Westford, USA, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region has become a popular choice among market players due to the growth in power generation investments, especially in renewable energy. The region also benefits from the support of various local governments, leading to increased demand for circuit breakers and fuses. Furthermore, the electronics, automotive, and telecommunications sectors require advanced equipment for short-circuit protection and protection against power fluctuations, driving the circuit breaker & fuse market's growth in the forecast period. Additionally, there is a growing need to replace conventional mechanical and electromechanical devices across the manufacturing and industrial sector, further fueling the demand for circuit breakers and fuses.
According to SkyQuest's market analysis, the renewable energy sector continues to dominate investment in new power generation, accounting for 70% of the USD 530 billion invested in new generation capacity in 2021. Photovoltaic and wind generators, among other renewable energy sources, necessitate a specialized protection system, including circuit breakers. It highlights circuit breakers' continued demand and importance in the renewable energy sector.
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Browse in-depth TOC on "Circuit Breaker & Fuse Market"
- Pages - 248
- Tables - 117
- Figures - 73
Circuit breakers and fuses are two important components in electrical systems that ensure safety and protect against overcurrent. A circuit breaker is an automated electrical switch designed to prevent damage to an electrical circuit by breaking the current flow in the event of an overload or short circuit. The function of a circuit breaker is to detect defects and interrupt the flow of current quickly. On the other hand, an electrical fuse is a safety device that protects against overcurrent. In simple terms, both circuit breakers and fuses stop power flow and safeguard electrical circuits.
Prominent Players in Circuit Breaker & Fuse Market
- ABB Ltd.
- Bel Fuse Inc.
- Analog Devices, Inc.
- Eaton Corporation PLC
- E-T-A Elektrotechnische Apparate GmbH
- Honeywell International Inc.
- General Electric Company
- Itron, Inc.
- Hyundai Electric & Energy Systems Co., Ltd.
- Legrand SA
- Larsen & Toubro Limited
- Mersen Group
- Littelfuse, Inc.
- NR Electric Co., Ltd.
- Mitsubishi Electric Corporation
- Phoenix Contact GmbH & Co. KG
High Voltage Segment to Register Remarkable Growth Thanks to Increasing Scope in Industrial Applications
The high voltage segment of the circuit breaker & fuse market is seeing growth due to increased investments in electrical transmission networks, which drives the demand for high voltage circuit breakers. In particular, the Asia Pacific region is expected to experience the highest growth rate in this segment. In addition, to meet the growing demand for electricity in residential areas and to ensure a reliable power supply, many utilities are investing in high-voltage circuit breakers, fueling the market growth.
Asia Pacific dominated the circuit breaker & fuse market in 2022, with China leading the world in power transmission & distribution. The Chinese government's Renewable Energy Law, aimed at reaching 20% of primary energy consumption from renewable sources by 2023, is driving the demand for circuit breakers & fuses in the region. In addition, the rapid development and growth of renewable energy projects in China and other emerging economies are also contributing to this demand.
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Power Generation Segment to Capture Largest Market Share due to Rising Demand for Protection Devices in IT Sector
The power generation segment emerged as the leading application for circuit breakers and fuses, driven by the increasing adoption of IT technologies in various operations and the need for proper power management for improved performance. In addition, the need for efficient power generation to meet future electricity demand also contributes to the market's growth for these protection devices.
North America is expected to be a major player in the global circuit breaker & fuse market due to the presence of key industry players and the government's investment in developing innovative technologies. According to SkyQuest, many transmission and transformer lines and circuit breakers are outdated in the US, with 70% of transmission and transformer lines over 25 years old and 60% of circuit breakers over 30 years old. As a result, companies are focusing on upgrading this aging infrastructure to support the new era of electric technology and maintain reliability, providing growth opportunities for the circuit breaker and fuse market.
In the highly competitive circuit breaker & fuse market, leading companies invest in research and development to stay ahead of the competition. Market players are adopting various strategies to increase their market share and boost market position. These strategies vary depending on the regional market and customer preferences. SkyQuest's research report includes a detailed analysis of the competitive landscape using Porter's Five Forces model, which provides valuable insights into the market's competitive intensity.
Key Developments in Circuit Breaker & Fuse Market
- Siemens and ConnectDER have teamed up to launch an innovative and cost-effective home electric vehicle (EV) charger connector. This new, proprietary plug-in adapter will simplify the installation process, making it quick and effortless. In addition, ConnectDER specializes in meter collars installed between the home's meter and the meter socket. These collars create a single access point for easy installation of distributed energy resources (DER), such as solar and energy storage. This new solution will allow homeowners to easily upgrade their electrical service capacity to integrate clean energy sources by eliminating the need for expensive and time-consuming installation.
- Eaton, a leading power management company, has agreed to purchase a significant share in the circuit breaker projects of Jiangsu Huineng Electric Co., Ltd. This Chinese manufacturer is known for its cutting-edge electrical equipment and offers a broad range of circuit breakers that cater to the demands of renewable energy applications. With this acquisition, Eaton is poised to tap into the growing market of low-voltage circuit breakers in China, further strengthening its position as a power management leader.
- AUTEL, a leading innovator in the energy sector, has recently unveiled its latest offering in energy storage solutions. The solutions target a wide range of applications, including residential, commercial, and industrial use, providing customers with optimal Levelized Cost of Electricity (LCOE) and improved safety. These innovations in string design aim to tackle key industry challenges and provide customers with the best energy storage experience. The energy storage portfolio comprises the Autel Hybrid Inverter and the Autel ESS All-in-one, two cutting-edge solutions designed to meet various industries' diverse energy storage needs.
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Key Questions Answered in Circuit Breaker & Fuse Market Report
- What are the expected market trends and consumer behavior in the target market?
- What factors are expected to drive and hinder the market growth during the forecast period?
- What are the growth opportunities for market participants in different regions?
- What global events and investments have had a positive impact on the market?
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