Circuit Breaker Market

Market Synopsis:

The Global Circuit Breaker Market was valued at USD 5.28 Billion in 2022 and is projected to reach a value of USD 8.10 Billion by 2030. In the projection timeline, the Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 5.50%.

A Circuit Breaker is an automatic safety device used to protect other connected equipment and stop variations in current flow. It also aids in effectively managing, regulating, and controlling electric power. It is currently offered in various sizes, from tiny devices that safeguard low-current circuits to large switchgear that protects high-voltage circuits. Circuit Breakers are widely used in the transportation, locomotive, and construction industries because they are effective in low, medium, and high-voltage applications. Due to increased urbanization and population growth, there is a massive increase in the requirement for modernizing electrical transmission networks, particularly in emerging/ developing economies. As a result of this, the governments in these nations are concentrating on increasing their power-producing capability to meet the demand for electricity in rural and urban regions. Circuit Breakers are now in greater need due to this. In addition, governing bodies in developed countries are replacing outdated electrical equipment with energy-efficient technology to maintain electrical safety and reduce waste. For instance, countries are modernizing the building and transmission of their electricity grids, boosting market growth.

On the other hand, the industry has been negatively impacted by the rising number of coronavirus cases (COVID-19) and the lockdowns implemented in several nations to stop the pandemic from spreading. However, once normalcy is restored, the market is expected to expand.

Market Segmentation:

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The Circuit Breaker Market is segmented on Insulation Type, Voltage, Installation, End User, and Region. Based on the segment Insulation Type, the market is further segmented into Vacuum Circuit Breaker, Air Circuit Breaker, Gas Circuit Breaker, and Oil Circuit Breaker. Furthermore, based on the Voltage, the market is further bifurcated into Medium Voltage and High Voltage. In addition, based on the Installation, the market is further divided into Indoor and Outdoor. Furthermore, based on the End User, the market is further bifurcated into T&D Utilities, Power Generation, Renewables, and Railways.

Based on Voltage:

High Voltage category dominated the market in 2021

The High Voltage segment dominated the Circuit Breaker Market because commercial, industrial, and utility sectors frequently use high-voltage Circuit Breakers. In addition, the development of building & construction activities of power infrastructure across developing economies, such as India, Japan, China, Brazil, Germany, Australia, and others, are also anticipated to fuel the Circuit Breakers market growth in the upcoming years. These factors include rural electrification, rapid growth in the electric utility sectors, and rural electrification.

Based on Installation:

Outdoor category dominated the market in 2021

The outdoor segment dominated the market due to increased demand for outdoor Circuit Breaker installations from industrial and utility applications to defend electrical equipment and circuits. In addition, the expansion of infrastructure projects (which includes building & construction of power infrastructures for generation, transmission, and distribution), clubbed with the rapid growth of the renewable energy industry, are a few factors anticipated to increase the demand for outdoor Circuit Breaker installations in these sectors. This trend is expected to propel the market's growth throughout the forecast period.

Based on Regional Analysis:

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is accounted to grow at the highest CAGR (Compound Annual Growth Rate) during the forecast period. The region's expansion might be attributed to business endeavors, companies, and extended framework development. The growing number of assembling and recent outing units in the Asia Pacific region will likely increase interest in this sector. Breakers are also utilized in metros, business districts, slug trains, data innovation centers, and other locations where a stable and dependable power supply is required. Due to rapid urbanization, the need for electrical upgrades has increased. The interest in Circuit Breakers with that capability has increased due to the expansion of power generation plants and transmission infrastructure. The international leaders developing and producing these breakers include South Korea, China, India, and Japan.

Recent Developments:

• In January 2021, Formula DIN-Rail, a whole line of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and isolators were introduced by ABB India, expanding its product line for the Indian electrical retail sector.
• In January 2020, Siemens purchased C&S Electric, an electrical and power electronics equipment producer, to meet the rising need for electrification goods. The low-voltage switchgear panels, low and medium-voltage power bus bars, protection, and metering devices businesses of C&S Electric were all included in the scope of the acquisition.

Competitive Landscape:

The key 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.

Segmentation of the Global Circuit Breaker Market: