Circuit Breaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Circuit Breaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global circuit breaker market size reached US$ 8.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.6 Billion by 2028, exhibiting a growth rate (CAGR) of 3.37% during 2023-2028.

A circuit breaker refers to an automatic safety device designed to prevent fluctuations in the flow of the current and protect other devices that are attached to the circuit. It also assists in controlling, regulating and mastering electric power efficiently. It is currently available in numerous sizes ranging from small devices that protect low-current circuits to large switchgear, which protects high-voltage circuits. As circuit breakers are useful in low-, medium-, and high-voltage applications, they are extensively utilized in the construction, locomotive, and transportation industries.

There is a significant rise in the need for upgrading electrical transmission networks, especially in emerging economies, on account of rapid urbanization and increasing population. Consequently, governments in these countries are focusing on expanding their power generation capacity to meet electricity requirements in rural and urban areas. This, in turn, has escalated the demand for circuit breakers. Apart from this, governing agencies in developed countries are replacing the old electrical equipment with energy-efficient systems to ensure electrical safety and minimize wastage. For instance, countries are revamping their power grid construction and transmission lines, which is strengthening the market growth.

Global Circuit Breaker Market Drivers:
In recent years, the demand for electricity has been increasing day by day. Circuit breakers are beneficial in the transmission and distribution of power supply. Moreover, owing to an emerging need for saving electricity, governments across the globe are introducing numerous initiatives to establish efficient and smart power grids. These factors have contributed towards the growth of the circuit breaker market.
Safety of kitchen appliances, industrial tools and machinery and IT products have become a matter of chief concern that is playing a major role in the rising demand of circuit breakers. By using circuit breakers, the whole power mechanism can be made safe and protected from the frequent power fluctuations and short circuits.
An important factor that is responsible for the constant growth in the circuit breaker market is the increasing trend of urbanisation and industrialisation in developing countries. This has caused an improvement in the electricity infrastructure as well as an increase in the power supply to rural areas.
Low maintenance cost and increasing usage of these devices in locomotive industries are some of the other advantages that are positively influencing the growth of global circuit breaker market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global circuit breaker market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, voltage, technology and end use.

Breakup by Product Type:

Indoor
Outdoor

Outdoor circuit breakers exhibit a clear dominance in the market.

Breakup by Voltage:

Low
Medium
High

High voltage circuit breakers hold the largest market share.

Breakup by Technology:

Air
Vacuum
Oil
SF6

Air circuit breakers account for majority of the total global market.

Breakup by End Use:

Transmission and Distribution
Renewable
Power Generation
Railways

The transmission and distribution industry dominates the market.

Regional Insights:

Asia Pacific
North America
Europe
Latin America
Middle East and Africa

Asia Pacific currently enjoys the leading position in the market.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of top circuit breaker manufactuers are ABB Group, Alstom SA, Eaton Corporation Inc., General Electric Company, Mitsubishi Electric Power Products, Inc., Schneider Electric, Siemens AG, Camsco Electric Co. Ltd., G&W Electric Co., Kirloskar Electric Co. Ltd., Larsen & Toubro Limited, Powell Industries Inc., SCHURTER Holding AG, Sensata Technologies Inc. and Toshiba.

Key Questions Answered in This Report
1. What was the size of the global circuit breaker market in 2022?
2. What is the expected growth rate of the global circuit breaker market during 2023-2028?
3. What are the key factors driving the global circuit breaker market?
4. What has been the impact of COVID-19 on the global circuit breaker market?
5. What is the breakup of the global circuit breaker market based on the product type?
6. What is the breakup of the global circuit breaker market based on the voltage?
7. What is the breakup of the global circuit breaker market based on the technology?
8. What is the breakup of the global circuit breaker market based on the end use?
9. What are the key regions in the global circuit breaker market?
10. Who are the key players/companies in the global circuit breaker market?