Thermal Magnet Circuit Breakers Market Is Expected To Rise At A CAGR Of 7.8% During 2020-2028
The Global Thermal Magnet Circuit Breakers Market was valued at USD 1.11 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.8% between 2021 to 2028. Thermal magnetic circuit breakers are the electronic devices that help in preventing the flow of over currents in circuits and thereby provides protection. It has two switching mechanisms one is bimetal switch and the other is electromagnet switch. Moreover, thermal magnetic circuit breakers contain units of thermal magnetic trip that are beneficial in determining the time to open automatically. The other part that is the trip part is used to sense the heat released due to the over currents flow and then it automatically disconnects it from the switch. Hence, protecting from circuits from over current.
Wide Range Of Applications To Spur The Market Growth
Thermal magnetic circuit breakers demand is increasing day by day as it has emerged as active source of investment by businesses all over the world. Moreover, the wide applications for thermal magnetic circuit breakers in process control, motor control centers, industrial use and other applications is expected to boost the market growth. In addition, it is cost effective, reliable, available in multiple types and hence prevalent in various sectors. Furthermore, in home appliances the use of low voltage thermal magnetic circuit breakers is increasing day by day which is contributing to the growth of overall thermal magnetic circuit breakers market.
The thermal magnet circuit breakers market in segmented on the basis of product is bifurcated into multi-pole thermal magnetic circuit breakers and single-pole thermal magnetic circuit breakers. The market can also be segmented on the basis of application into power generation, home appliances, money control centers and other applications. Also, on the basis of end use industries the market is bifurcated into telecom & communications, residential, industrial, commercial, energy & utilities and other end use industries.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to Technological advancements in semiconductors industry and due to rise in automation in the semiconductors in this region.
Some of the major players operating in the global thermal magnet circuit breakers includes Eaton, Siemens, ABB, E-T-A, General Electric, TE Connectivity, Schneider, PHOENIX CONTACT, Electric, Carling Technologies and Rockwell Automation, among others.