Circuit Breaker Market - Forecast (2024 - 2030)
Circuit Breaker Market Overview
The Circuit Breaker Market size is estimated to reach US$17.5 billion by 2027, growing at a CAGR of 6.2% from 2022 to 2027. Increasing demand for advanced equipment in the electronics, automotive and telecommunications segments is driving the market for circuit breakers during the forecast period. The growth of this market can also be attributed to rising safety concerns about short circuits and damage caused by power fluctuations and electrical faults. Circuit breakers are essentially electrical switching devices that can be operated manually or automatically for protecting and controlling an electric power system which effectively grows the demand for circuit breakers across various industry verticals. These circuit breakers such as air circuit breakers, MCB and RCCB are deployed in small and medium substations, high voltage transmission lines and distribution lines to protect the electric power systems. These aforementioned factors are positively influencing the Circuit Breaker industry outlook during the forecast period.
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Report Coverage
The report: “Circuit Breaker Industry Outlook – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Circuit Breaker industry.
By Product Type: Miniature Circuit Breaker (MCB), Moulded Case Circuit Breaker (MCCB), Residual Current Circuit Breaker (RCCB) and Others.
By Insulation Type: Vacuum, Air, Gas, Oil, SF6 and Others.
By Voltage: Low Voltage, Medium Voltage and High Voltage.
By Installation: Indoor and Outdoor.
By Application: Automotive Transportation Equipment, Residential Building Construction, Electronics and Electrical Equipment and Others.
By End-use Industry: Residential, Commercial, Industrial, Utilities and Others.
By Geography: North America (the U.S., Canada, Mexico), South America (Brazil, Argentina, Others), Europe (UK, Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others) and RoW (Middle East, Africa).
Key Takeaways
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Circuit Breaker Market Segment Analysis - by Insulation Type
Based on Insulation Type, the air circuit breaker segment in the Circuit Breaker Market report is analyzed to grow with the highest CAGR of 6.5% during the forecast period 2022-2027. These air circuit breakers are mostly adopted by industrial users owing to their technical advantages such as high performance, durability, ease of installation and maintenance. In September 2020, Siemens introduced a new 3 WA series of air circuit breakers. The new 3WA circuit breakers from the company meet all low-voltage power distribution requirements in digital environments. These developments boost the air circuit breaker segment and thereby increase the Circuit Breaker market size.
Circuit Breaker Market Segment Analysis - by End-use Industry
Based on End-use Industry, the industrial sector in the Circuit Breaker Market report is analyzed to grow with the highest CAGR of 7.0% during the forecast period 2022-2027. Circuit breakers are essential components in the industrial sector due to their ability to control and protect electric power systems from power fluctuations and electrical faults. Additionally, increasing investments in industrial sector is boosting infrastructural growth which in turn boosts the adoption of circuit breakers in the industry. According to World Investment Report, APAC received an inflow of US$ 535 billion from foreign direct investment to be used in industrial infrastructure. These factors thereby boost the industrial sector in the Circuit Breaker Industry.
Circuit Breaker Market Segment Analysis - by Geography
APAC dominated the global market for Circuit Breaker Market with a market share of 44% in 2021 and is also analyzed to have significant growth over the forecasting period. The growth of the region is attributed to the increasing infrastructural development, commercial projects and industries. APAC region is the manufacturing hub across the globe and a variety of electrical switching devices are used in every industrial and manufacturing unit. In January 2020, Siemens acquired C&S Electric in India with approximately US$ 2.67 billion. The acquisition includes C&S Electric's Indian operations for low-voltage switchgear parts and sheets, low and medium-voltage power transport bars and metering devices which effectively boost the Circuit breaker industry in the APAC region.
Circuit Breaker Market: Drivers
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Electrification initiatives are propelling the adoption of circuit breakers which in turn boost the market growth
Several developing countries are running electrification programs to connect rural areas to the grid. Other countries are further trying to combine different grid zones to form a mega-countrywide grid. These electrical switching devices are readily being deployed in transmission lines and distribution lines to protect the electric power system from any electrical faults. For instance, in June 2021, The World Bank sponsored over US$ 2.3 billion in infrastructure and reforms in support of the West Africa Power Pool, which is seen as critical to ensuring universal access to power in the 15 countries of the Economic Community of West African States by 2030. Hence the adoption of these electrical switching devices for safe and reliable operation is driving the demand for Circuit Breakers globally.
Increasing adoption of electrical safety regulations is driving the Circuit Breaker market forward
Circuit breakers have become a mandatory part of electrical networks in residential and commercial buildings, industries and utility-scale grids. Every home, office and other has electrical switching devices installed because of rapidly increasing urbanization and modernization. As a result, constant initiatives are being taken to provide a safer environment. On June 1, 2020, the Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 came into effect. The new electrical regulations went into effect for new tenancies on July 1, 2020, and for existing tenancies on April 1, 2021. According to this regulation, Landlords must have their electrical installations inspected and tested by a "qualified and competent" person at least every five years. Violations of the new electrical regulations could result in fines of up to US$ 34,000. These regulatory norms are positively influencing the Circuit Breaker industry outlook during the forecast period.
Circuit Breaker Market; Challenges
Stringent environmental regulations and maintenance costs are hampering the Circuit Breaker market growth
SF6 is one of the most potent greenhouse gases (GHGs) according to the Kyoto Protocol, with a global warming potential (GWP) of 23,000.?It is classified as a highly hazardous greenhouse gas (GHG) by the Intergovernmental Panel on Climate Change (IPCC). As a result, the Kyoto Protocol calls for emissions reductions. Currently, no nearest alternatives of SF6 can work as efficiently as SF6. As a result, high procurement costs as well as the policies against SF6 coupled with periodic maintenance costs and the requirement of a clean and dry working environment act as major restraints hampering the Circuit Breaker industry growth.
Circuit Breaker Industry Outlook
Product launches, collaborations, and R&D activities are key strategies adopted by players in the Circuit Breaker Market. Circuit Breaker's top companies include
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Recent Developments
Relevant Report Titles:
Report Code: ESR 0038
Report Code: ESR 0061
Report Code: CMR 41199
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