Impact of Coronavirus Outbreak on the Electric Circuit Breaker Industry
The global pandemic has impacted all the industries all over the world severely. The nationwide lockdown is taking the whole world towards a global recession. The circuit breaker industry couldn’t escape the inevitable gross impact of the global calamity.
A Brief Introduction
The modern power system contracts massive power network and great numbers of connected electrical equipment. In case of a short circuit or any electrical fault, a high fault current flows through this equipment as well as the power network itself. This high current may prove dangerous to the equipment and damage the networks permanently.
A circuit breaker is, basically a swapping device that interjects the fault current. Circuit breaker is a mechanical device which performs like a switch, disrupts the flow of high magnitude or fault current. The circuit breaker is built for opening or closing of an electrical circuit so that it can protect the electrical system from damage automatically and manually.
A Contemporary Outlook of the Market
Due to the rising emphasis on operational safety and to integrate a reliable electrical infrastructure, the global circuit breaker market has witnessed a massive growth. The global circuit breaker market which collected a revenue of $12.4 billion in 2018, is expected to garner $21.1 billion by 2026, at a growth rate of 6.9%, as per a recent survey.
However, the global industry is going to witness an adverse impact due to the unstoppable spread of the COVID-19. Experts hope that the market will get restored eventually due to the major implication in high scale setups, such as construction projects, shopping centers, and data centers. Besides, the exceptionally rising amount of global investment on smart city initiatives will increase the need for circuit breakers. This will create numerous opportunities in the global market of the circuit breaker.
Constructing New Bridges of Hope during and Post Pandemic
The COVID-19 pandemic is drastically impacting the global market. There’s no space for doubt. Governments across the world have taken all the measures necessary to mitigate the domineering impact of the novel virus. Almost all the nations have imposed a complete shutdown to ensure the safety of their citizens.
While on one hand, this shutdown has brought positive results in disrupting the spread of virus, the industries has experienced a major decline given to the disruption in the supply chain on the other.
Circuit breaker industry is no exception. This national shutdown has resulted in lesser demand for the circuit breaker in the global market.
Most of the companies have established flexible plans and crisis management systems in order to provide direction and information to people, customers, suppliers, and broader ecosystem partners about immediate solutions to mitigate risks.
During the complete lockdown in almost all the developed and developing economies, most of the significant leaders of the industry have opted for effective and innovative business strategies such as technological invention and launching of new products to sustain this global crisis. For instance, in March 2020, Phoenix Contact, the innovative manufacturer of industrial interconnection, has launched a thermomagnetic circuit breaker. The highly advanced thermomagnetic circuit breakers are mainly useful to protect Electrical MCC Panels. Such strategic plans are expected to prove successful in the re-establishment of the market during and post COVID-19 outbreak.
A recent report published by Research Dive states that the global circuit breaker market will continue its growth in the upcoming years, after the pandemic. Overcoming the radical downfall in 2020, the global market of circuit break will foresee profitability by Q1/Q2 of 2023. Increasing expenditure on innovation and R&D, rising peak load demand, surge in the number of strategic alliances, and expansion of micro-grid networks are predicted to propel the growth of the global circuit breaker market, after the pandemic.
Implementing the Right Lease Management Software can Benefit your Company, Here’s howDecember 07, 2022
How Using Modern Dental Equipment can Improve Dental HealthcareDecember 07, 2022
A Brief Survey of Wireless Brain Sensors and Three of its Main ApplicationsNovember 25, 2022
A Concise Study of Duty-Free Retailing Industry’s Three Major Players in 2022November 14, 2022