Circuit Breaker Market By Type (Low Voltage, Medium Voltage, High Voltage), By Application (Indoor, Outdoor), By End User (Residential, Commercial, Industrial), & Region For 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Circuit Breaker Market Valuation – 2024-2031

As the world's appetite for energy continues to grow, it's crucial to build a reliable power delivery system. This means investing in the wires, transformers, and other equipment that carry electricity to our homes and businesses. This is where the Circuit Breaker Market comes in. Circuit breakers are like the safety switches of the power grid. They protect the system from unexpected power surges and drops, which can cause blackouts and damage to appliances. The rising demand for reliable power has made circuit breakers a hot commodity. In the United States alone, power outages are more common than in other developed countries. And in recent years, these blackouts have become longer and more frequent. This has sparked a surge in demand for circuit breakers, which is helping to drive the Circuit Breaker Market to new heights. Experts predict that this market will continue to grow in the coming years, reaching a value of over $9 billion by 2031. So, if you're looking for an investment opportunity in the energy sector, the Circuit Breaker Market is definitely one to consider.

The increased number of blackouts is attributed to outdated infrastructure, inadequate investments, and a lack of defined grid modernization policies. These challenges increase demand for improved circuit breakers, which are essential for modernizing and stabilizing the electricity infrastructure. Thus, the increasing number of blackouts and lack of defined grid modernization policies are enabling the market to grow at a CAGR of 5% from 2024 to 2031.

Circuit Breaker MarketDefinition/ Overview

Imagine your electrical circuits as a bustling highway, where cars (electricity) flow. A circuit breaker acts like a traffic controller, automatically flipping a switch when the traffic gets too heavy (too much electricity). It's like a guardian angel, protecting your circuits from overload damage. Unlike fuses, which are like one-time safeguards that blow and need to be replaced, circuit breakers are reusable. They can be reset, like a tiny superhero, to restore order and keep the traffic flowing smoothly. This helps minimize system breakdowns and ensures a steady supply of power to your home or business. These versatile circuit breakers can store energy like springs, compressed air, or hydraulics. They're like tiny powerhouses, ready to kick into action if needed. And the best part? They do all this automatically, without needing any babysitting. Plus, you can even control them remotely, just like you would a smart home gadget. Circuit breakers play a crucial role in our daily lives. They keep the lights on in our homes, power the machines in our factories, and regulate the flow of electricity in all sorts of places. They're the unsung heroes of our electrical system, quietly working behind the scenes to keep our world running smoothly.

Circuit breakers also detect temperature irregularities in an electrical system as well as the existence of short circuits, so preventing fires and circuit damage. Their appropriateness for harsh settings, low maintenance needs, and improved electrical safety measures all contribute to the worldwide Circuit Breaker Market’s growth.

Circuit breakers also act as safety precautions in financial markets, briefly suspending ongoing trade when an indicator reaches a predefined threshold amid stormy conditions. These pause mechanisms allow market participants to reassess their trading plans, study information, alter their holdings, or change orders. Circuit breakers are designed to prevent the rapid erosion of market quality during volatility. They can halt trading market-wide (market-wide circuit breakers, or MWCBs) or in individual stocks.

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How the Increasing Usage of Heavy Machinery and Increasing Use of Circuit Breakers is Surging the Growth of Circuit Breakers Market?

The rising use of heavy machinery in businesses to increase productivity and efficiently conduct routine tasks is a major factor. Furthermore, the increasing use of circuit breakers in utilities and power plants guarantees that networks run safely and that energy is delivered to customers consistently. Furthermore, the increasing use of electric cars (EVs) to minimize automotive emissions needs sophisticated circuit breakers to ensure safe and efficient EV charging infrastructures. These elements, taken together, drive the global Circuit Breaker Market forward.

The growing global adoption of IoT-based circuit breakers is opening up new opportunities for the circuit breaker industry. IoT-integrated monitoring and management of circuit breakers is expected to fuel market expansion by giving more specific information about their state via online platforms that regulate operational parameters. These modern technologies assist in detecting critical flaws before they fail, improving reliability and resulting in significant cost savings. Furthermore, IoT-based circuit breakers continuously monitor and adjust substation loads, sending the data to control rooms via Wi-Fi. These technological improvements create significant potential opportunities for the circuit breaker industry.

Circuit breakers have become an essential component of electrical networks in residential and commercial buildings, enterprises, and utility grids. Due to rapid urbanization and development, every home, business, and other structure now has electrical switching equipment, making breakers necessary. Frequent changes, such as stringent adherence to test protocols for breakers and switchgear used in electrical power distribution systems, exacerbate this need. Furthermore, some heavy-duty equipment necessitates dedicated circuit breakers for safe and dependable operation. This regulatory framework has a favorable impact on Circuit Breaker Market dynamics and sales.

