Market Trends of Generator Circuit Breaker Industry
This section covers the major market trends shaping the Generator Circuit Breaker Market according to our research experts:
Gas-fired Power Plant Sector to Dominate the Market Growth
- Gas-fired power plant sector is expected to witness significant growth in the forecast period, owing to factors like rising clean electricity demand and an increasing number of utility size gas-fired power projects.
- In recent years there has been an active shift of energy generation from conventional resources like coal and nuclear energy, towards relatively cleaner gas-based power generation. Although the share of electricity generation from gas saw a minor increase in the share of global electricity generation, the shift away from coal and nuclear is clearly visible.
- According to IEA, gas-fired power generation saw a growth of around 4% in 2018, mainly supported by the 17% growth in the United States. In the United States, gas-based power generation accounts for about 30% of the total generation, and in China, it accounts for around 30% of the total energy mix as of 2018.
- Increasing demand for clean energy is one of the primary drivers for the gas-based power plant sector and, in turn, for the generator circuit breakers in the sector. The electricity generation from gas registered a growth of around 39.4% in the decade from 2008 to 2018. Electricity generation from gas in 2008 was 4432.5 TWh, while in 2018 it was 6182.8 TWh.
- Therefore, with the increase in the demand for clean energy, the gas-based power plant sector is expected to rise, and in turn the market is expected to grow for generator circuit breakers in the sector.
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Asia-Pacific to Dominate the Market Growth
- Asia-Pacific has dominated the generator circuit breaker market in 2019 and is expected to continue its dominance in the coming years as well.
- Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for guaranteed power supply is high. For addressing these demands, many countries are investing in the clean energy sector and transmission and distribution infrastructure.
- The world's most populated country China has seen a two-fold increase in its electricity consumption from 3495.8 TWh in 2008 to 7111.8 TWh in 2018. The country has over 259,000 MW of new coal plants in various stages of development and accounts for more than 1/3 of the global coal plant pipeline.
- On the other hand, the coal consumption rate of India registered a growth rate of 8.7% in 2018, which indicated that the country is still highly dependent on coal for energy generation. India is also thinking of reviving its 24 GW of stressed gas-based power plants which were running at just 23.27% of their capacity as of October 2019.
- This, in turn, is likely to propel the demand of the generator circuit breakers in the region during the forecast period.
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