Global Circuit Breaker Market - 2024-2031

Global Circuit Breaker Market - 2024-2031

Global Circuit Breaker Market reached US$ 19.16 billion in 2023 and is expected to reach US$ 29.68 billion by 2031, growing with a CAGR of 5.62% during the forecast period 2024-2031.

The circuit breaker sector is seeing significant expansion and innovation, propelled by technological advancements, increasing electrical demand and the use of renewable energy sources. As a significant actor in the energy sector. Targeted expenditures in renewable energy and grid modernization initiatives are propelling the need for high-voltage circuit breakers.

Accelerated urbanization and industry in the region are necessitating dependable power distribution infrastructure amid increasing electricity usage. Numerous countries globally possess power infrastructures that are inadequate to maintain the requisite standards of quality and large-scale power transmission necessary for diverse operations. Technologies developed in the early 1940s are now manifested as obsolete electric infrastructure.

According to US Department of Energy, 70% of transmission and transformer lines exceed 25 years in age, while 60% of circuit breakers surpass 30 years. Companies are prioritizing the modernization or transformation of infrastructure to support the new era of electric technologies and ensure reliability. Consequently, insufficient electrical power infrastructure is likely to present growth prospects for the circuit breaker and fuse industry.

Dynamics

Rising Infrastructure

The increasing global building of residential, commercial, governmental and industrial infrastructure, driven by population growth, urbanization and industrialization, is creating a demand for circuit breaker systems. According to the World Bank, the value added to the industrial sector, including construction, increased from US$ 23.47 trillion in 2019 to US$ 27.76 trillion in 2022 globally, significantly influencing infrastructure expansion.

The infrastructure necessitates circuit breakers to guarantee operational safety and efficiency by terminating electrical circuits during overloads or faults, thus minimizing equipment damage and reducing the risk of electrical fires. The incorporation of smart technologies and the Internet of Things (IoT) into infrastructure projects enhances the necessity for intelligent circuit protection solutions, hence fostering a favorable market outlook.

Increasing Adoption Of Smart Grid Technologies

A smart grid signifies a technological enhancement in electrical systems, facilitating bidirectional communication between utilities and consumers. Global power utilities are progressively investing in smart grid technologies to enhance power equipment management. Smart grids facilitate demand flexibility and increase consumer engagement in energy system operations via distributed generating and storage technologies. The emergence of the Internet of Things (IoT) has expedited the advancement of intelligent technologies in electricity transmission and distribution networks.

Smart circuit breakers (SCBs) are essential to this advancement, providing superior protection together with intelligent detection and management of grid failures. These systems necessitate a resilient network communication architecture to oversee the multitude of connected components and guarantee real-time information transmission. Global governments are instituting regulations to facilitate smart grid adoption, enhancing awareness of energy conservation and stimulating market expansion across diverse industries. Substantial money, shown by the US$ 3.4 billion designated by the ARRA in the US, bolsters these programs.

Stringent Environmental And Safety Regulations

The Kyoto Protocol designates sulfur hexafluoride (SF6) as one of the most powerful greenhouse gases (GHGs), possessing a global warming potential (GWP) of 23,000. The Intergovernmental Panel on Climate Change (IPCC) categorizes it as very detrimental, leading the Protocol to promote emissions reductions. At present, no alternatives can rival the efficiency of SF6, rendering its high procurement prices and regulatory constraints impediments to growth. SF6 circuit breakers frequently experience suboptimal joints, resulting in gas leakage that presents a suffocation hazard due to the gas's greater density than air.

Furthermore, the curved configuration of SF6 may be hazardous if breathed. The US Environmental Protection Agency (EPA) is proactively pursuing methods to identify SF6 leaks, particularly during arcing incidents. Consistent upkeep in a clean, arid setting is essential to avert harm to delicate components. The transportation and maintenance of SF6 necessitate specialist facilities, as any deterioration in gas quality directly affects the reliability of these circuit breakers. This challenge requires new solutions from industry stakeholders and technological specialists.

Segment Analysis

The global circuit breakers market is segmented based on voltage type, component, technology, installation, rated voltage, end-user and region.