The increasing push for electrification has created a strong demand for technology that integrate Distributed Energy Resources (DERs) into electricity networks. To meet the rising energy demand, governments around the world are investing heavily in boosting the capacity and efficiency of transmission and distribution systems.

How the Growing Investment and the Tougher Rules for Manufacturing and Construction is Hampering the Growth of Circuit Breaker Market?

The growing investment in superior circuit-breaking technologies has increased competition among the leading players. Small rivals’ competitive pricing techniques, as well as increased competition from unorganized firms, pose substantial obstacles, particularly in areas such as manufacturing, construction, transportation, and processing. Furthermore, tougher rules aiming at lowering greenhouse gas emissions provide issues for circuit breakers that use sulfur hexafluoride (SF6) gas as an insulator due to its significant global warming potential. This involves the discovery and use of alternative insulation materials.

The existence of a substantial unorganized sector in some regions further impedes market expansion for established circuit breaker makers, since smaller local firms can offer lower pricing due to leaner operations and local supply networks. Furthermore, the growing use of smart technologies in circuit breakers presents cybersecurity risks. Potential weaknesses could be used by hackers to interrupt power grids or modify settings, requiring manufacturers to invest considerably in sophisticated security measures to reduce these dangers.

The rise of clean energy sources like solar and wind is great, but it comes with challenges. These energy sources don't provide a steady and predictable supply of power, which is why the electrical grid needs special breakers that can handle these ups and downs and keep everything running smoothly. Making these advanced breakers isn't easy and requires a lot of research and development. Plus, technology is always changing, and new types of breakers, like solid-state ones, are popping up with fancy features like digital controls and better efficiency. This keeps established companies on their toes because they need to spend a lot of money on these new technologies to stay in the game. All of these factors are slowing down the growth of the circuit breaker market because they create both technological and competitive barriers.

Category-Wise Acumens

How the Investment in Electrical Transmission Networks are Surging the Growth of High Voltage Segment in the Circuit Breaker Market?

The high voltage sector dominates the Circuit Breaker Market, owing to considerable investments in electrical transmission networks, which increase demand for high voltage circuit breakers. This rise in demand is driving the high-voltage segment forward. Notably, the high-voltage sector market in Asia Pacific is expected to develop at the quickest compound annual growth rate (CAGR) throughout the forecast period. This expansion is being driven by various utilities investing in high-voltage circuit breakers to fulfill increased energy demands in residential areas and assure a consistent power supply.

Countries in the Asia Pacific region, in particular, are rapidly urbanizing and industrializing, necessitating the development of durable and efficient high-voltage infrastructure. These improvements are critical for increasing grid stability and supporting the increasing use of renewable energy sources.

For example, Siemens, announced the SDV-R non-arc-resistant and SDV-R-AR arc-resistant medium-voltage outdoor distribution circuit breakers in September 2021, with a focus on renewable energy applications such as wind power generation. These novel circuit breakers are designed to address the unique issues that come with renewable energy sources, such as power production unpredictability and the need for additional safety features. Siemens’ new offers reflect the industry’s shift toward incorporating more renewable energy into the grid, emphasizing the role of improved high-voltage circuit breakers in aiding this transition.

How the Use of Newly Released Circuit Breakers for Outdoor Use is Escalating the Growth of Outdoor Segment in the Circuit Breaker Market?

The outdoor segment is showing significant growth in the Circuit Breaker Market owing to the bulk of newly released circuit breakers are intended for outdoor use, indicating a higher market value than indoor breakers. Outdoor circuit breakers are generally used to install switchgear for utility-scale applications that require strong and reliable operation. These breakers are critical for managing high-voltage applications in large electrical networks, which are commonly found in the power generating, transmission, and distribution industries.

With their increased longevity and capacity to tolerate environmental variables, outdoor circuit breakers are not usually required for many modern inside appliances and equipment. Indoor circuit breakers, on the other hand, are commonly used in residential, commercial, and modern electrical systems, offering effective protection and control within buildings and smaller-scale infrastructures.

The expanding developments in foundational technologies such as power production, transmission, and distribution, along with the rapid growth of the renewable energy sector, will likely increase demand for outdoor circuit breaker installations. These improvements need the usage of dependable outdoor circuit breakers to handle the increasing load and fluctuation that comes with renewable energy sources such as solar and wind power.

Furthermore, the proliferation of utility-scale renewable energy projects, particularly in regions that spend extensively on sustainable energy infrastructure, is driving the growth of the outdoor Circuit Breaker Market. This trend is expected to continue during the forecast period, as more countries and businesses prioritize the adoption of clean energy solutions to fulfill global energy demands and environmental goals.

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How the China Energy Transmission and Distribution Escalating the Growth of the Asia Pacific Circuit Breaker Market?

