Circuit Breaker Market

Circuit Breaker Market Size:

The global circuit breaker market size reached US$ 8.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032. The rising demand for renewable energy sources, increasing installation of circuit breakers in utilities and power plants, and the rapid utilization of electrical appliances in households represent some of the key factors driving the market.

Circuit Breaker Market Analysis:

• Major Market Drivers: The circuit breaker market is driven by the increasing demand for reliable electricity supply, rapid urbanization leading to infrastructure development, and stringent regulatory requirements for electrical safety and efficiency.
• Key Market Trends: There is a notable shift towards smart grid technologies and digitalization in electrical systems, growing adoption of renewable energy sources which necessitate advanced protection mechanisms, and rising preference for miniature circuit breakers (MCBs) in residential applications.
• Geographical Trends: Asia-Pacific is witnessing significant growth in the circuit breaker market due to urbanization and industrialization. This, in turn, is expanding the circuit breaker market size. North America and Europe are focusing on upgrading aging infrastructure with modern circuit protection solutions. The emerging economies in Latin America and Africa are experiencing rising investments in electrical infrastructure.
• Competitive Landscape: Some of the key market players include ABB Ltd, Alstom Holdings, Eaton Corporation plc, General Electric Company, Mitsubishi Electric Power Products, INC., Schneider Electric, Siemens, Camsco Electric Co., Ltd, G&W Electric, Kirloskar Electric Co. Ltd., Larsen & Toubro Limited, Powell Industries Inc., Schurter Holding AG, Sensata Technologies, Inc., Toshiba Corporation, etc.
• Challenges and Opportunities: Challenges in the market include fluctuating raw material prices and intense competition, while opportunities lie in the development of eco-friendly and energy-efficient circuit breakers, and expansion into emerging markets with robust infrastructure development plans.

Circuit Breaker Market Trends:

Rising investment in the industrial sector

Increased investments in the industrial sector, as well as increased investment to leverage industrial infrastructure, drive up global demand for electrical switching devices. These devices are mostly utilized in industrial and commercial settings. According to the World Investment Report 2021, Asia-Pacific received USD 535 billion in foreign direct investment (FDI) in 2020, primarily from China and Singapore. As a result, increased industrial investment necessitates the deployment of these devices in a variety of end-use and manufacturing industries. This, in turn, is resulting in an increasing circuit breaker market share.

Rapid infrastructure development

The growing global building of infrastructure, including residential, commercial, government, and industrial infrastructures, as a result of rising population, urbanization, and industrialization, is necessitating the use of circuit breaker systems. For example, the World Bank estimates that the value added to the industrial sector, including construction, will increase from USD 23.47 trillion in 2019 to USD 27.76 trillion in 2022, having a significant impact on infrastructure expansion. Circuit breakers are required in infrastructure to maintain operational safety and efficiency by disconnecting electrical circuits in the event of overloads or faults, preventing equipment damage and reducing the risk of electrical fires. Also, the integration of smart technology and the Internet of Things (IoT) into infrastructure projects enhances the requirement for the installation of advanced circuit protection solutions, thereby bolstering the circuit breaker market growth.

Increasing adoption of electrical safety regulations

Circuit breakers are now essential components of electrical systems in homes, businesses, factories, and large-scale power grids. Due to the rapid growth of urban areas and modernization, electrical switches are installed in every residential, commercial, and other building to keep up with the changing times, making them a crucial component of all structures. Regular revisions involve closely following test procedure compliance for circuit breakers and switchgear in electrical power distribution systems. Certain heavy load equipment necessitates the use of separate circuit breakers to ensure safe and dependable functioning. This regulatory situation has had a positive impact on the circuit breaker demand.

Circuit Breaker Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on product type, voltage, technology, and end use.

Breakup by Product Type:

• Indoor Circuit Breakers
• Outdoor Circuit Breakers
   

Outdoor circuit breakers dominate the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes indoor and outdoor circuit breakers. According to the report, outdoor circuit breakers represented the largest segment.

Outdoor circuit breakers are playing an important role in creating a positive circuit breaker market outlook. The majority of the installed breakers are electrical switches that function automatically outdoors. They are utilized in switchgear assemblies, which are primarily utilized outside for large-scale utility applications. Outdoor breakers are not always necessary for industrial machinery and equipment. Due to their vital roles in outside electrical distribution networks, outdoor circuit breakers are driving the circuit breaker market. These breakers are made especially to survive hard climatic factors including high humidity, low temperatures, and exposure to components like dust and rain. This, in turn, is expected to contribute to the market growth in the circuit breaker market forecast period.

Breakup by Voltage:

• Low Voltage
• Medium Voltage
• High Voltage
   

High voltage holds the largest share in the market

A detailed breakup and analysis of the market based on the voltage have also been provided in the report. This includes low voltage, medium voltage, and high voltage. According to the report, high voltage accounted for the largest market share.

