In terms of revenue, the Global Circuit Breaker Market is expected to reach USD 8.2 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.50% from 2022 to 2028.
The purpose of a Circuit Breaker is to prevent damage to an electric circuit caused by too much current from an overload or a short circuit. It is an automatic electrical device. There are moving and fixed contacts in the Circuit Breaker. Due to rising safety concerns about short circuits and damage from power fluctuations, there is an increasing demand for advanced equipment in the electronics, automotive, and telecommunications sectors. As a result, the market for Circuit Breakers and fuses will grow over the forecast period. The market is comprehensively evaluated in the study on the Global Circuit Breaker Market. The research provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive environment, and other important elements.
Key Highlights from Report:
- The Gas Circuit Breakersegment dominated the global market in terms of share. Due to an increase in demand for Gas Circuit Breakers from the industrial, utility, and commercial sectors global in 2021. During the projection period for the Circuit BreakersMarket, increased attention on distributed power infrastructure and the quick expansion of the renewable energy sector are also projected to fuel market growth.
- The Outdoor segmented the global market in terms of share in 2021. Due to an increase in demand for Outdoor Installations of Circuit Breakers from industrial and utility applications for the protection of electrical equipment and circuits, the demand for outdoor installations of Circuit Breakers in these sectors is anticipated to rise because of increased infrastructure developments, building and construction of power infrastructures like generation, transmission, and distribution, as well as the rapid expansion of the renewable energy industry. These factors are anticipated to drive the market's growth over the course of the forecast period.
- The Asia-Pacific had the largest market share for Circuit Breakers in 2020, and it is projected that it will continue to hold this position during the forecast period. This is explained by the region's substantial customer base and important player presence. Additionally, it is projected that the region's rapid industrialization, investment boom in upgrading aging power infrastructure, and quick growth in the renewable energy sector would all contribute to the Circuit BreakersMarket's expansion in the years to come.
A Circuit Breakercan be used to develop twins of assemblies, components, or an entire manufacturing plant. It can be also used to create a solution with numerous sources of information and data. The key part of the Circuit Breakercontains the ability to model a real-world object and monitor a real-world object. In addition, these twins are used to inquire or get alerts about particular events or changes. The Circuit Breakeris majorly used to provide real-time data analysis for multiple organizations. Thus, all these aspects are responsible for the large growth of the Circuit Breaker Market in the coming years. In addition, increasing integration of advanced technology in the development of this twin is expected to propel the growth of the Circuit Breaker Market during the projected time frame.
In 2021, the largest portion of the global market was accounted for by the Asia Pacific. According to each individual nation, the region has been divided into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China is the region's biggest and fastest-growing market. China is regarded as the world leader in power transmission and distribution. The nation primarily focuses on establishing transmission lines capable of transferring huge loads over long distances and developing a dependable power infrastructure at the national level. Renewable energy initiatives like wind and solar are expanding and developing quickly in China.
The Global Circuit Breaker Market is Segmented as follows:
- Insulation Type
- Vacuum Circuit Breaker
- Air Circuit Breaker
- Gas Circuit Breaker
- Oil Circuit Breaker
- Medium Voltage
- High Voltage
- End Users
- T&D Utilities
- Power Generation
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Circuit Breaker Market is:
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
The Global Circuit Breaker Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|