USD 5.77 billion
Report ID:
SQMIG45N2077 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
118
|Figures:
77
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.
Global Market Size
USD 5.77 billion
Largest Segment
Outdoor
Fastest Growth
Outdoor
Growth Rate
5.0% CAGR
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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.
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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.
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Circuit Breaker Market Drivers
Growing Need for Renewable Energy
Circuit Breaker Market Restraints
Limited awareness
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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
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.
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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REQUEST FREE CUSTOMIZATIONCircuit 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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Report ID: SQMIG45N2077