Circuit Breaker Market – Increase in Use of Circuit Breaker Systems in Electrification Worldwide are Expected to Lead the Market Growth – Growing at a CAGR (Compound Annual Growth Rate) 5.7% from 2022 to 2028
As stated in our extensive report; the Global Circuit Breaker Market accounted for USD 5.9 Billion in 2021.
Circuit Breaker refers to an electric device that functions automatically and is designed to protect the electric circuit from damaged produced by a current from an excess of the short circuit. In addition, this Circuit Breaker comprises fixed and moving contacts. Also, it can be separated into different types in terms of services, operating mechanisms, and installation level. The primary function of Circuit Breaker is to detect a fault function by interrupting continually and immediately discontinuing the electric flow. The two main types of Circuit Breaker include magnetic and thermal.
The increase in implementation of electrical switching devices for secured and reliable function of devices is leading the infrastructure projects demand worldwide, driving the growth of Circuit Breaker market during the forecast period. As a result, the breakers have become essential to electrical associations in commercial buildings, organizations, and utility-scale grids. Moreover, the breakers are used in metros, railways, bullet trains, IT hubs, commercial centers, and others, which need a stable and reliable electricity supply. In addition, the growing urbanization has augmented the demand for electrical switches.
The growth in investments in the industrial sector and the rising investments to impact the industrial infrastructure are increasing the demand of this market in different end-user and manufacturing businesses at a global level. Furthermore, expanding need for replacing conventional mechanical and electromechanical devices in the manufacturing and industrial sector is projected to propel the demand for Circuit Breaker and fuses in the future. Besides, the increasing utilization of the Internet of Things (IoT) based Circuit Breaker worldwide and the expansion in the environmentally friendly power age are other aspects that are expected to fuel the Circuit Breaker market further.
Asia Pacific is dominating the global Circuit Breaker market and is expected to continue this trend during the forecast period. The rapid expansion of the renewable energy sector and industrialization drive market growth in this region. Furthermore, India, Japan, China, and South Korea are among the global leaders in the innovation and making of such breakers, which is an influential factor taking place in Asia Pacific. Also, leading companies and a vast consumer base in Asia Pacific will fuel the market growth in the coming years. In addition, the growing manufacturing and industrial trip units and the rise in investment toward upgrading older power infrastructure will sustain the market growth in this region.Some of the prominent players in the Global Circuit Breaker Market include- ABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, Mitsubishi Electric, CG Power & Industrial Solutions, XIGAO Group, LS ELECTRIC, Huayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity, Meidensha, Toshiba, Powell Industries and others.