Circuit Breaker Market Size Projected to Hit USD 13.54 Billion at a 6.32% CAGR by 2032 – Report by Market Research Future (MRFR)
Research Reports
Aug 13, 2023
Market Overview
The global Circuit Breaker Market is registered to generate approximately USD 13.54 Billion in market size by 2032 and is further registered to acquire a CAGR of 6.32% between the forecast periods of 2023 to 2032.
The demand for a circuit breaker is growing because of the rising need for safe operation and high reliability of sub-station equipment. However, several reasons contribute to the Circuit Breaker Market growth, including rising investments in the renewable power industry and high demands for power in the residential, industrial and commercial sectors.
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Key Players:
- Schneider Electric
- Toshiba
- Siemens
- ABB
- Meidensha
- Mitsubishi Electric
- TE Connectivity
- CG Power
- XIGAO Group
- Industrial Solutions,
- LS ELECTRIC
- Larsen & Toubro
- Huayi Electric
Market Segmentation
According to the global Circuit Breaker Market report, this market is segmented based on type, end-users, and voltage.
On the basis of type segment, the global market for Circuit breakers has been divided into indoor circuit breakers and outdoor circuit breakers. Among all, the outdoor circuit breaker segment is estimated to contribute largely to the global market during the forecast period due to the rising installations of wind and solar power plants. The global Circuit Breaker Market has segregated based on the end-users such as transmission and distribution, renewables, power generation, and railways. Transmission and distribution are predicted to generate the largest market share in the forecast period because of the rising replacement of aging infrastructures and demand for electricity.
Based on the voltage segment, the global market for Circuit Breaker has been classified into medium and high. Out of all, the high voltage segment is predicted to register the largest market share for circuit breakers during the research period because of the rising investments in the electrical transmission network.
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Regional Analysis
Regionally, the global Circuit Breaker Market has been spread across Asia-Pacific, North America, Europe, and the rest of the world.
During the forecast period, the Asia-Pacific market acquires the dominant place in the global market for circuit breakers. The support of countries like China highly contributes to the Asia-pacific market growth. This region has market growth opportunities because of the rising demand for renewable energy. It has been identified that this region has emphasized high load remission lines that are driving the market growth in the region.
Moreover, the North American market is also playing a significant role in the global market by generating significant market share during the review period due to the biggest circuit breaker manufacturers like Powell (US) and others. Additionally, the replacement of old grid infrastructure, rising innovation and the launch of new products are driving the regional market growth.
Further, one of Europe’s emerging circuit breaker regional markets is predicted to acquire a high expansion rate during the estimated period. In this region, the rising population and rising demand for the power industry are expected to drive the European regional market.
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Circuit Breaker Market Growth
Rapid Urbanization and Industrialization: As urbanization and industrialization continue to accelerate globally, there is an increasing need for reliable and efficient electrical distribution systems. Circuit breakers play a crucial role in ensuring the safety and stability of these systems, driving their adoption in both residential and industrial sectors.
Renewable Energy Integration: The shift towards renewable energy sources, such as solar and wind power, has led to the integration of complex electrical systems into the grid. Circuit breakers are essential components for managing the intermittent nature of renewable energy generation and ensuring grid stability.
Upgrades and Modernization of Infrastructure: Many countries are investing in the modernization and upgrading of their aging electrical infrastructure. This includes the replacement of outdated circuit breakers with newer, more technologically advanced models that offer enhanced protection and monitoring capabilities.
Growing Demand for Smart Grids: The implementation of smart grids, which enable real-time monitoring and control of electricity distribution, is driving the adoption of intelligent circuit breakers. These smart circuit breakers can automatically detect faults, isolate affected areas, and facilitate faster restoration of power.
Industry News
In January 2020, C&S Electric was acquired by Siemens to cater to the rising need for electrification products. This acquisition has a significant scope that includes the Indian operations of C&S Electric’s low and medium voltage power busbars, low-voltage switchgear components and panels, and metering and protection of devices businesses.
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