Circuit Breakers Market Increase Significantly in the Forthcoming Years due to their Environmental Friendliness
Robust infrastructural development and the rising demand for energy derived from solar power augur well for circuit breakers sales across Brazil. As per Transparency Market Research (TMR), the Brazil circuit breakers market is poised to surge at a positive CAGR of 6.3% between 2015 and 2021. Favorable policies encouraging rising spending in residential, public, and commercial construction fuel will considerably boost sales of circuit breakers across Brazil.
Contrary to this, the rising availability of counterfeit products will limit the scope of circuit breakers sales, despite the prevalence of lucrative opportunities in the country. Nevertheless, TMR forecasts, the growth run of the market to continue as demand for smart technologies rise in Brazil.
As per TMR, the Brazil circuit breakers market was valued at US$437.8 mn in 2014. The market is projected to reach US$645.9 mn by the end of 2021. By volume the market is expected to rise from 190.3 hundred units in 2014 to 241.1 hundred units in 2021, exhibiting 4.1% CAGR during the forecast period.
Urbanization in Brazil to Fuel Demand for Circuit Breakers from the Construction Sector
Based on application, the Brazil circuit breakers market constitutes automotive, construction, oil and gas, industrial, power generation, and other sectors. Of these, the power generation industry emerged dominant in the market in 2014. The segment held over 37.1% of the market in the year. The increasing installation of smart grids across Brazil is expected to seal the dominance of the power generation industry in the market. As per TMR, the power generation segment stood at US$162.4 mn in 2014. Rising at a CAGR of 6.9%, it is expected to reach US$248.1 mn by the end of 2021.
The circuit breakers market in Brazil will significantly gain from the rising demand from the oil and gas industry. It is expected to emerge as the second-largest application segment in the market exhibiting a CAGR of 6.6% during the forecast period. The rising construction activities in Brazil is also projected to boost the sales of circuit breakers. Brazil being a developing economy, considerable focus is given on planning the country’s urbanization. The consumption of electricity is thus likely to surge exponentially, fuelling demand for circuit breakers in response.
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Besides this, the use of circuit breakers is also expected to increase in the automotive sector and other industrial purposes. In the automotive sector, the rising demand for electric and smart vehicles will fuel demand for circuit breakers.
Demand for Air Circuit Breakers to Rise due to their Economical Pricing
Based on arc quenching media, air circuit breakers emerged as the largest contributor to the Brazil circuit breakers market. It held a share of over 54.6% in the market in 2014. Accounting for around 24.1% of the market, the SF6 circuit breakers emerged as the second-largest segment in the same year. The increasing use of air circuit breakers to protect electrical machines such as capacitors, generators, motors, and transformers fuels their sales across Brazil. Their demand is likely to surge further in the forthcoming years, as air circuit breakers are available at a comparatively economical price.
By revenue, TMR pegs the air circuit breakers segment in the Brazil circuit breakers market at US$239.0 mn in 2014. Rising at a CAGR of 6.0%, the segment is projected to reach US$348.1 mn by the end of 2021.
With a share of around 9%, vacuum circuit breakers constituted the second-largest segment in the market in 2014. This type of switchgear are used in low voltage and medium voltage applications. Their demand is expected to increase significantly in the forthcoming years due to their environmental friendliness.