According to the latest report by IMARC Group, titled "Circuit Breaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global circuit breaker market size reached US$ 7.6 Billion in 2019. Circuit breakers are automatic safety devices that are meticulously crafted to regulate the flow of electric current in a power system. They are used to prevent electrical circuits from damage caused by fluctuations and overload of current supply. They interrupt the flow of current upon detecting irregular power by opening or closing electrical circuits. Circuit breakers, unlike fuses, can be reset to resume their usual operations following the interruption of power supply. Widely available in different sizes, the small variants are used to protect low-current circuits, whereas the larger switchgear is used to safeguard high-voltage circuits. They are an essential component of the safety mechanisms that are employed across the construction, transportation, residential and locomotive sectors to minimize the risks of potential fire hazards from wiring issues and equipment failures.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Circuit Breaker Market Trends:
The market is primarily driven by the increasing requirement for upgrading electrical transmission networks across the globe. Growing global population and rapid urbanization have contributed to an increase in the power consumption rates and the rising demand for uninterrupted electricity. Along with this, governments of several countries are heavily investing in expanding their existing power generation capacities with the aim to meet the electricity requirements in both the urban and rural regions. They are also engaging in the renovation of the aging grid infrastructure by installing energy-efficient systems while installing smart grids to facilitate complex power flows with enhanced reliability. Since circuit breakers form an essential component of grid infrastructure, this is providing an impetus to the market growth. The market is further driven by the increasing utilization of circuit breakers in the place of fuses in the residential sector. This can be attributed to the enhanced efficiency offered by these safety devices amid high-voltage fluctuations. Furthermore, the consistent demand for operational safety in the energy sector, along with the rapid expansion of the power sector, is acting as another major growth-inducing factor. On account of the aforementioned factors, the market is anticipated to exhibit moderate growth during 2020-2025.
- Based on the product type, the market has been bifurcated into indoor and outdoor circuit breakers, wherein outdoor circuit breakers represent the most preferred product type.
- On the basis of the voltage, low voltage circuit breakers account for the majority of the total market share. Other major segments include medium and high voltage.
- Based on the technology, the market has been divided into air, vacuum, oil and SF6. Among these, air circuit breakers exhibit a clear dominance in the market.
- On the basis of the end use, transmission and distribution represent the largest market segment. Other major segments include renewable, power generation and railways.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major markets are North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players. Some of these players include ABB Group, Alstom SA, Eaton Corporation Inc., General Electric Company, Mitsubishi Electric Power Products, Inc., Schneider Electric, Siemens AG, Camsco Electric Co. Ltd., G&W Electric Co., Kirloskar Electric Co. Ltd., Larsen & Toubro Limited, Powell Industries Inc., SCHURTER Holding AG, Sensata Technologies Inc., and Toshiba Corporation.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal