Circuit Breaker Market

Circuit Breaker Market Size & Share - Future Growth Expectations

The global circuit breaker market size is expected to reach USD 8.6 billion by 2028 from an estimated USD 6.5 billion in 2023, at a CAGR of 5.5% during the forecast period. The major factors driving the growth of this market include the increasing investments in smart grid technologies aimed at protecting and controlling power equipment, as well as the replacement of aging infrastructure.

The circuit breaker market has been witnessing substantial expansion as a result of multiple significant factors.

  • Growing Demand for Electricity
  • Grid Modernization Initiatives
  • Renewable Energy Integration
  • Industrialization and Urbanization
  • Emphasis on Electrical Safety
  • Residential Building and Home Improvement

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Growing Demand for Electricity:

  • As a result of industrialization and an increasing world population, there is a constant need for power. Circuit breakers are crucial parts of electrical distribution networks because they guard against electrical failures, overcurrents, and short circuits, which can harm infrastructure and equipment. There is an increasing need for circuit breakers as nations make investments to improve their electrical infrastructure in order to fulfill the growing demand for energy.

Grid Modernization Initiatives:

  • By implementing cutting-edge machinery and technology, grid modernization projects seek to improve the resilience, efficiency, and dependability of electrical systems. Because they safeguard and control, make it easier to integrate renewable energy sources, and increase grid stability, circuit breakers are essential components of modern grid architecture. Advanced circuit breakers with intelligent features and automation capabilities are becoming more and more in demand as utilities and grid operators modernize their grid systems.

Renewable Energy Integration:

  • New generation capacity must be included into the current electrical grids in order to facilitate the shift to renewable energy sources like wind and solar power. In renewable energy systems, circuit breakers are employed to safeguard transmission lines, transformers, and inverters from faults and overloads. Circuit breakers are more necessary for grid integration as the percentage of renewable energy in the electrical mix rises.

Industrialization and Urbanization:

  • The need for electrical systems and equipment, particularly circuit breakers, is fueled by the expansion of commercial buildings, urban infrastructure, and industries. In order to safeguard electrical circuits and maintain safety, circuit breakers are utilized in a variety of industrial applications, commercial buildings, data centers, and infrastructure projects. The need for circuit breakers for new construction and retrofit projects rises as economies grow and become more urbanized.

Emphasis on Electrical Safety:

  • Companies, utilities, and consumers should place a high premium on ensuring electrical safety. Circuit breakers help avoid electrical fires, damage to equipment, and injuries by offering protection against electrical hazards such overloads, short circuits, and ground faults. The market demand for safety-compliant goods is driven by regulatory standards and safety codes that require circuit breakers to be used in electrical installations.

Residential Building and Home Improvement:

  • The demand for circuit breakers for residential electrical systems is influenced by both the residential building industry and the home improvement market. In residential buildings, circuit breakers are built to guard against overloads and electrical faults that could harm appliances, outlets, and wiring. The need for circuit breakers with cutting-edge capabilities and connection grows as homeowners make investments in smart home technology, modern electrical systems, and enhanced safety measures.

The market trends driving the need for power, grid modernization, integration of renewable energy, urbanization, electrical safety, and technological innovation are projected to sustain the growth trajectory of the circuit breaker market. The need for circuit breakers is anticipated to increase across a range of industries and applications due to rising investments in residential building, industrial expansion, and infrastructure development.

Circuit Breaker Market Share - Global Industry Landscape

The circuit breaker market is characterized by the presence of several key players competing for market share. Some of the leading companies in the circuit breaker industry include:

  • ABB (Switzerland)
  • Schneider Electric (France)
  • Siemens (Germany)
  • Mitsubishi Electric (Japan)
  • Eaton (Ireland)

These companies are actively working to enhance grid-forming inverter technology and deliver cutting-edge solutions to market, in collaboration with other technology providers and research organizations. Market share within the grid-forming inverter business may change as regulations change, technology advances, and grid operators place a greater emphasis on grid stability and reliability when integrating renewable energy sources.

ABB (Switzerland)

  • ABB is a renowned provider of power and automation technologies, specializing in robotics, process automation, automation products, power systems, and power products. The company offers a comprehensive range of circuit breakers designed for various applications in segments such as transmission and distribution, railways, and power generation. ABB operates through four business segments: Electrification, Motion, Industrial Automation, and Robotics & Discrete Automation. Under the Electrification Products segment, ABB offers circuit breakers, along with automation and services for distribution and industrial solutions, providing control, protection, and optimization of assets within electrical infrastructures. The segment also encompasses low and medium voltage control and protection products. ABB places a strong emphasis on continuous innovation, resulting in the development of advanced circuit breakers equipped with features like digital monitoring, remote control, and fault detection. To further strengthen its market presence and improve its product portfolio, the company actively engages in strategic collaborations and acquisitions.

Schneider Electric (France)

  • Schneider Electric is a multinational corporation specializing in energy management and automation solutions. The company offers a comprehensive portfolio of circuit protection devices, including circuit breakers, for commercial, industrial, and residential applications.

Siemens (Germany)

  • Siemens is a well-known manufacturer of engineering solutions for automation and control, power, transportation, and medical diagnosis. The company operates through six business segments: Digital Industries, Smart Infrastructure, Gas and Power, Mobility, Siemens Healthineers, and Siemens Gamesa Renewable Energy. Siemens provides a wide range of products and services catering to various industries and end-user sectors. Under the Gas and Power business segment, Siemens offers solutions for condition monitoring & diagnostics, modernizations & upgrades, remote monitoring, and lifetime extensions. The portfolio includes high-voltage switchgear and components, power transformers, HVDC products, grid access solutions, and transmission services. In 2020, Siemens acquired C&S Electric to strengthen its presence in electrification products, specifically in low-voltage switchgear components, panels, power busbars, and protection and metering devices businesses in India.

Mitsubishi Electric (Japan)

  • Mitsubishi Electric is a Japanese multinational company that manufactures electrical and electronic equipment. The company offers various types of circuit breakers, such as air circuit breakers, vacuum circuit breakers, and gas-insulated circuit breakers, for industrial and utility applications.

Eaton (Ireland)

  • Eaton is a multinational company that manufactures a wide range of electrical products, including circuit protection devices. The company provides circuit breakers for residential, commercial, and industrial applications, offering solutions such as MCCBs, MCBs, and ACBs.

Related Reports:

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

Circuit Breaker Market Size,  Share & Growth Report
Report Code
EP 3341
RI Published ON
5/7/2024
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