Circuit Breaker Market by Insulation Type (Vacuum, Air, Gas, & Oil), Voltage (Medium, High), Installation (Indoor, Outdoor), End-User (Transmission & Distribution Utilities, Power Generation, Renewables, & Railways) and Region - Global Forecast to 2028
[271 Pages Report] The global circuit breaker market size is expected to grow from an estimated USD 6.5 billion in 2023 to USD 8.6 billion by 2028, at a CAGR of 5.5% from 2023 to 2028. this growth can be attributed to several key drivers. Firstly, there is a significant increase in investments in power generation, particularly from renewable energy sources. Secondly, there is a growing global demand for reliable and secure power supply. Thirdly, there are ongoing capacity additions and enhancements in transmission and distribution (T&D) networks. Lastly, there is an acceleration of investments in the railway sector. These factors collectively contribute to the growth and expansion of the circuit breakers market.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Circuit Breaker: Dynamics
Driver: Growing investments in power generation, specifically from renewable energy sources
The International Energy Agency (IEA) reports that the global investment in renewable generation is expected to reach USD 281 billion in 2020. Renewable energy sources, such as photovoltaic and wind generators, necessitate a dedicated protection system, and circuit breakers play a crucial role in connecting power generating stations to switchyards and the electrical grid. They are vital components in electrical systems, ensuring power system protection and regulating power supply. The growing concerns over the reliability of renewable power have spurred the market for renewable generation and distribution, consequently driving the global circuit breaker market.
According to the BP Statistical Review of World Energy, renewable electricity generation accounted for 2805.51 Terawatt-hours of global electricity generation in 2019. Many utilities are actively focusing on integrating renewable energy sources to decarbonize the power distribution system and ensure environmental protection. As a result, renewable sources are expected to hold a significant share in the total power generation mix in the future. This increasing adoption of renewable energy is driving the demand for circuit breakers, as they are essential for the protection and control of electrical power systems.
Restraint: Stringent environmental and safety regulations for SF6 circuit breaker
According to the Kyoto Protocol, SF6 is recognized as one of the most potent greenhouse gases with a high global warming potential (GWP) of 23,000. It has been categorized as an extremely harmful greenhouse gas by the Intergovernmental Panel on Climate Change (IPCC), leading to regulations for its emissions reduction. Although no alternative has been found that matches the efficiency of SF6, policies against its use and the associated high procurement costs pose challenges for market growth. Moreover, imperfect joints during the manufacturing of SF circuit breakers can result in SF6 gas leakage, which is a choking gas and can pose risks to personnel in the surrounding area. The arced form of SF6 gas is also toxic if inhaled. In response, the US Environmental Protection Agency (EPA) has taken measures to detect SF6 gas leakage in breaker tanks. Furthermore, the internal parts of SF6 circuit breakers require regular and meticulous cleaning in a clean and dry environment to prevent damage to sensitive components. Special measures are required for transportation and maintenance of SF6 gas to ensure its quality and, subsequently, the performance and reliability of SF6 circuit breakers. The industry is challenged to address the innovation needs and find solutions to these issues, calling for collaboration among industry players and technical experts.
Opportunity: Replacement of aging grid infrastructure and the need for reliable T&D networks
The growing demand for energy has highlighted the importance of establishing a stable and reliable transmission and distribution (T&D) network. According to the Department of Energy and the North American Electric Reliability Corp., ensuring uninterrupted power supply requires a system that can effectively handle sudden power surges and drops. The United States experiences more blackouts compared to other developed countries, with power outages lasting over an hour and steadily increasing in recent years. These blackouts incur significant costs of approximately USD 150 billion per year for American businesses. The primary factors contributing to the rising number of blackouts include aging infrastructure, inadequate investments, and the absence of clear policies for grid modernization. Similarly, the Canadian electricity sector requires an investment of USD 350 billion over the next 20 years, according to the Canadian Electricity Association. To address these issues, the United States, Canada, and Mexico formed the North American Energy Working Group initiative. This initiative aims to comprehensively evaluate energy development, production, transportation, transmission, distribution, and consumption in North America, considering a diverse range of energy sources and promoting efficient and clean energy production and utilization.
