Circuit Breaker Market

Circuit Breaker Market

Growth Factors of Circuit Breaker Market

The circuit breaker market size was valued at USD 18.18 billion in 2023, and the market is now projected to grow from USD 19.52 billion in 2024 to USD 30.09 billion by 2032, exhibiting a CAGR of 5.56% during the forecast period of 2023-2032.

The decrease in sales of passenger automobiles and commercial vehicles during the pandemic is a significant element influencing this industry hence reducing circuit breaker market growth. Lockdown enacted in numerous nations have hindered the manufacturing and caused transportation delays. In addition, worldwide restrictions have caused a halt in economic activities. Despite the challenges of covid pandemic, the circuit breaker market has proven to be robust. Although the construction of electric vehicle has been delayed due to shortage of manpower and procurement concerns of raw material.

Increasing infrastructure to drive circuit breaker system adoption promoting circuit breaker market growth in the upcoming years. Expanding the use of electrical safety laws to support development. In industrial settings, utility-scale grids, and residential and commercial structures, breakers are now an essential component of electrical networks. Due to the fast-paced industrialization and urbanization, electrical switching devices are installed in every home, business, and other building. Breakers are now considered an integral component of all structures. regular modifications, such as stringent adherence to test protocols for switchgear and breakers used in electrical power distribution systems. Individual circuit breakers must be used with some heavy-duty equipment in order to ensure dependable and safe operation. A regulated environment like this has improved the breaker market sales market dynamics.

Investing more in the industrial sector to meet demand will augment circuit breaker market growth during projected period. The demand for electrical switching devices in the global market is rising due to rising investments in the industrial sector and in leveraging the industrial infrastructure. The industrial and commercial sectors are the main users of these devices.

Comprehensive Analysis of Circuit Breaker Market

The circuit breaker market and power and energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power and energy benefit management industry. These segmentations are methodically segregated by voltage, by installation, by rated voltage and by end users. The voltage segmentations are as follows: Low, Medium, and High; segmentations by Installation: Indoor and Outdoor; segmentations by Rated Voltage: Up to 500V, 500V - 1kV, 1kV - 15kV, 15kV - 50kV, 50kV - 70kV, 150kV - 300kV, 600kV - 800kV, and Above 800kV. Utility, Commercial, Industrial, and Residential are the divisions of the end users.

The Asia Pacific region lead the circuit breaker market by benefitting a market size of USD 7.13 billion in 2023 due to expanding commercial developments, industrial hubs, and infrastructure expansion worldwide; all industrial and manufacturing units use a range of electrical switches.

The top players in the market play a crucial role in the power and energy industry assuring industrial prospectus growth and setting market standards. These players include, ABB (Switzerland), General Electric (U.S.), Schneider Electric (France), Eaton (Ireland), Siemens AG (Germany), Mitsubishi Electric Corporation (Japan), Larsen & Toubro Limited (India), CG Power and Industrial Solutions Limited (India), Kirloskar Electric Company (India), Camsco Electric (Taiwan), BCH ELECTRIC LTD (India), Salzer Group (India), Atom Power, Inc. (U.S.) these market players provide a level-playing competitive environment across the globe.

In September 2020, Ideal Power Inc. and Diversified Technologies, Inc. inked a USD 1.2 million cooperation to showcase a high efficiency direct current electrical switching device that is enabled by B Tran.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.56% from 2024-2032

Unit Value (USD Billion)

Segmentation By Voltage

• Low Voltage
• Medium Voltage
• High Voltage

By Installation

• Indoor
• Outdoor

By Rated Voltage

• Upto 500V
• 500V – 1kV
• 1kV – 15kV
• 15kV – 50kV
• 50kV – 70kV
• 70kV – 150kV
• 150kV – 300kV
• 300kV – 600kV
• 600kV – 800kV
• Above 800kV

By End-user

• Residential
• Commercial
• Industrial
• Utility

By Region

• North America (By Voltage, By Installation, By Rated Voltage, By End-user, By Country)
• U.S. (By End-user)
• Canada (By End-user)
• Europe (By Voltage, By Installation, By Rated Voltage, By End-user, By Country)
• Germany (By End-user)
• U.K. (By End-user)
• France (By End-user)
• Italy (By End-user)
• Spain (By End-user)
• Russia (By End-user)
• Rest of Europe (By End-user)
• Asia Pacific (By Voltage, By Installation, By Rated Voltage, By End-user, By Country)
• China (By End-user)
• Japan (By End-user)
• India (By End-user)
• Australia (By End-user)
• Southeast Asia (By End-user)
• Rest of Asia Pacific (By End-user)
• The Middle East & Africa (By Voltage, By Installation, By Rated Voltage, By End-user, By Country)
• GCC (By End-user)
• South Africa (By End-user)
• Rest of the Middle East & Africa (By End-user)
• Latin America (By Voltage, By Installation, By Rated Voltage, By End-user, By Country)
• Brazil (By End-user)
• Mexico (By End-user)
• Rest of Latin America (By End-user)

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