Circuit Breaker for Equipment Market Size was valued at USD XX Billion in 2022. The Circuit Breaker for Equipment market industry is projected to grow from USD XX Billion in 2023 to USD XX Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2032). The increasing need for energy efficiency and the safety and dependability of equipment are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart circuit breakers allow electrical systems to be remotely monitored and controlled. With this feature, users can keep an eye on the condition of circuit breakers, spot possible problems, and take appropriate action, all from one convenient location. It lessens the requirement for physical intervention by improving overall system visibility and control. Predictive maintenance is made easier by the sensors and monitoring features that smart circuit breakers have installed. These circuit breakers can anticipate possible malfunctions or breakdowns by constantly observing critical factors like voltage, current, and temperature. Proactive maintenance helps avoid unplanned downtime and lowers total maintenance expenses.
Renewable energy sources are by their very nature sporadic, like wind and sun energy. Because circuit breakers react quickly to changes in current and voltage levels, they are essential in controlling the fluctuations in power output from various sources. This guards against equipment damage during abrupt fluctuations in energy production and guarantees grid stability. Circuit breakers are necessary for the renewable energy grid connection and distribution system. They make it easier for electricity produced from renewable sources to be safely and reliably transferred to the larger power grid. In particular, smart circuit breakers provide cutting-edge functionality for tracking and managing the incorporation of renewable energy sources into current power systems.
China's demand for DC circuit breakers is predicted to increase due to the numerous projects now under construction. As an illustration, Qinghai New Energy Group Co Ltd stated in July 2021 that it has started building the 3.3 GW Golmud Solar CSP Power Plant, which is anticipated to be operational by 2024.
For instance, the Indian government declared in September 2021 that it intends to enhance the country's renewable energy capacity by over 175 GW by 2020, of which 60 GW will come from wind energy and 100 GW from solar energy. 2021 saw the addition of about 10.4 GW of solar energy capacity to the nation's national grid.
Solid-state circuit breakers react more quickly than their mechanical equivalents. In the event of faults or overloads, this quick reaction is essential for cutting off the electrical current, strengthening the safety of electrical equipment, and boosting system dependability overall. Longevity and Reliability are increased because solid-state circuit breakers require less maintenance because they contain fewer moving components than conventional mechanical breakers. As a result, there is less need for maintenance and a longer lifespan due to increased longevity and dependability. Solid-state circuit breakers' increased endurance helps reduce end customers' total cost of ownership. Thus driving the circuit breaker for equipment market revenue.
The Circuit Breaker for Equipment market segmentation, based on type includes socket mount, chassis, and rear mount. The socket mount segment dominated the market. Residential settings frequently use socket-mounted circuit breakers. They can be seamlessly incorporated into outlets to offer local protection for particular circuits or devices. This configuration makes controlling the power supply to appliances or equipment locally and conveniently possible.
The chassis segment is expected to be the fastest-growing circuit breaker segment for the equipment market during the forecast period. Protection of the circuits feeding different electrical equipment is often provided by chassis mount circuit breakers found in distribution boards and control panels. The safe operation of the connected equipment is ensured by these circuit breakers, which aid in preventing overloads, short circuits, and other electrical issues inside the panel.
Figure 1: Circuit Breaker for Equipment Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on application, the Circuit Breaker for Equipment market segmentation includes automotive, heavy industrial, general industrial, construction, and others. The heavy industrial category has the largest market share. Strong motors are usually needed for various functions in heavy industrial equipment. Circuit breakers are used to safeguard these motors against overloads and short circuits. They offer crucial safety against motor burnouts and lost time in an electrical malfunction.
Throughout the forecast period, the circuit breaker for the equipment market’s construction segment is anticipated to grow quickly. Many power tools and equipment, including compressors, saws, and drills, are used in construction operations. Distribution panels and power outlets have circuit breakers to guard against electrical malfunctions and prevent harm to these items and equipment.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American circuit breaker for equipment market area will dominate this market, owing to infrastructure development projects that are now being carried out in North America. These projects include improvements to commercial buildings, industrial facilities, and power distribution networks. The need for circuit breakers is expected to increase due to these infrastructure projects' requirement for dependable, cutting-edge circuit protection solutions.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Circuit Breaker For Equipment Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Circuit Breaker for Equipment market accounts for the second-largest market share because Europe has been at the forefront of the move towards renewable energy. The focus is setting ambitious targets to increase the share of renewable energy in the region's energy mix. Sophisticated circuit breakers are required for this transformation to incorporate and regulate the fluctuations associated with renewable energy sources such as wind and solar power. Further, the Germany Circuit Breaker for Equipment market held the largest market share, and the UK Circuit Breaker for Equipment market was the fastest growing market in the European region.
