CHICAGO, Dec. 4, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets^™, the global Air Circuit Breaker Market size is expected to grow from an estimate of USD 3.0 billion in 2019 to USD 3.9 billion by 2024, at a CAGR of 5.2%. The rising need for reliable & secure power supply and increasing share of renewable power in the electricity portfolio mix are driving the air circuit breaker industry growth.

Industrial: The largest application segment of the Air Circuit Breaker Market

Air circuit breakers are used extensively in industrial, commercial, and residential applications. The industrial segment accounted for the largest share of the market in 2018. The industrial segment includes power plants, manufacturing, and processing industries, which are major consumers of air circuit breakers. Rapid industrialization, especially in emerging economies of the world, are driving the growth of this segment.

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The medium voltage subsegment is estimated to have the highest growth rate in the Air Circuit Breaker Market

Based on voltage, the market has been segmented into low voltage and high voltage. The application of air circuit breakers in medium voltage segment is estimated to lead the market during the forecast period. The high growth of medium voltage segment is mainly because of its rising demand from applications like power distribution utilities, manufacturing, and process industries, among others.

Asia Pacific is expected to dominate the global Air Circuit Breaker Market

Asia Pacific was the largest market for air circuit breakers in 2018, driven mainly by activities in China. Increasing share of renewable power in electricity portfolio mix is one of the key drivers for growth in Asia Pacific, where each country has a supportive policy for generating renewable power. This further drives the demand for air circuit breakers and creates growth opportunities for all major circuit breaker manufacturers in the region. The US is the second-largest market, closely behind Europe, with a large number of power distribution projects commissioned each year.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Air Circuit Breaker Market. These players include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Mitsubishi Electric (Japan), Schneider Electric (France), among others.

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