Recent regulations aimed at reducing power blackouts and upgrading aging power networks worldwide, particularly in North America, Europe, and parts of the Asia-Pacific (APAC) region, are driving demand across the entire power sector equipment value chain. The effectiveness of power systems relies on a complex network of transmission lines, substations with transformers and circuit breakers, as well as various other equipment such as feeder circuits, reclosers, sectionalizers, fuses, cutouts, service transformers, and service drops. All of these components need to function effectively to ensure the delivery of power to customers. Circuit breakers play a vital role in utilities for the safe operation of grids. They protect crucial assets like generators and transformers within power generation plants. The primary function of circuit breakers is to detect faults, such as short circuits, within the power transmission system and swiftly disconnect the affected equipment from the grid to prevent further damage. Therefore, the replacement of aging infrastructure presents a significant opportunity for the circuit breaker market to grow as utilities seek to upgrade their systems and enhance overall reliability.
Challenge:Environmental Regulations, Renewable Integration, Aging Infrastructure, Cybersecurity, Competitiveness, and Technological Advancements Shape the Circuit Breaker Market.
The circuit breakers market faces several challenges driven by environmental regulations, integration of renewable energy sources, aging infrastructure, cybersecurity risks, market competitiveness, and technological advancements. Stricter environmental regulations aimed at reducing greenhouse gas emissions pose challenges for circuit breakers using SF6 gas, which has a high global warming potential. The increasing integration of intermittent and fluctuating renewable energy sources necessitates circuit breakers capable of handling power fluctuations and ensuring grid stability. Upgrading aging power grids and electrical systems to accommodate new technologies and growing power demands presents challenges in terms of cost, logistics, and maintaining uninterrupted power supply during the upgrade process. The growing digitization and connectivity of power systems raise concerns about cybersecurity risks, necessitating robust measures to protect circuit breakers and control systems. Market competitiveness, including market consolidation and the emergence of new competitors, poses challenges for companies striving to maintain their market share and competitiveness. Keeping pace with rapid technological advancements in the power sector, such as smart grid technologies, requires continuous innovation and development of circuit breaker solutions, which can be challenging for manufacturers and end-users. Addressing these challenges requires a proactive approach, including compliance with environmental regulations, development of alternative solutions, investment in infrastructure upgrades, robust cybersecurity measures, and ongoing technological innovation.
Circuit Breaker Market Ecosystem
The market is characterized by the presence of prominent companies that are well-established, financially stable, and have extensive experience in manufacturing circuit breakers and components. These companies have a strong market position and offer a diverse range of products. They leverage advanced technologies and possess global sales and marketing networks. Some of the prominent companies in this market include Eaton (Ireland), ABB (Switzerland), Siemens (Germany), Mitsubishi Electric (Japan), and Schneider Electric (France).
By insulation type, the gas circuit breaker segment is the largest contributor in the circuit breaker during the forecast period.
During the forecast period, the gas circuit breaker segment is anticipated to dominate the circuit breaker market. Low space requirements and high dielectric property are the market drivers for gas circuit breakers. Due to rising investments in renewable energy, the market for SFG-based gas-insulated switchgear is anticipated to be driven by the demand for upgrades of existing substations or the installation of new ones. Asia Pacific is predicted to hold the largest share of the global market for gas circuit breakers, followed by Europe.
By voltage, the high voltage segment is expected to be the largest market for circuit breaker during the forecast period.
By voltage, the high voltage segment accounted for the largest market share for circuit breakers in 2022. Investments in the electrical transmission network are what are fueling demand for high voltage circuit breakers, which is what is driving the growth of the high voltage segment. The highest CAGR is anticipated for the high-voltage market in Asia Pacific during the forecast period. Many utilities are investing in high-voltage circuit breakers to meet the rising demand for electricity in residential areas and to provide a highly reliable power supply, which is expected to drive the high-voltage circuit breaker market.
By installation, the outdoor segment is expected to be the largest contributor during the forecast period.
