Global Circuit Breaker Market

Circuit Breaker Market Size, Share, Growth Analysis, By Type(Low voltage, medium voltage, and High voltage), By Application(Indoor, and Outdoor), By Insulation Type(Vacuum, Air, Gas, and Oil), By End User(T&D Utilities, Power Generation, Renewables, and Railways), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45N2077 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 118 |Figures: 77

Circuit Breaker Market Insights

Global Circuit Breaker Market size was valued at around 6.36 Billion in 2023 and is expected to rise from USD 6.67 Billion in 2024 to reach a value of USD 9.4 Billion by 2031, at a CAGR of 5.0 % during the forecast period (2024–2031). 

The rapid growth of infrastructure is resulting in a broad availability of ample electrical energy that is expected to support the rise of the circuit breaker industry. Electrical networks are now a required part of electrical networks in residential, commercial, and industrial structures and organizations with the introduction of circuit breakers. Heavy-load equipment needs its own circuit breaker in order to operate safely and reliably. The use of renewable energy sources, links between power generating stations and switch yards and the electrical grid, and greater investment in power generation are all anticipated to support the growth of the circuit breaker industry.

Additionally, the market is expanding as heavy gear is increasingly installed in businesses to increase productivity and efficiently carry out routine tasks. Additionally, the market is growing as more utilities and power plants install circuit breakers to ensure the safe operation of grids and the delivery of electricity to customers. Additionally, the usage of electric vehicles (EVs) to lessen air pollution from car exhaust and the consumption of fossil fuels is promoting market expansion.

The growth of the circuit breaker industry will be hampered by the regulatory restrictions on greenhouse gas emissions and competition from the current unorganized sector. Many countries have imposed safety limitations and controls on the SF6 circuit breaker since it has been found to generate greenhouse gasses. A rise in rivalry from the unorganized sector of the circuit breaker industry is another important factor anticipated to impede the expansion of the market for circuit breakers.

As more IOT-based circuit breakers are deployed globally, the market potential for the circuit breaker sector is expanding. Circuit breaker market expansion is anticipated to be fueled by Internet of Things-based circuit breaker monitoring and control. Using an online platform for monitoring and managing the operational parameters of a distribution circuit breaker might provide more useful information about the state of the circuit breaker. Circuit breaker devices with IoT integration will help to detect critical issues before they fail, which could lead to increased dependability and significant cost savings. Additionally, it will regularly check on the substation's load and control it; this data will be transmitted via WiFi to the control room.

US Circuit Breaker Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 5.77 billion

Largest Segment

Outdoor

Fastest Growth

Outdoor

Growth Rate

5.0% CAGR

Global Circuit Breaker Market 2023-2031 ($ Bn)
Country Share for Asia Pacific region- 2023 (%)

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Circuit Breaker Market Segmental Analysis

The global circuit breaker market is segmented based on type, application, insulation type, end user and region. Based on type the market is segmented into low voltage, medium voltage, high voltage. Based on application the market is segmented into indoor and outdoor. Based on insulation type the market is segmented into vacuum, air, gas and oil. Based on end user the market is segmented into residential, commercial, industrial, others. Based on region the global circuit breaker market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Circuit Breaker Market Analysis by End User

The T&D Utilities segment holds the largest market share for circuit breakers. The market for circuit breakers is expected to grow due to increasing electricity demand and the need to replace aging infrastructure. Additionally, the substantial market share of distribution utilities can be attributed to the significant investments by T&D utilities in smart grid technology. 

Circuit Breaker Market Analysis by Application

According to application, the market is divided into two categories: indoor and outdoor. The majority of breakers that are presented are naturally capable outside circuit breakers. The market size for outside breakers is roughly two times that of inner breakers. It is employed in the construction of switchgear, which is primarily used outside for utility-scale applications. Nowadays, hardly many devices and pieces of hardware require the use of external breakers.

Modern circuit breakers, both residential and commercial, frequently use indoor breakers. In addition, expanded foundation developments such as age, transmission, and dispersion as well as rapid advancements in the sustainable power industry are predicted to spur interest in open-air circuit breaker installations in these regions and support business sector growth over the projected period.