Asia Pacific dominates the Circuit Breaker Market, with China, Japan, India, South Korea, and Australia being key drivers of growth. Among these, China stands out as the region’s largest and fastest-growing market. China’s government, a global leader in energy transmission and distribution, prioritizes the development of transmission lines capable of carrying huge loads over long distances, maintaining a strong power infrastructure nationally.

China’s dedication to renewable energy initiatives, particularly wind and solar energy, is demonstrated by the rapid expansion of related programs across the country. Notably, the Chinese government has undertaken ambitious projects, such as the 22 GW Three Gorges on Land wind project in the Gansu region, suggesting a large commitment to renewable energy infrastructure. As renewable energy projects continue to proliferate, the need for substation installations, including circuit breakers, is likely to rise proportionally.

To fulfill the region’s growing demand for electrification solutions, leading businesses such as Siemens are pursuing strategic acquisitions. For example, in January 2021, Siemens acquired C&S Electric, a well-known manufacturer of electrical and electronic equipment. This acquisition covers C&S Electric’s comprehensive range of low-voltage switchgear components, panels, power busbars, protection devices, and metering device businesses, allowing Siemens to meet the growing demand for electrification goods in the Asia Pacific region.

How the High Reliability of Reliable Electric Supply is Enabling the North America Circuit Breaker Market to Grow During the Forecast Period?

Reliable electricity is the backbone of life in North America, from our homes to businesses to factories. But our aging electrical grid needs a major upgrade to keep up with the demands of the modern world. One key area for improvement is circuit breakers, the devices that protect our electrical systems from overloads and faults. As our energy needs grow and we integrate more renewable energy sources like solar and wind, we need smarter, more reliable circuit breakers to keep our power flowing smoothly. This is creating a huge opportunity for companies that can develop and manufacture these next-generation circuit breakers. The North American market is ripe for investment in new technologies that can improve grid stability, protect equipment, and boost overall energy efficiency.

Smart grid technology is becoming increasingly popular in North America, which means more companies are investing in circuit breakers that can operate automatically and intelligently. These circuit breakers help improve how the electrical grid is monitored, controlled, and optimized, which in turn means they are becoming more popular. The United States is still the leader in the North American circuit breaker market because it has a strong industrial base, invests a lot of money in construction projects, and is using more renewable energy. Mexico's growth may be a bit slower than that of the United States and Canada because its market is more focused on price and its local circuit breaker industry is strong, though not always regulated. But Mexico is still a big part of the growth of the North American circuit breaker market because of its growing industrialization and infrastructure development.

Competitive Landscape

The competitive landscape of the Circuit Breaker Market is characterized by a mix of established players, emerging companies, and regional manufacturers, each striving to gain a competitive edge through innovation, product differentiation, and strategic partnerships. By staying ahead of the curve and implementing effective strategies, companies can carve out a strong position in this ever-evolving market.

The organizations focus on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Circuit Breaker Market include

Powell, ABB, Siemens, TE connectivity, Eaton, Mitsubishi, L&T, Toshiba, Fuji Electric, XIGAO Group, Tavrida, Schneider Electric, CG Power, Industrial Solutions, LS ELECTRIC, Huayi Electric, Myers Power Products, and Meidensha.

Latest Developments

  • In November 2022, Siemens announced the expansion of its generator circuit-breaker range with the launch of a new tiny variant, the HB1-Compact (HB1-C). According to a Siemens news release, the adaptive and highly adjustable system utilizes maintenance-free vacuum switching technology to overcome the most severe limits.
  • In August 2022, Hitachi Energy announced the launch of the world’s first eco-efficient 420-kilovolt (kV) circuit breaker coinciding with the CIGRE Session 2022. This ground-breaking technology represents a significant step forward in the company’s accelerated EconiQ high-voltage product strategy, which was announced at CIGRE Session 2021.
  • In October 2021, Schneider Electric announced the launch of its new PowerPacTTM Molded Case Circuit Breaker (MCCB) family during the NECA Conference in Nashville. The new PowerPacT series focuses on innovative technology created to meet Schneider Electric’s clients’ needs, delivering an improved circuit breaker solution for the future.
  • In July 2021, ABB India announced the launch of Formula DIN-Rail, a comprehensive line of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and Isolators for the Indian electrical retail sector, which is expected to be valued at USD 250 million.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2018-2031

Growth Rate

CAGR of ~5% from 2024 to 2031

Base Year for Valuation

2023

Historical Period

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Type
  • Application
  • End User
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Powell, ABB, Siemens, TE connectivity, Eaton, Mitsubishi, L&T, Toshiba, Fuji Electric, XIGAO Group, Tavrida, Schneider Electric.

Customization

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Circuit Breaker Market, By Category

Type

  • Low voltage
  • Medium voltage
  • High voltage

Application

  • Indoor
  • Outdoor

End User

  • Residential
  • Commercial
  • Industrial

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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