By installation in 2022, the outdoor segment had the largest market share for circuit breakers. The market is anticipated to grow as more solar and wind power plants are installed. Additionally, as infrastructure improvements are made in nations with high rates of urbanisation, the demand for outdoor circuit breakers is rising.
By end user, the T&D utilities segment is expected to be the largest contributor during the forecast period.
By end user, the T&D Utilities segment had the largest market share for circuit breakers in 2022. The circuit breaker market is anticipated to be driven by rising electricity demand as well as the replacement of deteriorating infrastructure. The largest market shares of distribution utilities are also largely due to T&D utilities' growing investments in the smart grid.
Asia Pacific held the largest share of the circuit breaker market in 2022.
In 2022, Asia Pacific held the largest market share for circuit breakers worldwide. According to each individual nation, the region has been divided into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China is the region's biggest and fastest-growing market. China is regarded as the world leader in power transmission and distribution. The nation primarily focuses on developing transmission lines capable of transferring high loads over long distances and developing a dependable power system across the entire country. Renewable energy projects like wind and solar are expanding and developing quickly in China. In addition, the Chinese government recently passed the Renewable Energy Law, which sets a 2020 goal of 20% of primary energy consumption coming from renewable sources. In the Gansu province, the Chinese government has begun construction on the wind project Three Gorges on Land, which can produce 22 GW of electricity. Therefore, it is likely that as the number of renewable energy projects rises, so will the number of installations in substations.
Key Market Players
ABB, Schneider Electric, Siemens, Mitsubishi Electric, and Eaton are prominent players in the circuit breaker market, known for their industry expertise and innovative solutions. Additionally, CG Power and Industrial Solutions, XIGAO Group, LS ELECTRIC, Huayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity, Meidensha, Toshiba, Powell Industries, and other companies also operate in the global market, contributing to its competitive landscape.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Report Metric |
Details |
Market Size available for years |
2020–2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Forecast units |
Value (USD) |
Segments covered |
Insulation Type, Voltage, Installation, End User, and Region |
Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, and South America. |
Companies covered |
ABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, Mitsubishi Electric, CG Power and Industrial Solutions, TE Connectivity, LS ELECTRIC, Hyundai Electric, Secheron, Chint Electric, TE Connectivity, Tavrida Electric, Toshiba, Powell Industries, and others |
This research report categorizes the circuit breaker market based on Insulation Type, Voltage, Installation End User, and Region.
Based on the insulation type:
- Vacuum Circuit Breaker
- Air Circuit Breaker
- Gas Circuit Breaker
- Oil Circuit Breaker
Based on the voltage:
- Medium Voltage
- High Voltage
Based on the installation:
- Indoor
- Outdoor
Based on the end user:
- T&D Utilities
- Power Generation
- Renewables
- Railways
Based on the region:
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- South America
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.
Frequently Asked Questions (FAQ):
What is the current market size of the circuit breaker market?
The size of the global circuit breaker is USD 6.5 billion in 2023.
What are the major drivers for the circuit breaker market?
The circuit breaker market is propelled by various factors, including increased investments in power generation, particularly from renewable energy sources. There is also a rising global demand for reliable and secure power supply, driving the need for circuit breakers. Additionally, the market benefits from increasing capacity additions and improvements in transmission and distribution (T&D) networks. Furthermore, investments in the railways sector contribute to the growth of the circuit breaker market.
Which region dominates during the forecasted period in the circuit breaker market?
During the forecast period, the Asia Pacific region is expected to experience the highest growth rate in the circuit breaker market. This growth can be attributed to the rapid development and expansion of renewable energy projects, particularly in countries like China and South Korea. The Chinese government, for instance, has implemented the Renewable Energy Law, which aims to achieve 20% of primary energy consumption from renewable sources by 2020. China has also launched the Three Gorges on Land wind project in Gansu province, boasting a substantial power-generating capacity of 22 GW. As a result, with the increasing number of renewable projects, there is a corresponding rise in the installation of substations, indicating a positive outlook for the circuit breaker market in the region.