The Asia-Pacific Circuit Breaker for Equipment Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because the Asia-Pacific region is rapidly becoming more industrialized, especially in developing nations like China and India. To maintain the security and effectiveness of electrical systems, there is a growing need for dependable and cutting-edge circuit breakers due to the expansion of companies, manufacturing sites, and infrastructure projects. Moreover, China’s Circuit Breaker for Equipment market held the largest market share, and the Indian Circuit Breaker for Equipment market was the fastest-growing market in the Asia-Pacific region.
The circuit breaker equipment market continues to grow due to major companies investing heavily in R&D to expand their product offerings. Market participants also participate in several strategic initiatives to strengthen their footprint. The industry has seen significant developments with the launch of new goods, agreements, mergers and acquisitions, higher investment, and collaboration with other companies. For the circuit breaker equipment industry to expand and prosper in a market that is becoming increasingly competitive, it must offer reasonably priced goods.
Manufacturing locally to reduce expenses is one of the main business strategies used by producers in the circuit breaker for the equipment industry to support clients and grow the market sector. Some of the greatest medical advances in recent years have come from the circuit breaker for the equipment industry. Major players in the circuit breaker for equipment market, including ABB, Brunswick Corporation, Eaton, IDEC Corporation, Siemens, Phoenix Contact, Schneider Electric, Schurter, GE, Littelfuse, Murrelektronik, Legrand, Square D, American Electrical, and others, are attempting to increase market demand by investing in research and development operations.
Technologies and solutions for electrification and automation are offered by ABB Ltd. (ABB). The company sells industrial automation, motion, and electrification-related goods, systems, solutions, and services. It offers harnessed electricity reliability, boosts industrial production, and improves energy efficiency. Its solutions integrate engineering experience and software. ABB offers its goods directly to consumers as well as through distributors, wholesalers, installers, machine builders, OEMs, and system integrators, among other third-party channel partners. The company serves clients in the utilities, industry, transportation, and infrastructure sectors by offering digitally linked and enabled industrial equipment and systems.
ABB India launched Formula DIN-Rail in January 2021, a comprehensive range of isolators, residual current circuit breakers (RCCBs), and miniature circuit breakers (MCBs) for the retail electrical industry in India, which is projected to be valued at USD 250 million. With its contemporary design, the ABB Formula DIN-Rail portfolio provides the finest defense for electrical circuits against potential damage caused by overload, short circuits, and earth leakages in structures. Accompanying the MCBs is a 7-year warranty. International standards are met by this product range, which is made at ABB India's smart buildings factory in Bengaluru, Karnataka. Twelve million MCB poles can be produced annually at this facility.
A technology company is Siemens AG. It works in the domains of automation, digitization, and electrification. In addition to designing, developing, and producing goods, the organization installs sophisticated systems and projects. In addition, the company offers a large selection of specially designed solutions to meet specific needs. Siemens ' main areas of interest are intelligent building infrastructure, distributed energy systems, and power generation and distribution. It offers medical technology, digital healthcare services, and intelligent mobility solutions for road and rail transportation. Siemens is a company with production factories, warehouses, sales offices, and research and development centers. Customers across a range of industries, including manufacturing, energy, healthcare, infrastructure, and process, are served by it. Siemens unveiled the SDV-R non-arc-resistant and SDV-R-AR arc-resistant outdoor distribution circuit breakers in September 2020. These breakers are made especially for renewable energy uses, such as wind power generation.
July 2022:The combination of custom products and an international distribution network was made possible by Eaton's acquisition of a 50% interest in the circuit breaker division of Jiangsu Huineng Electric Co., Ltd., a prominent producer of LV circuit breakers in China. Together, these two businesses were able to take advantage of opportunities in the fields of renewable energy, grid modernization, and industrial and commercial building. Eaton's market presence was enhanced by this calculated action, strengthening its position in the circuit breaker business.
November 2021:Siemens Smart Infrastructure is expanding the Sentron range of air circuit breakers by adding the new 3WA series. The 3WA series protects industrial, infrastructural, and building electrical installations from damage caused by ground faults, overloads, and short circuits. It is an essential part of the distribution of low-voltage power.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD XX Billion |
| Market Size 2023 | USD XX Billion |
| Market Size 2032 | USD XX Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ABB, Brunswick Corporation, Eaton, IDEC Corporation, Siemens, Phoenix Contact, Schneider Electric, Schurter, GE, Littelfuse, Murrelektronik, Legrand, Square D, American Electrical, and others |
| Key Market Opportunities | Growing transportation electrification and increasing grid modernization projects |
| Key Market Dynamics | The increasing need for energy efficiency and the safety and dependability of equipment |
Frequently Asked Questions (FAQ) :
The circuit breaker for equipment market size was valued at USD XX Billion in 2022.
The market is projected to grow at a CAGR of 5.00% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market are ABB, Brunswick Corporation, Eaton, IDEC Corporation, Siemens, Phoenix Contact, Schneider Electric, Schurter, GE, Littelfuse, Murrelektronik, Legrand, Square D, American Electrical, and others.
The socket mount category dominated the market in 2022.
The heavy industrial had the largest share in the market.
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