DUBLIN, Dec. 29, 2023 /PRNewswire/ — The “Circuit Breaker Market by Insulation Type (Vacuum, Air, Gas, & Oil), Voltage (Medium, High), Installation (Indoor, Outdoor), End-User (Transmission & Distribution Utilities, Power Generation, Renewables, & Railways) and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The circuit breaker market is expected to experience significant growth, with its size expanding from approximately USD 6.5 billion in 2023 to about USD 8.6 billion by 2028. This represents a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2023 to 2028
The report offers a comprehensive overview of the circuit breaker market, covering various regions. Its objective is to estimate the market size and assess the potential for future growth across different segments, including insulation type, voltage, installation, end user, and region. Additionally, the report includes a detailed competitive analysis of key players in the market, featuring their company profiles, recent developments, and key market strategies.
Several factors are driving this growth, including the increasing investments in power generation, particularly in renewable energy sources. There is also a growing global demand for a dependable and secure power supply, leading to the expansion and improvement of transmission and distribution networks. Furthermore, the railway sector is witnessing accelerated investments, further contributing to the growth of the circuit breaker market.
The key players in the circuit breaker market include companies such as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).
The gas circuit breaker segment is expected to hold the largest share of the circuit breaker market, by insulation type, during the forecast period.
During the projected timeframe, the gas circuit breakers segment is expected to dominate the circuit breaker market. This dominance is attributed to the favorable characteristics of gas circuit breakers, such as their high dielectric property and space-saving benefits.
The Asia Pacific region is anticipated to hold the largest market share for gas circuit breakers, closely followed by Europe. The growing investments in renewable energy sources in these regions are driving the demand for upgrades to existing substations or the installation of new ones, specifically in SF6-based gas-insulated switchgear, thus stimulating the market for gas circuit breakers.
T&D Utilities: The largest-growing segment of the circuit breaker market
The industrial segment is expected to exhibit the highest growth rate in the circuit breaker market from 2023 to 2028, based on its application. The rising demand for electrical power has resulted in increased investments in transmission and distribution infrastructure.
Modern substations serve as data hubs, necessitating efficient filtering, analysis, and response to the data. Consequently, companies are focusing on integrating smart utility solutions to enhance protection and reduce energy losses caused by inefficient traditional equipment operations. The integration of sensors in circuit breakers offers several benefits, including power quality measurements, reduced interruptions, protection of secondary equipment, simplified and safe maintenance, remote monitoring and control, and minimized use of valuable raw materials.
Among the end-user segments, the transmission and distribution (T&D) sector is experiencing the highest growth rate in the global circuit breaker market. This can be attributed to the replacement of aging infrastructure in power utilities and the growing demand for electricity.
Asia Pacific: The fastest-growing market for circuit breakers.
The Asia Pacific region is experiencing rapid growth in the circuit breaker market, followed by Europe and North America. This growth can be attributed to the increasing expansion of transmission and distribution networks and industrialization projects in countries such as China, Japan, and South Korea.
For example, the State Grid Corporation of China (SGCC) has outlined plans to invest USD 250 billion in upgrading electric power infrastructure, with USD 45 billion allocated specifically for smart grids between 2018 and 2020. Similarly, Korea Electric Power Corp. (KEPCO) in South Korea has planned a USD 7.18 billion investment for the development of a nationwide smart grid infrastructure by 2030. These substantial investments are expected to drive the demand for circuit breakers in the Asia Pacific region.
Premium Insights
Rising Inclination Toward Renewable Energy Sources to Boost Demand for Circuit Breakers
Circuit Breaker Market in Asia-Pacific to Grow at Highest CAGR During Forecast Period
T&D Utilities and China Dominated Circuit Breaker Market in Asia-Pacific, by End-user and Country, Respectively, in 2022
Outdoor Segment to Dominate Circuit Breaker Market, by Installation, in 2028
High Voltage Segment to Capture Larger Share of Circuit Breaker Market, by Voltage, in 2028
T&D Utilities Segment to Account for Largest Share of Circuit Breaker Market, by End-user, in 2028
Case Study Analysis
Circuit Breakers for Energy Market
ABB Introduced Hvdc Circuit Breaker to Balance Loads and Boost Grid Reliability
Market Dynamics
Drivers
Increasing Investments in Power Generation Using Renewable Energy Sources
Rising Global Demand for Reliable and Secure Power Supply
Growing Focus of Developing Countries on Modifying and Upgrading Existing T&D Infrastructure
Rising Deployment of Modern Train Control Systems to Enhance Safety
Restraints
Stringent Environmental and Safety Regulations for Sf6 Circuit Breakers
Availability of Low-Cost Products by Local Players from Unorganized Sector
Opportunities
Increasing Adoption of Smart Grid Technologies to Protect and Control Power Equipment
Pressing Need to Replace Aging Grid Infrastructure and Build Reliable T&D Networks
Challenges
Risk of Cyberattacks on Modern Circuit Breakers
Trends
Revenue Shift and New Revenue Pockets for Circuit Breaker Manufacturers
Average Selling Price
Ecosystem Mapping
Trade Data Statistics
Value Chain Analysis
Raw Material Providers/Suppliers
Component Manufacturers
Assemblers/Manufacturers
Distributors (Buyers)/End-users and Post-Sales Service Providers
Technology Analysis
Circuit Breaker Technology Trends
Circuit Breaker: Codes and Regulations
Innovations and Patent Registration
Company Profiles
ABB
Siemens
Eaton
Schneider Electric
Mitsubishi Electric
Toshiba Corporation
Powell Industries
Cg Power and Industrial Solutions
Fuji Electric
Chint Electrics Co. Ltd.
Brush Group
Tavrida Electric
Secheron
Efacec Power Solutions
Hyundai Electric
Te Connectivity
Entec Electric & Electronic
Ls Electric
Schaltbau
Kirloskar Electric
Yueqing Aiso Electric
Sriwin Electric
Orecco
Ormazabal
Yueqing Liyond Electric
Safvolt Switchgears
For more information about this report visit https://www.researchandmarkets.com/r/s920nv
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