Which is the fastest-growing type segment during the forecasted period in the circuit breaker market?
The gas circuit breaker segment is anticipated to witness the highest growth rate in the forecasted period. This growth is primarily driven by the favorable attributes of gas circuit breakers, including their high dielectric property and space-saving design, which contribute to their increasing demand in the market.
Who are the leading players in the global circuit breaker market?
ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland) are the leading players in the circuit breaker market.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
To determine the current market size for circuit breakers, several key activities were undertaken. Extensive secondary research was conducted to gather information on the market and related industries. These findings were then validated through primary research, involving discussions with industry experts across the value chain. Both top-down and bottom-up approaches were employed to estimate the overall market size. Additionally, market breakdown and data triangulation techniques were utilized to calculate the market size of specific segments and subsegments.
Secondary Research
This research study utilized a wide range of secondary sources, including directories, databases, and reputable sources such as Hoover's, Bloomberg BusinessWeek, Factiva, World Bank, US DOE, and IEA. These sources were instrumental in gathering valuable information for a comprehensive analysis of the global circuit breaker market from technical, market-oriented, and commercial perspectives. Additional secondary sources included annual reports, press releases, investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The circuit breaker market involves multiple stakeholders, including public and private electric utilities, distribution companies, circuit breaker manufacturers, dealers, suppliers, circuit breaker component manufacturers, energy and power sector consulting firms, and others. To understand the market dynamics, primary sources were interviewed from both the supply and demand sides. These sources provided qualitative and quantitative insights into the market. The breakdown of primary respondents is as follows
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the size of the global circuit breaker market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Circuit breaker Market Size: Bottom-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
A circuit breaker is a crucial component in an electric circuit that safeguards equipment from potential damage resulting from excessive current flow, which can be caused by overload or short circuit situations. It functions as an automated switch that can both open and close circuits. Circuit breakers can be manually operated for maintenance purposes or automatically trip to interrupt the circuit in the event of a short circuit occurrence. These devices come in two main types: AC circuit breakers, which handle alternating current, and DC circuit breakers, which are designed for direct current applications.
The circuit breaker market refers to the global market for devices designed to protect electrical circuits from excessive current flows and short circuits. Circuit breakers are automatic switches that can interrupt electrical currents when they exceed safe levels, preventing damage to equipment, electrical systems, and even potential hazards like fires. The circuit breaker market is expected to witness growth during the forecast period, driven by the expanding capacity additions and improvements in transmission and distribution (T&D) networks across key regions, including North America, South America, Europe, Asia Pacific, and the Middle East & Africa. This growth is propelled by the need to accommodate the increasing demand for electricity and ensure reliable power supply across these regions. The investments in enhancing T&D networks will facilitate efficient transmission and distribution of electricity, creating opportunities for the circuit breaker market to expand.
Key Stakeholders
- Government Utility Providers
- Independent Power Producers
- Circuit Breaker manufacturers
- Power equipment and garden tool manufacturers
- Consulting companies in the energy & power sector
- Distribution utilities
- Government and research organizations
- Organizations, forums, and associations
- Raw material suppliers
- State and national regulatory authorities
- Switchgear manufacturers, distributors, and suppliers
- Switchgear and circuit breaker original equipment manufacturers (OEMs)
Objectives of the study
- To define, describe, circuit breaker market, based on insulation type, voltage, installation, and end user.
- To provide detailed information on the major factors influencing the growth of the circuit breaker market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the circuit breaker market with respect to individual growth trends, prospects, and contribution of each segment to the market
- To analyze the impact of recession on the market for the estimation of the market size
- To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
- To forecast the growth of the circuit breaker market with respect to the major regions (Asia Pacific, Europe, North America, South America, the Middle East, & Africa)
- To strategically profile key players and comprehensively analyze their market share and core competencies
- To track and analyze competitive developments, such as new product launches, contracts & agreements, investments & expansions, and mergers & acquisitions, in the market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Regional Analysis
- Further breakdown of region or country-specific analysis
Company Information
- Detailed analyses and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Circuit Breaker Market