Product ID: SQMIG20D2033
Global Circuit Breaker & Fuse Market Size, Share, Growth Analysis, By Insulation type(Vacuum Circuit Breaker, Air Circuit Breaker), By Voltage(Medium voltage, high voltage), By Installation(Indoor, Outdoor), By End-User(T&D Utilities, Power Generation) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2033 |
Region:
Global |
Published Date: February, 2024
Pages:
248
|
Tables:
117 |
Figures:
77
Global Circuit Breaker & Fuse Market Insights
Circuit Breaker & Fuse Market size was valued at USD 14.28 billion in 2019 and is poised to grow from USD 15.05 billion in 2023 to USD 22.62 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
A circuit breaker & fuse is designed to protect an electrical circuit from damages caused by excess current from an overload or short circuit. Its primary function to interrupt current flow after a fault is detected is fuelling its demand in the market. An electrical fuse is an electrical safety device, which operates to provide overcurrent protection of an electrical circuit. The future outlook on the circuit breaker and fuse market is anticipated to grow owing to the increase in investments in power infrastructure, expansion of smart grid systems, and the integration of renewables sources along with the growing demand for advanced electrical protection devices.
The market is expected to prosper owing to the increasing need for upgrades for efficient networks and renewable energy connectivity. Transmission outage shifts the electricity around the blockage onto adjacent lines. The total amount invested in the production of renewable energy in 2019 was approximately USD 300 billion. A total of USD 308 billion was discovered to have been invested globally in the power sector's use of renewable energy in 2019. A specialised protective mechanism is quintessential for renewable energy sources like solar and wind power. As a result, in order to link power generation facilities to switchyards and the electrical grid, circuit breakers and fuses are needed. As it protects the power system and controls the supply, its demand will increase during the anticipated period.
The growing concerns over the reliability of renewable power have boosted the market for renewable generation and distribution, in turn, driving the global industry growth.
US Circuit Breaker & Fuse Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Circuit Breaker & Fuse Market Report Snapshots
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