, generators, gas engines, compressors, transmission lines, transformers, switchgear, substations, direct current transmission solutions, switching systems, distribution components, and air circuit breakers.
Air Circuit Breaker Market by Voltage (Low Voltage, and Medium Voltage), Type (Air Blast Circuit Breaker, and Plain Air Circuit Breaker), Application (Industrial, Commercial, and Residential), and Region - Global Forecast to 2024
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