Global Circuit Breaker Market By Application 2023 (%), 2023 (%)

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Circuit Breaker Market Regional Insights

Asia Pacific used the biggest demand for circuit breakers in 2023 due to the building market's sizeable share of 41.81% and forecasted rapid increase at 7.3% CAGR by 2031. China is generally recognized as the world leader when it comes to the transmission and distribution of power. The construction of long-distance transmission lines capable of carrying huge loads and the upkeep of a robust power infrastructure are the government's top priority. The number of wind and solar energy programs in China is expanding and forming quickly. Construction has begun on the Three Gorges on Land wind project, a 22 GW undertaking in the Gansu province. Along with the expansion of renewable energy projects, the number of substation installations will rise. The transaction covers the businesses of low and medium voltage power busbars, protection and metering devices, and low and medium voltage switchgear components and panels of C&S Electric. 

Global Circuit Breaker Market By Geography, 2023-2031, 2024-2031
  • Largest
  • Fastest

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Circuit Breaker Market Dynamics

Circuit Breaker Market Drivers

Growing Need for Renewable Energy

  • With the increasing demand for clean energy, the adoption of renewable energy sources such as wind, solar, and hydroelectric power is on the rise. Circuit breakers play a crucial role in the efficient and safe operation of these renewable energy sources, which is driving the demand for circuit breakers in the market.

Circuit Breaker Market Restraints

Limited awareness

  • There is a lack of awareness about the benefits of circuit breakers among consumers, especially in developing countries. This can hinder the growth of the circuit breaker market.

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Circuit Breaker Market Competitive Landscape

The circuit breaker market is highly competitive, with several players vying for market share. These companies are focused on developing advanced and innovative products, expanding their global reach, and strengthening their distribution networks to gain a competitive edge in the market. Some of the strategies adopted by these companies include mergers and acquisitions, partnerships, collaborations, and product launches.

Top Player’s Company Profiles in Circuit Breaker Market

  • ABB Ltd.
  • Eaton Corporation plc
  • General Electric Company
  • Toshiba Corporation
  • Fuji Electric Co., Ltd.
  • Hitachi, Ltd.
  • Legrand SA
  • Littelfuse, Inc.
  • Rockwell Automation, Inc.
  • TE Connectivity Ltd.
  • WEG SA
  • Sensata Technologies, Inc.
  • Larsen & Toubro Limited
  • Havells India Limited
  • CHINT Electrics Co., Ltd.
  • NOARK Electric
  • S&C Electric Company

Circuit Breaker Market Recent Developments

  • In April 2024, Schneider Electric introduced its new line of smart circuit breakers, the EcoStruxure Power, which integrates IoT technology for real-time monitoring and predictive maintenance. These circuit breakers are designed to enhance energy efficiency and reduce downtime in industrial and commercial applications. 

  • In December 2023, ABB launched its advanced SACE Tmax XT circuit breakers, featuring digital capabilities that allow for remote monitoring and control. These circuit breakers aim to improve operational efficiency and ensure high safety standards in electrical systems. 

  • In October 2023, Siemens announced the development of a new eco-friendly circuit breaker that uses clean air instead of sulfur hexafluoride (SF6), a potent greenhouse gas commonly used in high-voltage circuit breakers. This innovation is part of Siemens' commitment to sustainability and reducing environmental impact. 

Circuit Breaker Key Market Trends

  • Increasing demand for smart and digital circuit breakers: With the growing need for energy efficiency and automation in homes, buildings, and industries, there is a rising demand for smart and digital circuit breakers. These circuit breakers can communicate with other devices and systems, allowing for remote monitoring, control, and diagnostics, which improves safety, efficiency, and reliability.
  • Adoption of renewable energy sources: The increasing adoption of renewable energy sources such as solar and wind power is driving the demand for circuit breakers that can handle DC voltage and protect against faults and overloads. This trend is expected to continue as the world transitions towards a more sustainable energy mix.
  • Emphasis on safety and reliability: Safety and reliability are key considerations for circuit breaker users, especially in critical applications such as power generation, transmission, and distribution. Circuit breaker manufacturers are focusing on improving the safety and reliability of their products through innovations in design, materials, and technology.
  • Shift towards miniaturization and integration: With the increasing demand for compact and space-saving solutions, there is a trend towards miniaturization and integration in the circuit breaker market. Manufacturers are developing smaller, more efficient, and more integrated circuit breakers that can be easily integrated into complex systems and equipment.

