According to the latest report by IMARC Group, titled "India Circuit Breaker Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the India circuit breaker market size is currently exhibiting strong growth. A circuit breaker refers to an essential component of the safety mechanisms that are widely utilized by the residential, locomotive, construction and transportation industries. It is a type of a switching device that aids in regulating the flow of electric current in a power system. Its basic function is to open or close an electric circuit to protect the electrical system from damage. The device is commonly employed to interrupt the flow of current upon detecting irregular power, following which it could be reset to resume its regular operation without any complications. Widely available in different sizes, its use helps in reducing the risks of potential fire hazards arising from wiring issues and equipment failures. As a result, it is extensively utilized for numerous low-, medium-, and high-voltage application segments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Circuit Breaker Market Trends:
The market is primarily driven by the increasing demand for uninterrupted electricity from both rural and urban regions in India. This, coupled with the significant increase in the population rates and improving standards of living of the masses, especially in the urban and semi-urban areas, has led to the rising requirement for upgrading electrical transmission networks across the country. This is further supported by the overall improving economic growth of India, along with a considerable rise in power consumption rates. There has also been an increase in public and private investments for the expansion of power generation capacities in the country. This has led to the renovation of the aging grid infrastructure that is widely being replaced by energy-efficient systems and smart grids that utilize non-conventional energy sources for power generation to ensure electrical safety and minimize wastage. Catalyzed by an enhanced focus on sustainable development and the implementation of several favorable government initiatives that promote the use of renewable energy, this is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the significant growth in the power sector and the initiation of several utility projects across India. On account of the aforementioned factors, the market is expected to witness strong growth during 2020-2025.
- On the basis of the product type, the market has been bifurcated into indoor and outdoor circuit breakers.
- Based on the voltage, the market has been classified into low, medium and high voltages.
- On the basis of the technology, the market has been divided into air, vacuum, oil and SF6.
- Based on the end use, the market has been categorized into transmission and distribution, renewable, power generation, and railways.
- On the geographical front, the market has been segmented into North India, East India, West and Central India, and South India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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