A recent report by Market Research Future on the global circuit breaker market 2022 came up as an in-depth assessment of the current landscape. Circuit Breaker Market is anticipated to surpass USD 12.45 billion by 2028, registering a CAGR of 6.32% during the forecast period (2021 - 2028).
Top Grossing Factors
At present, the circuit breaker market witnesses compact circuit breakers requiring negligible maintenance as compared to previous technologies. Circuit breaker are preferable to control high, medium, and low-voltage transmission systems and offers various types such as High Voltage Circuit Breaker (HVCB) Low Voltage Circuit Breaker (LVCB), and Medium Voltage Circuit Breaker (MVCB). These cater to the demand of electronic equipment, non-residential and residential building constructions, automotive and electrical equipment as well as non-automotive transportation equipment.
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The need for circuit breakers has gone positive noticeably with rising concern for safety in electronic, electrical, telecommunication equipment and automotive. The development and advancement of the transmission network is set to stimulate the growth of the global circuit breakers market to a great extent. Other than these, more chief factors driving the market are attributed to the increased construction activities happening globally.
Furthermore, the global circuit breaker market is also projected to expand at a high rate in the forecast period in support of the mounting need for efficient protection devices in electrical circuit and stable rise in electricity demand and consumption. As per Bloomberg NEF, global electricity demand would reach approximately 38,700 terawatt-hours by the year 2050 from 25,000 terawatt-hours that was back in the year 2017. This showcase the driving of new investment in power sector which would increase the need for circuit breakers, thus creating new opportunities to flourish in the circuit breakers market in future timeframe.
On the flip side, the factor of escalating raw material prices is considered as one of the major challenges constraining the growth of circuit breakers market in forecast period.
Segmentation of Market
The study by MRFR also digs some segmentation of the global circuit breakers market, which has been done through voltage, type, and end-user.
In terms of type segment, the market is classified into outdoor and indoor circuit breaker. The call for high reliability and safe operation of substation equipment is expected to drive the outdoor circuit breaker market segment. Outdoor circuit breakers can be operated even in the toughest climates and operates reliably in every kind of environment.
The global circuit breaker market is further segmented over end-user, thus includes power generation, transmission & distribution, renewable, and railways. Transmission & distribution segment might come to the dominating position in the market during the forecast period owing to mounting investments in substation automation and modernization of power grids. This would boost protection by decreasing energy losses caused by the poor operational efficiency of traditional equipment.
By the segment of voltage, the market is included high voltage and medium voltage.
The U.S. market of circuit breakers is projected to value above USD 3 billion by 2024. Positive regulatory inclination towards the retrofit & replacement of the traditional electrical equipment with advance units are to fuel the product demand in future. Certain regulators across the U.S. in 2018 framed plans to invest about USD 10 billion to develop & enhance the domestic electric infrastructure, aiming to diminish the shortening rate across Western Transmission Network.
Asia Pacific market share is will also be witnessing growth over 8% by 2024-end. Developing nations such as India keeps favourable growth prospects as they continue to expand its existing power generation capacities and supply infrastructure to meet the rising electricity demand. Back in 2016, the Government of India launched the “One Nation; One Grid & One Price” initiative to interlink all the states and national grid aiming to achieve a single tariff structure across the nation.
Top Giant Players
The giant players of global circuit breaker market are Schneider Electric (France), ABB (Switzerland), Mitsubishi (Japan), Siemens (Germany), Powell (U.S.), Toshiba (Japan), C.G. Power (India), T.E. Connectivity (Switzerland), Larsen & Toubro (India), Tavrida Electric (Switzerland), Fuji Electric (Japan), and more.
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