Circuit Breaker Market worth $8.6 billion by 2028

Jul 23, 2023

CHICAGO, July 21, 2023 /PRNewswire/ -- Circuit Breaker Market is projected to reach USD 8.6 billion in 2028 from USD 6.5 billion in 2023 at a CAGR of 5.5% according to a new report by MarketsandMarkets™. Key drivers for this growth include increasing investments in smart grid technologies aimed at protecting and controlling power equipment, as well as the replacement of aging infrastructure. Additionally, the demand for reliable transmission and distribution (T&D) networks presents high-growth opportunities for the Circuit Breaker Market.

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Circuit Breaker Market Scope:

Report Coverage

Details

Market Size

USD 8.6 billion in 2028

Growth Rate

5.5% of CAGR

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Insulation Type, Voltage, Installation, End User, and Region

Geographies Covered

North America, Europe, Asia Pacific, Middle East & Africa, and South America

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Replacement of aging grid infrastructure and the need for reliable T&D networks

Key Market Drivers

Growing investments in power generation, specifically from renewable energy sources

By end-user, the T&D utility segment is the largest contributor in the Circuit Breaker Market during the forecast period.

The Circuit Breaker Market is primarily led by the T&D utility segment. Within this segment, Asia Pacific emerged as the largest market in 2022. This significant market size in the Asia Pacific region can be attributed to the growing demand for electricity and the need to replace aging infrastructures. Countries like Japan, China, and South Korea are particularly driving this demand in the Asia Pacific region, further bolstering the market for circuit breakers.

By insulation type, the gas circuit breaker segment is expected to grow at the fastest rate during the forecast period.

During the forecast period, the insulation type segment emerged as the leading segment in the Circuit Breaker Market. Among the different insulation types, the market for gas circuit breakers experienced significant growth due to their high dielectric property and space-saving characteristics. The Asia Pacific region is projected to hold the largest market share in the gas circuit breakers segment, followed by Europe. This can be attributed to the increasing investments in renewable energy sources, which are driving the demand for gas circuit breakers.

By voltage, the high voltage segment is expected to be the largest contributor during the forecast period.

In 2022, the high voltage segment emerged as the dominant segment in the circuit breaker system market. These high voltage circuit breakers find extensive usage across various end-user industries, including T&D utilities, large power generation plants, and railways & metros. The market for high voltage circuit breakers is primarily driven by increasing investments in transmission and distribution networks. This is a response to the growing demand for power and the necessity to enhance the reliability of high-voltage electrical assets. As a result, the high voltage segment is expected to experience substantial growth in the market.

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Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.

During the forecast period, Asia Pacific is anticipated to be the largest and fastest-growing market in the circuit breaker industry. This region is segmented into key countries, including China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Countries in Asia Pacific are witnessing a surge in power demand driven by rapid urbanization and industrialization. To address the need for energy efficiency and uninterrupted power supply, the State Grid Corporation of China (SGCC) has planned significant investments. Approximately USD 62 billion, accounting for 11.1% of the total investment, is allocated to grid technologies, including circuit breakers, to accommodate a substantial amount of renewable energy in the grid. China has emerged as a major consumer of smart grid technology due to the ongoing transformation in its energy landscape. The country's focus on energy efficiency, clean energy adoption, and power industry transformation further supports the demand for smart grid infrastructure. By 2020, China is expected to have over 100 GW of installed wind capacity and a significant increase in solar PV installations, resulting in a higher demand for circuit breakers in the market.

Key Market Players:

The key players in the Circuit Breaker Companies are as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).

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Recent Developments

In Nov 2021, With the addition of the new 3WA series, Siemens Smart Infrastructure is enhancing the Sentron line of air circuit breakers. The 3WA series safeguards electrical installations in buildings, infrastructure, and industrial facilities from harm brought on by overload, short circuits, or ground faults. It is a crucial component of low-voltage power distribution.

In Jan 2021, ABB India introduced Formula DIN-Rail, a full line of isolators, residual current circuit breakers (RCCBs), and miniature circuit breakers (MCBs) for the retail electrical market, which is estimated to be worth USD 250 million in India. With its modern design, the ABB Formula DIN-Rail portfolio offers the best protection for electrical circuits against potential harm brought on by overload, short circuits, and earth leakages in structures. A 7-year warranty is offered with the MCBs. This product line is produced in Bengaluru (Karnataka), ABB India's smart buildings factory, and it complies with international standards. This factory has a yearly production capacity of 12 million MCB poles.

In September 2020, Siemens introduced the type SDV-R non-arc-resistant and type SDV-R-AR arc-resistant outdoor distribution circuit breakers specifically designed for renewable energy applications, including wind power generation.

In January 2020, To meet the rising demand for electrification products, Siemens purchased C&S Electric, a producer of electrical and electronic equipment. The low voltage switchgear components and panels, low and medium voltage power busbars, protection and metering devices businesses, as well as low and medium voltage power busbar operations in India, were all included in the scope of the acquisition.

In September 2020, The introduction of the Endurant XD series marked the expansion of the Endurant Automated Transmission lineup, according to Eaton Cummins Automated Transmission Technologies. For on-highway applications like double- and triple-trailer trucks as well as heavy-duty on/off-highway applications like dump and logging trucks, the series is a line of high-performance automated transmissions.

In July 2019, Eaton acquired Innovative Switchgear Solutions to enhance the product portfolio of medium-voltage electrical equipment. Innovative Switchgear Solutions is a manufacturer of medium-voltage electrical equipment. The company served in the North American region. This acquisition helped Eaton to strengthen its Systems and Services business segment.

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