Global Circuit Breakers Market to Expand with a CAGR of 6.3% due to Implementation of Favorable Regulations
Transparency Market Research (TMR) finds that the global circuit breakers market for healthcare application is experiencing fragmented landscape. The top five companies operating in the market comprising ABB Ltd, Siemens, GE Co., Schneider Electric SE, and WEG S.A. held over 59.4% of the market in 2014. Product innovation has emerged as the key strategy for enterprises to enjoy a stronghold in the Brazil circuit breakers market. These companies have been considerably investing in industry-leading technologies and research and development to emerge as the dominant market player. Many companies are also expanding their businesses across the country through mergers and acquisitions.
TMR anticipated that The Brazil circuit breakers market stood at US$437.8 mn in 2014 and is expected to reach US$645.9 mn by the end of 2021. If these valuations hold true, the Brazil circuit breakers market will exhibit a positive CAGR of 6.3% from 2015 to 2021. Based on application, the power generation segment to exhibit the highest demand for circuit breakers in Brazil. It is expected to surge at 6.9% CAGR during the forecast period. The oil and gas industry is projected to emerge as the second-largest application segment in 2014. By arc quenching media, demand for air circuit breakers is expected to be the highest. The segment held over 54.6% of circuit breakers market in 2014.
Robust Infrastructural Development to Drive Growth
Brazil has been exhibiting robust infrastructural development since the last few years. It also boasts a blooming construction industry. In order to pace up their development efforts, policymakers in Brazil have been proactively spending on various residential, public, and commercial construction projects. Besides this, implementation of favorable regulations has reduced complexities regarding project financing, which subsequently encouraged private players to venture in the country’s construction sector. Owing to these factors, the demand for circuit breakers to rise in Brazil in response to the increasing spending on infrastructural development.
Alongside infrastructural development, demand for electricity is also projected to rise in Brazil. Economic growth and increase in population have thus emerged as key factors that are likely to fuel demand for electricity in the country.
Copies of Patented Products to Limit Growth
Despite of these growth opportunities, extensive copying of patented products is limiting the sales of circuit breakers. Counterfeit switchgear is easily available in Brazil, which has a considerable negative impact on the sales opportunities for original product manufacturers. These counterfeit products are of poor quality and less reliable. Their presence in the market is a major challenge that original product manufacturers need to address in order to enjoy sustainable growth. Brazil’s vulnerability to economic slowdown also adversely influences the market’s trajectory.
Nevertheless, the country has been exhibiting rising demand for electric vehicles, energy derived from solar power, and smart meters. None of these technologies can function with quality circuit breakers that would protect them from overheating. Thus, TMR forecasts impressive growth for the circuit breakers market in the near future, as demand for the latest technologies rise in Brazil.
This information is comprised in the new report by TMR, titled “Circuit Breakers Market ((Voltage Level - Low Voltage, Medium Voltage, High Voltage); (Arc Quenching Media - Air, Vacuum, SF6, Others); (Application - Construction, Automotive, Industrial, Oil and Gas, Power Generation, Others)) - Brazil Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
The global circuit breakers market has been segmented as presented:
Brazil Circuit Breakers Market by Voltage Level
- Low Voltage
- Medium Voltage
- High Voltage
Brazil Circuit Breakers Market by Arc Quenching Media
Brazil Circuit Breakers Market by Application
- Oil and Gas
- Power Generation
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