Circuit Breaker Market Size (2023 - 2030)

The global circuit breakers market size was worth USD 5.9 billion in 2022 and is believed is to reach USD 7.9 billion by the end of 2030. The market is projected to grow with a CAGR of 6.2% from 2023 - 2030. 

A circuit breaker is a device that interferes with failing current by switching on and off. It is a mechanical device disturbing a high-amplitude power supply. To protect from electrical system damage, circuit breakers are to open and close the electrical circuits. 

Breakers are used in bullet trains, IT hubs, commercial centers, metros, and railways. These breakers need a steady and dependable electric supply. 

Circuit breakers are used for both stocks and indices. A circuit breaker is an electric term used for a switch. The switch automatically stops the continuous flow of power when the circuit is overloaded or in danger. Circuit breakers are more advantageous in transferring and distributing power supply. 

COVID-19 Impact on Circuit Breaker Market

The widespread of the novel coronavirus (COVID-19) is continuously spreading globally. COVID-19 has impacted the power industry and has seen a dip in the investments power industry. Due to the temporary shutdown and the supply chain issues that occurred during the pandemic period, the manufacturers were severely influenced and the cost for buying the raw materials is snowballing during the shortage of supply. 

As the COVID-19 is spreading highly, Siemens has experienced a high drop in demand from Italy, China, and Germany. The circuit breaker market has experienced a quick drop during the initial stages of COVID-19, in 2022. Moreover, investments for grid modernization were retarded during the COVID-19 period. 

India's demand for electricity is observed to decline by about 20-25% impacting the revenue of distribution utilities and the revenue shortage for the distribution companies is projected to be about 1.9USD billion per month. 

Market Drivers

The investments for power generation are increasing precisely from renewable energy resources. The demand for a constant and secure power supply and rising capacity additions and improvements for T&D networks accentuates the global circuit breakers market. Also, the investments in the railway sector are surging, and nourishing quick urbanization helps the market grow further. 

Some countries are racing electrifying programs to link the rural areas to the grid. Adopting circuit breakers for protective and dependable operations of gadgets and devices drives the growing demand for infrastructure projects.  

The maintenance cost is low and deployment of these circuit breakers is increasing across the locomotive industries are influencing the market positively. The technological advancements in the research and developments field are hiking, creating successful opportunities across the circuit breakers market. 

Market Restraints

However, the widespread of the novel COVID-19 pandemic negatively influenced the disruption hinders the circuit breakers market. Also, strict environmental and safety regulations limit the circuit breakers' market growth.

CIRCUIT BREAKER MARKET REPORT COVERAGE

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Segmentation Analysis

The global Circuit Breaker Market has been segmented and sub-segmented based on the insulation type, voltage, installation, and end-user.

Circuit Breaker Market - By Insulation Type

• Vacuum Circuit Breaker
• Air Circuit Breaker
• Gas Circuit Breaker
• Oil Circuit Breaker

By insulation type, the gas circuit breaker segment accounts to grow with the highest share during the timeframe period. 

Circuit Breaker Market - By Voltage

• Medium Voltage
• High Voltage
• Low Voltage

The high voltage segment held the largest share in the global circuit breaker in 2022. The capital in the electrical transmission network fuels the high voltage circuit breaker market. 

Circuit Breaker Market - By Installation

• Indoor
• Outdoor

The outdoor installation segment dominates the circuit breaker market owing to growth in installing solar and wind power plants and the accelerating demand for outdoor installation as the developments in the infrastructure are taking place across the high urbanization rate countries. Circuit breakers are installed majorly outdoor.  

Circuit Breaker Market - By End-User

• T&D Utilities
• Power Generation
• Renewables
• Railways

By end-user, the T&D is dominating the circuit breaker market during the forecast period. The T&D utilities are the leading segment in the APAC. 

Regional Analysis

The market for circuit breakers in Asia-Pacific is growing with the highest CAGR share throughout the circuit breaker market. The region is said to hold the largest share and is to dominate the circuit breakers market globally. Different types of circuit breakers are used across every sector and manufacturing unit. The number of manufacturing and industrial units is flourishing in the APAC. 

China is proposed to be the largest and speedily growing country across the APAC. Wind and solar are renewable energy resources that are advancing quickly and growing in China. China concentrates mainly on budding transmission lines proficient huge loads over long distances initiating a steady electricity infrastructure. The Government of China has initiated the construction of the Three Gorges on Land wind project in Gansu province having a capacity of 22GW. 

The market growth in countries like China, Japan, South Korea attributes to the rising demand for electricity and substitute for old infrastructures. 

North America and Europe are projected to involve a fixed growth in the global circuit breakers market. The transformation and automation of present sectors in North America and 

Europe are likely to speed up the market growth. Moreover, the market growth in North America and Europe is due to the rising investments in infrastructure development. The Canadian Electrical Association estimated that the Canadian electricity sector needs 350 USD billion in investments over the next couple of years. 

Europe is expected to provide substantive growth opportunities in the circuit breakers market. The market growth in Europe owing to growing investments in renewable energy resources. In May 2022, Germany's Technical University was established to develop electrical circuit breakers on a large scale for electrical devices and systems. 

The market for circuit breakers in Latin America is expected to grow at a substantial rate. Brazil and Mexico dominated the circuit breaker market. The governments are applying huge efforts in extending power generation capacities. Countries like Peru, Columbia, Argentina register considerable growth from 2023 - 2030 astride the expansion in power infrastructure. 

With technological advancements, circuit breakers need less maintenance. The electricity demand is mounting and the power infrastructure is accumulating. These mentioned factors help in booming the market growth in the region. 

The Middle East and African regions contribute the largest share from 2023 - 2030. Forthcoming major events like the World Expo 2022 in Dubai, UAE as well as the biggest planned event is FIFA World Cup 2022 in Qatar. 

Smart cities like NEOM in Saudi Arabia and Zayed Smart City project in UAE support the growing demand for renewable sources of electricity due to the increasing investments for constructing smart cities. 

The African country has the highest potential for the market to grow. The growth in Africa owes to quick industrialization and urbanization. 

Key Market Players

ABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, Mitsubishi Electric, CG Power and Industrial Solutions, XIGAO Group, LS ELECTRIC, Huayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity, Meidensha, Toshiba, Powell Industries, and others are the key companies involved in the circuit breaker market. 

Partnership

In July 2022, Infineon Technologies and Amber Solutions collaborated for digital control of electricity with embedded intelligence. The association of these two companies centers on advancing the power management architecture in smart circuit breakers, light switches, and outlets to the partnership's solutions. 

Notable Happenings in the Circuit Breaker Market

•    On November 02, 2022, ABB launched its expanded new circuit breaker for optimized energy management. The new circuit breakers SACE Tmax XT launched in the Philippines. 

•    On July 02, 2022, Schneider Electric circulated the introduction of its new and developed PowerPacT Molded Case Circuit Breaker series. 

•    On September 08, 2022, Infineon and Blixt Tech AB thickened the combination to increase the growth of the solid-state circuit breakers.