High voltage automatically operated electrical switches are infrequently utilized in certain industries and are mostly seen in utility-scale applications. The increasing development of electrical technology has led to the growing popularity of these breakers, thereby expanding the circuit breaker industry. The introduction of high voltage DC cables has led to an increase in the market size for high voltage breakers. The continuous improvements in infrastructure and global power generation and distribution network expansions are favorable to the market for these breakers. Advanced high voltage circuit breakers are expected to remain in high demand as utilities and industry work to find more sustainable and efficient energy solutions.

Breakup by Technology:

• Air
• Vacuum
• Oil
• SF6
   

Air holds the maximum share in the market

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes air, vacuum, oil, and SF6. According to the report, air accounted for the largest market share.

According to the circuit breaker market research report, air is dominating the market. Innovations in air technology has greatly impacted the circuit breaker market, by improving safety and efficiency in electrical systems. Nowadays, barometric breakers have changed to be more dependable and equipped for higher loads, thus being essential for industrial use as well as for urban infrastructure. These are essential gadgets that help to protect electric circuits from over-voltage or short-circuits which could cause potential disruption of power flow without endangering human beings’ lives. Having a strong build, they can be used when different industries produce goods and services in almost all areas like commerce among others. As demand increases for sustainable and efficient energy solutions, air technology continues to be the force behind innovative approaches in the circuit breaker field.

Breakup by End-Use:

• Transmission and Distribution
• Renewable
• Power Generation
• Railways
   

Transmission and distribution hold the maximum share in the market

A detailed breakup and analysis of the market based on the end-use have also been provided in the report. This includes transmission and distribution, renewable, power generation, and railways. According to the report, transmission and distribution accounted for the largest market share.

The transmission and distribution sector is pivotal in driving the circuit breaker market due to increasing global electrification and infrastructure upgrades. As nations expand their power grids and integrate renewable energy sources, the demand for reliable circuit protection grows. Circuit breakers play a crucial role in safeguarding equipment and managing power flow, thereby ensuring uninterrupted electricity supply to homes, industries, and commercial establishments. Additionally, advancements in smart grid technologies and the need for enhanced grid resilience further propel the adoption of advanced circuit breakers capable of handling higher voltages and frequencies.

Breakup by Region:

• Asia Pacific
• North America
• Europe
• Latin America
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest circuit breaker market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for circuit breaker.

Asia-Pacific is the largest global circuit breaker market revenue shareholder and is expected to expand during the projection period. The expansion in population in growing economies like as India and China has increased electrical demand, resulting in a higher requirement for circuit breakers in the Asia-Pacific area. Furthermore, the replacement of aging grid infrastructure is driving growth in the circuit breaker industry. According to the International Renewable Energy Agency, China and India are among the top five renewable energy producers in the world, which fuels industry growth. Furthermore, the increased connectivity of renewable energy with grid infrastructure drives the expansion of the market.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• ABB Ltd
• Alstom Holdings
• Eaton Corporation plc
• General Electric Company
• Mitsubishi Electric Power Products INC.
• Schneider Electric
• Siemens
• Camsco Electric Co., Ltd
• G&W Electric
• Kirloskar Electric Co. Ltd.
• Larsen & Toubro Limited
• Powell Industries Inc.
• Schurter Holding AG
• Sensata Technologies, Inc.
• Toshiba Corporation
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

The market is highly fragmented and involves several major circuit breaker market companies. These companies are investing heavily in research and development of new products to improve their market share. They are developing new products to expand their customer reach and increase their sales. For instance, on March 1st, 2024, Siemens developed the world's first solid-state, high-power circuit protection device based on electronic switching in March 2024. The Sentron ECPD (Electronic Circuit Protection Device) trips the downstream mechanical isolating contact and electrically cuts off the circuit when an error occurs, if necessary. The majority of disconnections have been made using electro-mechanical components.

Circuit Breaker Market News:

• May 7, 2024: ABB, a global leader in technology and electrification, announced a significant milestone as its Miniature Circuit Breaker (MCB) reaches its 100-year anniversary. Since its inception, the MCB has been pivotal in safeguarding electrical circuits while changing to meet the sustainability demands of the future.
• February 20, 2023: Mitsubishi Electric Corporation announced its acquisition of Scibreak AB, a Swedish company specializing in direct current circuit breakers (DCCBs), through a share transfer agreement finalized on February 16. This strategic move aims to bolster Mitsubishi Electric's capabilities in high-voltage direct current (HVDC) systems, crucial for supporting the expanding global adoption of renewable energy sources.

Circuit Breaker Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the circuit breaker market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global circuit breaker market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the circuit breaker industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.