Medium Voltage Circuit Breaker Market Segmentation:
Type
The outdoor segment in the medium voltage circuit breaker market is expected to gather the highest revenue share of about 60% during the forecast period. The major factor influencing the segment growth is the growing need for electricity in rural regions. However, it is projected that by 2022, there is going to be over 759 million people without access to power worldwide. The number of individuals without access to electricity has surged recently, returning to levels seen in 2019 as a result of the COVID-19 pandemic's effects and Russia's invasion of Ukraine. Sub-Saharan Africa, where about 79% of the world's population lacks access to electricity, is where much of this expansion is observed. Therefore, this further boosts the adoption of medium-voltage outdoor breakers. Also, this region is having huge adoption of sustainable energy solutions which might further provide power to this rural region at more affordable rates. Furthermore, by incorporating the production of green power into their operations, farmers and forest owners have stabilized, expanded, and diversified their sources of revenue. Therefore, this segment is observing growth hence further influencing medium voltage circuit breaker market growth.
End-Use
The industrial segment in the medium voltage circuit breaker market is expected to gather the highest revenue share of about 40% during the forecast period. The deployment of medium voltage circuit breaker units will be complemented by the growing need for industrial automation and improved production processes for dependable and efficient operation. By detecting possible problems, improving equipment performance, and lowering unscheduled shutdowns, predictive maintenance, condition monitoring, and remote monitoring are the essential elements that increase operational efficiency and reduce downtime of industrial operations. The favorable business environment is expected to be enhanced by the expanding focus on integrating wide-ranging frequency distribution linkages and the growing concern for energy efficiency. As a result, the segment is expected to observe growth over the coming years.
Our in-depth analysis of the global medium voltage circuit breaker market includes the following segments:
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