The global sulfur hexafluoride market size to be valued at USD 309.8 million by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% during the forecast period. The market is projected to witness significant growth over the next seven years owing to its rising demand as a dielectric medium for electrical & electronic appliances. Sulfur hexafluoride is extensively used in the medical industry for non-invasive surgeries. It is utilized in echocardiogram to determine & examine the exact location & cause of the ailment. Also, growing product demand in the power and energy industry for the manufacturing of high voltage transformers, switchgear, and circuit breakers will bolster the market growth.
Power & energy application held the largest sulfur hexafluoride market share in 2018 and this trend is estimated to continue over the forecast period. Sulfur hexafluoride is used to manufacture high-voltage circuit breakers, switchgear, and Gas Insulated Switchgear (GIS), which are utilized in power & energy generation plants, which are the major drivers for the product in power & energy industry.
Gas Circuit Breaker Market: Global Industry Size, Share, Growth, Trends, Analysis and Forecast 2019
This report forecasts volume and revenue growth at global and regional levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the sulfur hexafluoride market based on product, application, and region:
In 2021, the global circuit breaker market accounted for USD 13.99 billion and is expected to reach around USD 29.41 billion by 2030, poised to grow at a CAGR of 8.61% during the forecast period 2022 to 2030.
The end-user segment is further categorized into oil & gas, iron & steel, minerals & mining, food & beverage, automotive, and others. The oil & gas segment is estimated to hold the largest motor control center market share owing to their extensive application in the oil industry for supplying power to processes and utilities. The minerals & mining segment is holding the second largest market share due to the rising adoption of these centers in industries for controlling and monitoring the mining operations. The iron & steel segment is also increasing the market share owing to the increasing application in blast furnaces, continuous casting, pickling lines, cold rolling mills, walking beam furnaces annealing, and galvanizing processes, among other applications. The automotive segment is propelling the demand owing to the increasing application of busbar, circuit breaker, and other electrical components in the automotive industry. Hence, the growing industrial sector is projected to increase the share in the global market during the forecast period.
A sulfur hexafluoride (SF6) circuit breaker uses contacts surrounded by sulfur hexafluoride gas to quench the arc. They are most often used for transmission-level voltages and may be incorporated into compact gas-insulated switchgear. First, for industry structure analysis, the SF6 gas circuit breaker industry is fragmented. A variety of manufacturers ranging from large multinational corporations to small privately owned companies compete in this industry. The top ten producers account for about 89.56% of the revenue market in 2015. The global SF6 Gas Circuit Breaker market was valued at USD 2400.2 million in 2019 and it is expected to reach USD 3773 million by the end of 2026, growing at a CAGR of 6.6% during 2021-2026.
PUNE, India, Oct. 17, 2019 /PRNewswire/ -- The global Circuit Breaker Market is set to attain a value of USD 25.75 billion by 2026, displaying a CAGR of 6.97% during the forecast period. The main driving factor for this is the ever-increasing demand for electricity around the world. According to the International Energy Agency (IEA), in 2018, world electricity demand increased by 4%, double the amount of the overall energy demand. Among nations, China and the US accounted for 70% of the total global demand. Increasing demand and consumption of electricity will lead to a corresponding rise in the demand for circuit breakers, since they are essential components in any electrical system. Circuit breakers are basically switching devices, that is, their primary function is to disturb or interrupt the flow of fault or abnormal current. This protects the electrical system from any damage and prevents any potential accidents.
Governments in the developing nations of Asia and Africa are aggressively building strong power infrastructure to bring electricity in the homes of the people, especially in rural areas. For example, through its rural cooperative program, Bangladesh has managed to bring electricity to 62% of its rural population. India has successfully electrified 95% of rural households in its poorest states, as reported by the IEA in 2018. Furthermore, international organizations such as the World Bank are providing the required monetary assistance to these countries, further enhancing their capabilities. For instance, the World Bank, through its International Development Agency, is providing USD 375 million to aid the Ethiopia Electrification Program launched in 2017, which aims at last-mile service delivery. Such rapid progress in power infrastructure is expected to create massive sales opportunities for circuit breaker producers, thereby bolstering the global Circuit Breaker Market growth during the forecast period.
Among regions, Asia-Pacific is expected to dominate the global Circuit Breaker Market share owing to the fast-paced industrial and manufacturing sector development, especially in China and India. Moreover, increasing infrastructure activities in the region will further enlarge the global Circuit Breaker Market size till 2026. Heightened urbanization will make Africa the most promising regional market for circuit breakers in the coming decade, while oil and gas exploration and refinement activities will fuel the market in the Middle East. North America and Europe are anticipated to make sizeable contributions to the global Circuit Breaker Market revenue in the forecast period.
Key players in the global Circuit Breaker Market are increasingly focusing on creating and launching new and innovative products so as to gain a competitive edge. For example, in April 2019, Hannover-based ABB introduced their solid-state circuit breaker that is designed to enable electrical systems and grids to adapt renewable energy solutions and improve industrial battery storage capacities. Similarly, Schneider Electric upgraded their Masterpact circuit breakers product line with the Masterpact MTZ, which is specifically designed to empower smart devices to cope with Internet of Things (IoT) tools and solutions.
Based on product type, fuse market is segmented into electric fuse and electronics fuse. Electric fuse segment is estimated to command the largest share of the global fuse market in 2019, owing to huge consumption of electric fuses in electric transmission & distribution networks and circuit & motor protection. Also, factors such as increasing per capita energy consumption and growing investment in the power generation sector further supports the growth of electric fuse market. However, the electronic fuse market segment is estimated to witness the rapid growth during the forecast period, mainly due to strong growth in the electronics industry. Electronic fuses are increasingly used to protect circuits in the limited space requirements in electronic equipment such as consumer electronics, computers, instrumentation, power supplies, and telecommunication equipment.
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Because of increased urbanization and population growth, there is a huge increase in the requirement for updating electrical transmission networks, particularly in emerging economies. As a result, governments in these nations are focusing on increasing their power generation capacity in order to fulfill the growing demand for electricity in both rural and urban regions. Hence, the need for circuit breakers has increased. In addition, governments in industrialized countries are replacing obsolete electrical equipment with energy-efficient systems in order to assure electrical safety and reduce waste. Countries, for example, are modernizing their electricity grids and transmission lines, which is boosting industry growth.
Due to the outbreak of COVID-19, the market for circuit breakers is likely to decline in 2020. For the past two months, the COVID-19 pandemic has had a detrimental influence on the electricity industry around the world. Electricity demand curves have taken on new shapes, particularly in nations where the pandemic had a significant impact. In addition, lockdowns across countries to combat the spread of the virus are reducing electricity demand, which is likely to have a negative influence on the global market. Furthermore, grid modernization efforts are likely to decline throughout this time period.
The high voltage switchgear market research report is one of a series of new reports from The Business Research Company that provides high voltage switchgear market statistics, including high voltage switchgear industry global market size, regional shares, competitors with a high voltage switchgear market share, detailed high voltage switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the high voltage switchgear industry. This high voltage switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. 2ff7e9595c
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