ID: MRFR/E&P/0416-HCR | 188 Pages | Published By Anshula Mandaokar on March 2023
Circuit Breaker Market is projected to be worth USD 12.45 Billion by 2028, registering a CAGR of 6.32% during the forecast period (2021 - 2028).
2021 - 2028
Due to Need for high reliability and safe operation of sub-station equipment, the Global Circuit Breaker Market is projected to be worth USD 12.45 Billion by 2028, registering a CAGR of 6.32% during the forecast period (2021 - 2028). The market was valued at USD 6.14 billion in 2021.
The circuit breakers are an electrochemical switch technology. It breaks the circuits during a short circuit on no load and full load conditions. The major operation of the circuit breaker is to break the electric flow at the right time. The circuit breaker will interrupt the electrical flow both automatically and manually. The circuit breaker is similar to a fuse. It is a technology that can be set in both automatic eclectic break and manual mode.
The energy consumptions in the industrial sector are massive. The requirement for circuit breakers is high in industries. The circuit breaker is a crucial aspect that interrupts the electricity in industries at the right time. Power wastage, electric accidents and there are much more benefit of the circuit breakers. The growth of energy consumption in industries is constantly driving the demand for the circuit breaks market. Due to this, the Circuit Breaker Market Valueis tremendous during the forecast period. Also, the circuit-breaker market expansion rate will reach a peak during the forecast.
The outbreak of covid 19 has caused plenty of challenges to the global industries. The circuit breaker market witnessed a drop in demand rate during 2020. The outbreak of the virus has destructive impacts on the market. The demand trend of the market is expected to show a declining figure in the upcoming years. The market investments are gradually decreasing.
The pandemic has changed the Market Outlook. Due to the less demand, the growth rate of the market is at threat. The production rate in china has experienced a steep decline during this period. Further, countries such as China and India are facing fewer investments. All these factors will restrict the market adoption rate and market expansion rate. However, post covid 19, the market is expected to recover from these damages.
The circuit breaks market has plenty of drivers that propel the demand. The rising rate of investments in the energy industry is positively affecting theCircuit Breaker Industry. The global industry recorded USD 308 billion in investments in the past year. The renewable energy industry is booming. Due to this, the demand for circuit breakers is tremendous. The circuit breaker is a combination technology that connects power stations and electrical grids. Therefore, the increase in investments in the renewable power industry is a crucial driver for the circuit breaker market.
The power demand has high in the residential, commercial and industrial sectors. Also, there is a rising concern for the supply of undisrupted power. This concern from the end-users is another driver for the market. The need for the constant and undisrupted power flow and protection from the short circuit are the key actors that drive market growth. The rising reliability of power is a crucial factor that will increase the demand in the upcoming years. Moreover, their awareness of energy conservation is growing-rapidly. It is another factor that stirs the demand for circuit breakers. The circuit breaks cut the electricity by preventing short circuits and power wastage. The need for these power protection devices will grow further due to fluctuations in power supply. The environmental consciousness is inclining the end-users to adopt the circuit breakers in industries and commercial spaces.
The energy demand across the globe is rising massively. Due to this, the requirement for stable and reliable T&D is constantly increasing. According to the American Electric Reliability Corp., the stable supply of power is possible only through capable systems that can tolerate power fluctuations. Also, the US is experiencing an increase in the rate of blackouts. The reason for this is the maturing power infrastructure and inefficient circuit breaker technologies. Therefore, the US and Canadian electricity association is increasing the investments in electricity sectors. This initiative by the North American players will provide more growth opportunities for the circuit breaker market. The use of clean and energy and the efficient circuit breaker will escalate in this region.
Further, the up-gradation of ageing electricity infrastructure is happening in the upcoming years. It will increase the adoption rate of circuit breakers. The circuit breakers are can work with higher performance and efficiency. Also, they are known as cost-efficient technologies. The circuit breakers are considered an asset to power plants. These benefits offer plenty of circuit break market growth opportunities. The North American region is expected to witness the highest development opportunities in the forecast period.
There are stringent rules by the government regarding the use of circuit breakers. ThSF6 circuit breakers require safety measures to reduce environmental harm. Some of the circuit breakers are responsible for harmful greenhouse emissions. The reduction of this greenhouse gas emission restricts the circuit breaker market. The SF6 circuit breaker is an efficient high-end technology. No alternative works better than this version. However, the leakage and damage o this circuit can release harmful gas into the environment. Also, the initiatives to reduce greenhouse emissions are growing in the upcoming years. It can hamper the demand and growth rate of the high voltage cables market in the forecast period.
The circuit breakers are higher maintenance technologies. The cleaning and maintenance work is expensive. The internal parts of this circuit require expertise cleaning. The circuit breakers can work effectively only if the internal parts are clean and dry. Special cleaning services are essential to transport and clean the interior part. The deterioration in service quality can affect the operations of circuit breakers. Also, the reliability of the technology is affected. The need for technical expert service and high maintenance is a major market challenge. It is a time consuming and cost-effective process.
The Circuit Breaker Industry is witnessing a moderate growth in the forecast period. There are plenty of factors responsible for this growth rate. The industrial segments of the market are witnessing the highest demand rate. Also, the crucial drivers such as energy conservation, high power investments and constant requirement of power supply are raising the demand rate. However, the market has few restraints such as stringent government rules and high maintenance. These factors have a slight impact on the market. However, the Circuit Breaker Market Trends remains positive over the forecast period.
As per the market analysis, the Asia Pacific market will witness the highest demand. The market holds the highest Circuit Breaker Market Share. The key players in North America are China, India, Indonesia, Japan and South Korea. China is the rapidly grooming market. Also, China is the largest power distribution region. The investments in this region are growing in the upcoming years. The requirement of high load and stable cables is driving the demand in this region. Also, the growth of renewable energy is further enhancing the growth rate of circuit breakers in this region. The circuit breaker installation rate will reach a peak in the forecast period.
Asia Pacific market will dominate other circuit breakers players in the forecast period. China will contribute more to the overall demand and market growth rate in this region. The growing demand for renewable energy will offer market growth opportunities in this region. The region is focusing on high load remission lines. North America is the nest biggest circuit breaker manufacturers. The investments rate in this market is higher.
Also, the launch of new products and innovation is more in this region. The replacement of old grid infrastructure will drive demand in this region. Further, Europe is the rapidly emerging circuit breaker market. It is a region that will record a high expansion rate in the forecast period. The rising population in Europe is increasing the demand for the power industry. Ultimately, these three regions will hold the prominence in global circuit breakers market.
|CAGR||6.32% CAGR (2022-2028)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Voltage, Type and End-Use|
|Geographies Covered||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Vendors||ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi (Japan), Toshiba (Japan), Powell (US), TE Connectivity (Switzerland), CG Power (India), Tavrida Electric (Switzerland), Larsen & Toubro (India), Fuji Electric (Japan)|
|Key Market Opportunities||Upcoming smart cities and aging power infrastructure|
|Key Market Drivers||Need for high reliability and safe operation of sub-station equipment|
At 6.32% CAGR during the review period of 2022 to 2028.
Tavrida Electric (Switzerland), Fuji Electric (Japan), Larsen & Toubro (India), and others.
Indoor circuit breakers market.
Power generation system.
North America region.