Circuit Breaker and Fuse Market Assessment, By Voltage [Circuit Breaker Voltage, Fuse Voltage], By Type [Circuit Breaker Types, Fuse Types], By End-user [Consumer Electronics, Transportation, Construction, Power Generation and Distribution, Renewables, Ot

Circuit Breaker and Fuse Market Assessment, By Voltage [Circuit Breaker Voltage, Fuse Voltage], By Type [Circuit Breaker Types, Fuse Types], By End-user [Consumer Electronics, Transportation, Construction, Power Generation and Distribution, Renewables, Others], By Region, Opportunities and Forecast, 2016-2030F

Global circuit breaker and fuse market size was valued at USD 16.2 billion in 2022, which is expected to reach USD 25.3 billion in 2030, with a CAGR of 5.7% for the forecasted period between 2023 and 2030.

Circuit breakers and fuses provide crucial protection by preventing electrical overloads and faults and enhancing safety and safeguarding equipment. The market growth is driven by the rise in adoption rate, technological advancements, increasing construction activities, infrastructure development, rise in investments, and the surge in demand for electrical safety across industries. Additionally, advancements in smart and eco-friendly solutions contribute to market expansion as they meet evolving energy efficiency and environmental regulations.

The technological advancements in fuses, such as smart and self-resetting features, are propelling the market growth exponentially. These innovations enhance reliability, reduce downtime, and improve safety, thereby meeting the growing demand for efficient and sophisticated electrical protection solutions in various industries.

For example, in October 2022, LittleFuse Inc., introduced the eFuse Protection ICs of 4 distinct circuit protection devices. These ICs utilize a modern design which provides a power input range from (3.3 to 28) Volts as well as integrated protection. Additionally, these electronic fuses provide protection against short circuit, overcurrent, reverse current, etc.

Utilization of Protective Relays is Proliferating Market Growth

The increased utilization of protective relays significantly boost the Circuit Breakers and Fuses Market. Protective relays are vital in monitoring and responding to electrical system abnormalities, such as overcurrent, short circuits, and voltage imbalances. They trigger circuit breakers and fuses to protect equipment and prevent electrical hazards. Moreover, the growing demand for reliable and automated protection solutions in various industries, including power generation, utilities, and industrial applications, is expanding the market.

In February 2022, ABB introduced the Relay Retrofit Program, which aimed to upgrade specific SPACOM protection relays to the latest protection and control technology, REX610. It is an all-inclusive protection relay engineered to adjust to the requirements of advancing power grids, offering a versatile, eco-friendly, and forward-looking solution.

Air Circuit Breakers is Augmenting the Market Growth

The increased adoption of air circuit breakers drives growth in the circuit breaker and fuse market. These circuit breakers offer reliable and efficient protection against electrical overloads and short circuits, making them a preferred choice in various applications. Their adaptability, ease of maintenance, and ability to handle high currents contribute to market expansion, especially in industrial and commercial sectors, where maximum electrical safety and equipment protection are required.

For example, in May 2023, Schneider Electric unveiled EvoPacT, its latest medium voltage circuit breaker, tailored for the Canadian market. This enhanced solution has been carefully crafted to meet the requirements of infrastructure, sizeable industrial and commercial facilities, power-intensive operations, as well as cloud and service providers.

Rise in Investments Towards Transmission Grids are Catering to Extensive Market Opportunities

Increased investments in transmission grids are creating substantial opportunities within the Circuit Breaker and Fuse Market. These investments aim to enhance power distribution, ensuring reliability and efficiency. Moreover, the expansion of grid infrastructure, coupled with the need to accommodate renewable energy sources and smart grid technologies are driving the demand for circuit protection devices.

For example, in January 2023, China's State Grid Corporation announced its plans to invest USD 77 billion in transmission projects in 2023, as part of its broader commitment to allocate USD 329 billion during the entire 14th Five-Year Plan period from 2021 to 2025. In addition, China Southern Power Grid, a significant electric utility, had stated to contribute USD 99 billion to this undertaking. When combined with investments from regional companies, the total national investments in this sector are projected to reach USD 442 billion.

North America Led the Circuit Breaker and Fuse Market in All Aspects

North America has emerged as a leader in the global circuit breaker and fuse market due to factors such as robust industrial infrastructure, a growing construction sector, and increasing focus on electrical safety standards, driving the demand for circuit protection devices. The region has witnessed substantial investments in smart grid technology and renewable energy, further boosting the market growth. Moreover, stringent regulatory compliance, coupled with a strong emphasis on technological advancements, position North America at the forefront of circuit breakers and fuse market growth in recent years.

For example, in March 2022, National Grid and Siemens Energy joined forces in Orlando, Florida, to carry out a state-of-the-art upgrade of a National Grid substation, incorporating Siemens Energy's ""Blue circuit breakers"", which were designed with fluorinated gas-free technology, clean air insulation, and vacuum switching technology.

Government Initiatives

Government initiatives are crucial for the market as they promote safety and support sustainable electrical infrastructure. Regulations and standards enforced by governments ensure the use of reliable and certified products, enhancing public and industrial safety. Incentives, such as tax credits for energy-efficient solutions, stimulate innovation in the market. Government investments in infrastructure projects drive market growth. Overall, these initiatives play a pivotal role in maintaining the integrity of electrical systems, reducing electrical hazards, and promoting energy efficiency.

For example, the National Electrical Code (NEC), introduced by the United States government, stated that overcurrent protection is a necessity in every electrical circuit, whether it involves high-voltage transmission lines with substantial amperage or low-voltage lighting circuits with minimal amperage. Moreover, certain devices are designed to safeguard both conductors and equipment from the risks of overloads and short-circuits.

Impact of COVID-19

The market witnessed a significant transformation in the COVID-19 pandemic. Pre-COVID-19, the market was on a growth trajectory, driven by urbanization, industrialization, and increased power distribution needs. However, the pandemic disrupted supply chains, causing delays and hindrances in production and construction activities. It resulted in a temporary dip in demand as projects were postponed. In the post-COVID-19 era, the market gradually recovered as construction projects resumed, emphasizing the importance of reliable electrical infrastructure. The pandemic accelerated the adoption of advanced technologies, such as smart and IoT-enabled circuit protection solutions, driven by the increased reliance on technology in remote work and healthcare sectors. The market is now evolving, characterized by enhanced safety and technological integrations.

Key Players Landscape and Outlook

Global circuit breaker and fuse market is rapidly advancing, marked by major companies boosting their investments in smart meters and circuit breakers. Furthermore, these firms are committing substantial resources to improve their market position and financial performance. They are actively engaging in collaborations, acquisitions, and partnerships, which are redefining the industry's dynamics and accelerating overall market growth.

In October 2023, ABB introduced the SACE Infinitus solid-state circuit breaker, which will have its debut in Japan at the CEATEC 2023 sustainable technology exhibition from October 17 to 20th in Makuhari, Chiba City. The SACE Infinitus represents a groundbreaking achievement as the world's inaugural IEC60947-2 solid-state circuit breaker, playing a pivotal role in ushering in the next era of sustainable energy networks.