Circuit Breaker Market Size (2024-2029):

The Global Circuit Breaker Market size was estimated at US$ 17.26 billion in 2023 and is projected to reach US$ 24.94 billion by 2029 and is predicted to grow at a CAGR of 7.64% during the forecast period 2024-2029.

Market Overview:

Whenever there is a high voltage fault, the device detects the excess current and opens the circuit by removing the connection between the moving and fixed contact. When there is a high voltage difference between the fixed and moving parts, arcing can occur. Hence there is a thriving demand for breakers in the global market due to growing safety measures to protect the electrical.

 Market Growth:

The market's expanding need for operational safety to integrate reliable electrical infrastructure will drive global market trends.

 Market Drivers:

Growing investments in power generation, specifically from renewable energy sources, are driving the global circuit breaker market. Photovoltaic and wind generators are examples of renewable energy sources that require their own protective system. To link power-producing stations to switchyards and the electrical grid, circuit breakers are necessary. In an electrical system, it is one of the most crucial and critical components. It protects the power system and controls the power supply. Concerns about renewable energy's reliability have strengthened the market for renewable generation and distribution, which is boosting the worldwide industry.

Circuit Breakers have become an absolute necessity in electrical networks of commercial and residential constructs. Heavy load equipment needs individual circuit breakers for reliable functioning.  

Market Restraints:

SF6 circuit breakers are subject to strict environmental and safety standards. SF6 is one of the most potent greenhouse gases (GHGs) according to the Kyoto Protocol, with a global warming potential (GWP) of 23,000, making it one of the most potent greenhouse gases (GHGs). It is designated as a very dangerous greenhouse gas (GHG) by the Intergovernmental Panel on Climate Change (IPCC). As a result, the Kyoto Protocol mandates that emissions be reduced. SF6 is the only alternative that presently works as well as it does. As a result, high procurement costs and anti-SF6 legislation are expected to stifle growth. Imperfect joints in the manufacture of SF6 circuit breakers cause SF6 gas leakage, which can be a choking gas in some cases. Because SF6 gas is heavier than air, it settles in the surrounding area when it leaks from the breaker tank, and this gas precipitation might cause the operational staff to suffocate. When SF6 gas is arced, it is toxic and can be deadly if breathed. The United States Environmental Protection Agency (EPA) is working to find a mechanism to detect SF6 gas escaping in SF6 circuit breakers' breaker tanks, which can be deadly if an arc forms.

Internal components of SF6 circuit breakers must be thoroughly cleaned during routine maintenance in a clean and dry environment. If the item is not cleaned on a regular basis, the delicate parts will be harmed. The delivery and preservation of the gas's purity necessitate special accommodations. Any decrease in the gas's quality would have an impact on its performance, which would then have an impact on the dependability of SF6 circuit breakers.

CIRCUIT BREAKER MARKET REPORT COVERAGE:

Market Segmentation: 

Circuit Breaker Market - By End User:

• Residential
• Commercial
• Industrial
• Utilities

Due to the rising need for energy in emerging and developed nations, which resulted in increased demand for circuit breakers in utility applications, the utility sector obtained the highest circuit breakers market share in 2020. Furthermore, rising energy consumption combined with cleaner electricity generation is likely to drive the expansion of the renewable power generating segment, propelling the circuit breakers market forward in the upcoming years.

Circuit Breaker Market - By Voltage:

• Low
• Medium
• High

Because high-voltage circuit breakers are used extensively in commercial, industrial, and utility applications, the high-voltage category held the biggest market share by voltage in 2020. Furthermore, rural electrification, rapid growth in the electric utility sector, and development of power infrastructure building & construction activities in developing economies such as China, Germany, Japan, India, Australia, Brazil, and others are expected to drive circuit breakers market growth in the coming years.

Circuit Breaker Market - By Insulation Type:

• Vacuum
• Air
• Gas
• Oil

Due to increased demand for gas circuit breakers from the industrial, utility, and commercial sectors throughout the world, the gas segment led the worldwide market in terms of share in 2020. Moreover, throughout the circuit breakers market projection period, increased focus on distributed power infrastructure and fast expansion of the renewable energy sector is expected to fuel market growth.

Circuit Breaker Market - By Installation:

• Indoor
• Outdoor

Due to a consistent rise in demand for outdoor installations of circuit breakers from industrial and utility applications for the protection of electrical equipment and circuits, the outdoor segment led the worldwide market in terms of share in 2020. Furthermore, rising infrastructural developments, as well as the building and construction of power infrastructures such as transmission, generation, and distribution, as well as the rapid growth of the renewable energy industry, are expected to boost demand for outdoor circuit breakers in these sectors, driving the market growth during the forecast period.

Market Regional Analysis: 

The Circuit Breaker Market Report includes the segmentation of Regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

During the forecast period of 2022-2027, the Asia-Pacific Vacuum Circuit Breakers market is estimated to develop at a CAGR of more than 2% and is estimated to reach $5,046.13 million by 2028. China is likely to dominate the regional market. Because of expanding commercial projects and infrastructural expansions, Asia Pacific is likely to dominate the circuit breaker market. In 2020, the Asia-Pacific market was valued at USD 5.39 billion, and it is predicted to grow significantly in the future years. Furthermore, the increasing use of these breakers in manufacturing and industrial units is expected to enhance market growth.

Automation and modernization of industries will likely promote device usage in Europe and North America. Moreover, market growth is likely to be aided by fast infrastructure development and the launch of various building projects.

In the 6-year forecast period of 2022-2027, the Europe circuit breaker market is predicted to increase at a pace of 3.20 percent, with a total market value of USD 3,206.42 million by 2028.

For the projection period of 2022-2029, the North American circuit breaker and fuse market is expected to develop at a CAGR of 6.1 per cent, reaching USD 12,866.99 million by 2029.

Market Key Players:

1. Alstom SA
2. Eaton Corporation
3. Furukawa Electric
4. Mitsubishi Electric Corporation
5. Powell Industries Inc
6. Schneider Electric
7. Siemens AG
8. Toshiba Corp
9. ABB, Ltd
10. Kirloskar Electric Company Ltd

Market Key Players:

• In January 2022, Eaton acquired Royal Power Solutions, a high-precision electrical connection component manufacturer headquartered in the United States that serves the electric car, energy management, industrial, and mobility sectors, for $600 Million to enhance their ability to grow in mobility, aerospace and electrical businesses.
• In August 2021, Mitsubishi Electric Corporation acquired UK-based Smarter Grid Solutions (SGS a major global producer of software for power distribution utilities and DER operators to manage distributed energy resources (DER).
• In July 2019, Mitsubishi Electric Corporation produced what is thought to be the world's first diagnostic solution based on the company's patented Maisart artificial intelligence (AI) technology that analyses sensor data and then generates a model of a production machine's transition between various operational states, allowing the technology to detect machine faults quickly and correctly for enhanced productivity in factories and plants.