Circuit Breaker Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, we found that the Circuit Breaker market is the rapid growth of infrastructure resulting in a broad availability of ample electrical energy that is expected to support the rise of the circuit breaker industry. Additionally, the market is expanding as heavy gear is increasingly installed in businesses to increase productivity and efficiently carry out routine tasks. Additionally, the market is growing as more utilities and power plants install circuit breakers to ensure the safe operation of grids and the delivery of electricity to customers.

Report Metric Details
Market size value in 2023 USD 5.77 billion
Market size value in 2031 USD 9.1 billion
Growth Rate 5.0%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Low voltage, medium voltage, and High voltage
  • Application
    • Indoor, and Outdoor
  • Insulation Type
    • Vacuum, Air, Gas, and Oil
  • End User
    • Residential, Commercial, Industrial, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB Ltd.
  • Eaton Corporation plc
  • General Electric Company
  • Toshiba Corporation
  • Fuji Electric Co., Ltd.
  • Hitachi, Ltd.
  • Legrand SA
  • Littelfuse, Inc.
  • Rockwell Automation, Inc.
  • TE Connectivity Ltd.
  • WEG SA
  • Sensata Technologies, Inc.
  • Larsen & Toubro Limited
  • Havells India Limited
  • CHINT Electrics Co., Ltd.
  • NOARK Electric
  • S&C Electric Company
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Circuit Breaker Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Circuit Breaker Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Circuit Breaker Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Circuit Breaker Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Circuit Breaker Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Circuit Breaker Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Circuit Breaker Market size was valued at USD 5.77 billion in 2021 and is poised to grow from USD 6.06 billion in 2022 to USD 9.1 billion by 2030, at a CAGR of 5.0% during the forecast period (2023-2030).

The circuit breaker market is highly competitive, with several players vying for market share. These companies are focused on developing advanced and innovative products, expanding their reach, and strengthening their distribution networks to gain a competitive edge in the market. Some of the strategies adopted by these companies include mergers and acquisitions, partnerships, collaborations, and product launches. 'Siemens AG', 'ABB Ltd.', 'Schneider Electric SE', 'Mitsubishi Electric Corporation', 'Eaton Corporation plc', 'General Electric Company', 'Toshiba Corporation', 'Fuji Electric Co., Ltd.', 'Hitachi, Ltd.', 'Legrand SA', 'Littelfuse, Inc.', 'Rockwell Automation, Inc.', 'TE Connectivity Ltd.', 'WEG SA', 'Sensata Technologies, Inc.', 'Larsen & Toubro Limited', 'Havells India Limited', 'CHINT Electrics Co., Ltd.', 'NOARK Electric', 'S&C Electric Company'

With the increasing demand for clean energy, the adoption of renewable energy sources such as wind, solar, and hydroelectric power is on the rise. Circuit breakers play a crucial role in the efficient and safe operation of these renewable energy sources, which is driving the demand for circuit breakers in the market.

Increasing demand for smart and digital circuit breakers: With the growing need for energy efficiency and automation in homes, buildings, and industries, there is a rising demand for smart and digital circuit breakers. These circuit breakers can communicate with other devices and systems, allowing for remote monitoring, control, and diagnostics, which improves safety, efficiency, and reliability.

Asia Pacific used the biggest demand for circuit breakers in 2022 due to the building market's sizeable share of 41.42% and forecasted rapid increase at 7.3% CAGR by 2030. China is generally recognized as the world leader when it comes to the transmission and distribution of power. The construction of long-distance transmission lines capable of carrying huge loads and the upkeep of a robust power infrastructure are the government's top priority. The number of wind and solar energy programs in China is expanding and forming quickly. Construction has begun on the Three Gorges on Land wind project, a 22 GW undertaking in the Gansu province. Along with the expansion of renewable energy projects, the number of substation installations will rise. The transaction covers the businesses of low and medium voltage power busbars, protection and metering devices, and low and medium voltage switchgear components and panels of C&S Electric.

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Global Circuit Breaker Market

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