Dominance of Vacuum Circuit Breakers in Power Protection Technology with Superior Insulation and Environmental Advancements

The vacuum circuit breaker technology category has commanded a significant part of the market in recent years. The vacuum circuit breaker possesses a superior insulating medium for arc extinction relative to other circuit breakers. Vacuum is a superior dielectric medium compared to many other insulating materials used in circuit breakers. It surpasses all other media, excluding air and SF6, which are utilized under high pressure. When an arc is extinguished by separating the contacts in a vacuum, an interruption transpires at the initial current zero. With arc interruption, their dielectric strength improves by a factor of thousands compared to other breakers.

In August 2022, Eaton introduced the MV VCPW-HD Medium-Voltage Vacuum Breaker. It surpasses user expectations with unparalleled durability and a space-efficient design. The VCPW-HD seal safeguards against dust and pollutants, ensuring prolonged equipment longevity. It is optimal for elevated altitudes, minimal shock, vibration and high ambient temperatures. The VCPW-HD is the unequivocal selection for ecologically aware individuals as it contains no SF6 gas.

Geographical Penetration

Asia-Pacific Dominance Driven By Power Transmission, Distribution and Renewable Energy Initiatives

The Asia-Pacific region possessed the biggest global market share for circuit breakers. The region is partitioned into China, Japan, India, South Korea, Australia and the remainder of the Asia-Pacific. China is the largest and most rapidly expanding market in the region. China is regarded as the preeminent authority in power transmission and distribution. The region's principal objective is to construct transmission lines that can convey substantial loads over extensive distances and to establish a reliable electricity infrastructure nationwide. Renewable energy initiatives such as wind and solar are rapidly expanding and evolving in China.

The Chinese government recently enacted the Renewable Energy Law, establishing a target of 20% of primary energy consumption derived from renewable sources. The Chinese government has commenced construction of the Three Gorges on Land wind project in Gansu province, which has the capacity to generate 22 GW of power. Consequently, it is probable that an increase in renewable energy projects will correspond with a rise in substation installations.

Competitive Landscape

The major global players in the market include ABB Ltd., Bel Fuse Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Eaton Corporation plc, General Electric Company, Siemens AG, Rockwell Automation, Inc., Larsen & Toubro Limited, NXP Semiconductors N.V., SCHURTER Holding AG.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict has profoundly impacted the worldwide supply chain for circuit breakers, especially for components dependent on materials procured from Eastern Europe. Prior to the conflict, Ukraine served as a significant source of diverse raw materials, such as copper and aluminum, crucial for the production of electrical equipment.

The conflict has resulted in production setbacks and price increases, with copper prices escalating by more than 20% since early 2022. The supply chain disruptions have resulted in elevated expenses for businesses and, subsequently, increased prices for consumers.

Furthermore, geopolitical concerns have prompted a transition to alternate procurement techniques, as firms seek to diminish dependence on Eastern European suppliers. This has resulted in an increasing trend of investing in domestic manufacturing capacities and investigating alternate materials to alleviate hazards.

By Voltage
• Low Voltage
• Medium Voltage
• High Voltage

By Component
• Circuit Breaker
• Fuse

By Technology
• Air Blast Circuit Breakers
• Vacuum Circuit Breakers
• Oil Circuit Breaker
• SF6 Circuit Breaker
• Others

By Installation
• Indoor
• Outdoor

By Rated Voltage
• Upto 500V
• 500V – 50kV
• 50kV – 300kV
• 300kV – 800kV
• Above 800kV

By End-User
• Residential
• Commercial
• Industrial
• Utility
• Others

By Region
• North America
US
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In September 2022, Schneider Electric Infrastructure Ltd. (SEIL) declared its intention to establish a new manufacturing facility for vacuum circuit breakers in West Bengal, India. SEIL asserted that the capacity expansion will enable the company to satisfy domestic demand and enhance exports to Schneider Electric’s international divisions.
• In August 2022, Siemens AG introduced the 3VA UL big frame molded case circuit breakers, facilitating the development of robust, secure and intelligent systems, while enhancing and streamlining work processes.

Why Purchase the Report?
• To visualize the global circuit breakers market segmentation based on voltage type, component, technology, installation, rated voltage, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the circuit breakers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global circuit breakers market report would provide approximately 89 tables, 87 figures and 234 Pages

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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