Global Circuit Breaker Market Size To Grow At A CAGR Of 5.70% In The Forecast Period Of 2023-2028
The ‘Global Circuit Breaker Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global circuit breaker market, assessing the market on the basis of its segments like voltage, insulation type, installation, end-use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Circuit Breaker Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 8.64 billion
• Forecast CAGR (2023-2028): 5.70%
The circuit breaker market is observing a rapid growth owing to the rising demand for vacuum circuit breakers which are widely used in medium voltage applications because of their several advantages such as reduced fire risk, low power to control operations, high dielectric power, and no noise generation during the operation. They are considered better than air circuit breakers in terms of reliability due to compact size, long life, and hard contact materials thereby increasing their demand from the consumers, helping in the overall growth of the market.
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Rise in urbanisation has played a major role in boosting the demand for electricity in various end use sectors thereby increasing the demand for the circuit breaker market to provide protection to electrical systems from any type of damage. Moreover, the rising awareness regarding the importance of use of circuit breakers in power systems for their improved functionality is expected to enhance the growth of the market.
The expansion in the production of electric vehicles is increasing the demand for circuit breakers from the manufacturers in order to enhance the safety and reduce the overall cost of the electric vehicles. Favourable government initiatives towards the electrification of homes are also helping in the growth of the circuit breaker market.
Circuit Breaker Industry Definition and Major Segments
A circuit breaker is an electrical device which is operated manually or automatically in order to protect the circuit from any type of damage which may be caused by a short circuit or an overcurrent. It is used to interrupt the flow of current when any fault is detected by the protective relays.
Based on voltage, the market is bifurcated into:
• Medium Voltage
• High Voltage
On the basis of insulation type, the market is classified into:
• Vacuum Circuit Breakers
• Air Circuit Breakers
• Gas Circuit Breakers
• Oil Circuit Breakers
Based on installation, the market is divided into:
• Outdoor
• Indoor
On the basis of end-use, the market is segmented into:
• Residential
• Commercial
• Industrial
• Utility
Based on region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Circuit Breaker Market Trends
The key trends in the global circuit breaker market include the research and development activities to develop eco-friendly circuit breakers, digital circuit breakers, and advanced vacuum circuit breakers. Market key players are introducing newly developed products with better qualities and components such as thermal monitoring sensors, IoT sensors, and digital connectivity, among others. These products are expected to provide enhanced and additional safety, better customer experience, and high machine reliability.
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Eco-friendly circuit breakers are gaining popularity and are in great demand owing to their property of eliminating the use of SF6 and adopt CO2 that can help in the reduction of global warming. Digital circuit breakers when combined with smart connectivity and software allow customers to control energy and monitor the use of electricity in the concerned building.
Asia Pacific accounted for a larger share in the circuit breaker market due to growing power transmission and distribution networks in countries such as China. In China, transmission lines are usually developed which transfer high load power over long distances in order to create reliable power systems. Rapid increase in the development activities and renewable energy projects such as solar and wind is also expected to fuel the growth of the market in Asia Pacific.
Key Market Players
The major players in the global circuit breaker market report are:
• Schneider Electric SE
• Eaton Corporation
• Mitsubishi Electric Corporation
• Siemens AG
• CG Power and Industrial Solutions Limited
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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