Circuit Breakers Market Research, 2030
The global circuit breakers market size was valued at $9.4 billion in 2020, and is projected to reach $17.8 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Lockdowns imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for circuit breakers from consumers. In addition, halt in building & construction of new electric utility infrastructures, renewable power plants, grid network, residential & commercial buildings, and other power plants, owing to unavailability of workers and increase in demand–supply gap hampered the circuit breakers market growth during the pandemic period. This resulted in decline in market growth in the 2020. However, the circuit breakers market was expected to recover by the last quarter of 2021, as COVID-19 vaccination is available in various economies across the globe, which is expected to improve the global economy.
The circuit breakers market is segmented on the basis of voltage, insulation type, installation, end user, and region. By voltage, the global circuit breakers market covers low, medium, and high voltage segments. By insulation type, the market is segmented into vacuum, air, gas, and oil. Depending on installation, the market is segmented into indoor and outdoor installations. On the basis of end user, it is segregated into residential, commercial, industrial, utility, and others. The report further covers analysis of key regional markets, such as North America, Europe, Asia-Pacific, and LAMEA.
The global circuit breakers market analysis covers in-depth information of the major circuit breakers industry participants. Some of the major players in the market include, ABB, Ltd., Alstom, Eaton Corporation Plc, Furukawa Group, Kirloskar Electric, Powell Industries, Mitsubishi Electric Corporation, Schneider Electric, Siemens AG, and Toshiba Corporation.
Other players operating in the value chain of the global circuit breakers market are Tavrida, LS Electric, Huayi Electric, Myers Power Products, and others.
The key players have adopted numerous strategies, such as product launch, acquisition, and agreement, to stay competitive in the circuit breakers market.
For instance, in January 2021, ABB India launched Formula DIN-Rail, a complete range of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs) and isolators, which enhanced its product portfolio in the Indian electrical retail market.
In addition, in November 2018, Schneider Electric launched Square D Brand Masterpact MTZ Future- ready low-voltage power circuit breaker. This product offers wireless remote control of the circuit breaker via Bluetooth LE, keeping maintenance staff outside of the arc flash zone during operation.
By voltage, the high voltage segment held the largest market share in 2020, owing to the fact that high-voltage circuit breaker find major application in commercial, industrial, and utilities sectors. In addition, rural electrification, rapid growth in electric utility sectors, and development of building & construction activities of power infrastructure across the developing economies, such as China, India, Japan, Brazil, Germany, Australia, and others are anticipated to fuel the circuit breakers market growth in the coming years.
On the basis of insulation type, the gas segment dominated the global market in 2020, in terms of share, owing to rise in demand for gas circuit breakers from industrial, utilities, and commercial sectors across the globe. In addition, rise in focus towards distributed power infrastructure and rapid growth of the renewable energy sector are anticipated to drive the growth of the market during the circuit breakers market forecast period.
On the basis of installation, the outdoor segment dominated the global market in 2020, in terms of share, owing to rise in demand for outdoor installations of circuit breakers from the industrial and utility applications for the protection of electrical equipment and circuits. In addition, increase in infrastructural developments, building & construction of power infrastructures, such as generation, transmission and distribution and rapid growth of the renewable energy industry are projected to rise the demand for outdoor installations of circuit breakers in these sectors, which is expected to drive the growth of the market during the forecast period.
By end user, the utilities segment acquired the largest circuit breakers market share in 2020, owing to rise in demand for electricity from developing and developed economies, which resulted in increase in demand for circuit breakers from utility applications. In addition, rise in energy demand along with cleaner generation of electricity is expected to fuel the growth of the renewable power generation segment, thereby driving the growth of the circuit breakers market in the coming years.
Asia-Pacific garnered the highest share in the circuit breakers market in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, rapid expansion of the renewable energy sector, rise in investment toward up gradation of aged power infrastructure, and rapid industrialization in the region are further anticipated to fuel the growth of the circuit breakers market in the upcoming years.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the circuit breakers market analysis from 2020 to 2030 to identify the prevailing circuit breakers market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the circuit breakers market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global circuit breakers market trends, key players, market segments, application areas, and market growth strategies.
Circuit Breakers Market Report Highlights
By End User
By Insulation Type
Key Market Players
Schneider Electric, Kirloskar Electric Company Ltd, Furukawa Electric, Eaton Corporation, ABB, Ltd., Siemens AG, Toshiba Corp., Mitsubishi Electric Corporation, Alstom SA, Powell Industries Inc.
The global circuit breaker market is in its nascent phase, however, it is projected to witness profitable growth opportunities during the forecast period. This is attributed to overall replacement of fuses by circuit breaker in response to their greater benefits. Governments from various regions are focusing on increasing the electricity access rate to attain electric development. In line with this vision, heavy investments have been made to establish new utilities and electricity infrastructure, which in turn is expected to drive the demand for circuit breakers.
Rapid industrialization and growth of the renewable energy sector are the key factors attributed to the leading position of Asia-Pacific in the global circuit breaker market. The huge potential in Asia-Pacific to set up renewable energy plants & industries and surge in building & construction activities towards transmission networks along with promotion of rural electrification are expected to provide lucrative opportunities to leading circuit breaker manufacturers of the global circuit breaker market.
To achieve sustainable developments, most of the renewable energy generated is distributed to build smart cities across the globe. Thus, emerging smart city projects are expected to offer remunerative opportunities for market expansion during the forecast period. On the contrary, the growth in the unorganized energy sector is observed in price-sensitive economies, such as Brazil, India, and China, which is expected to pose a challenge in the growth of the circuit breaker market during the forecast period.