According to the latest report by IMARC Group, titled "Circuit Breaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global circuit breaker market reached a value of US$ 8.6 Billion in 2022. A circuit breaker refers to an electrochemical switching device that is generally used for detecting a fault function. It helps to protect and control the electrical power system during excessive electrical supply that occurs due to short circuits or overload. It is usually manufactured using superior conductive materials that can withstand excessive heating, such as copper, steel, and aluminum. Additionally, it is equipped with a pair of fixed and moving metallic contacts that allow the flow of electric current into the circuit. Consequently, it aids in reducing the risks of fire hazards that happen due to equipment failure and wiring issues.
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 global market is primarily driven by the increasing requirement for power transmission. This is supported by rising investments by private and public firms in renewable energy resources for power generation. Along with this, the large inflow of investments by the government of numerous countries to expand the power generation capacity in order to meet the electricity requirements across remote locations as well as to renovate the grid infrastructure are propelling the market growth. Moreover, continual technological advancements across the globe are providing an impetus to the market growth. For instance, the increasing popularity of smart grids is expected to positively influence the market growth on the global level. Other factors, including rapid industrialization and extensive research and development (R&D) activities conducted by key players to introduce product variants with improved corrosion resistance, are contributing to the market growth further. On account of the aforementioned factors, the market is anticipated to reach a value of US$
10.6 Billion by 2028.
- On the basis of the product type, the market has been bifurcated into indoor and outdoor. Among these, outdoor circuit breakers represent the leading market segment.
- Based on the voltage, the market has been classified into low, medium and high. high voltage circuit breakers account for majority of the total global market.
- On the basis of the technology, the market has been categorized into air, vacuum, oil and SF6. Among these, air circuit breakers hold the largest market share.
- Based on the end-use, the market has been segmented into transmission and distribution, renewable, power generation and railways. Among these, transmission and distribution dominate the market segment.
- On the basis of the regional insights, the market has been divided into Asia Pacific, North America, Europe, Latin America and Middle East and Africa. Asia Pacific region represents the leading market segment.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. 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.
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