New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global circuit breaker market size is predicted to expand at ~ 7 % CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 9 billion in the year 2022. The growth of the market can be attributed to the growing investment in power generation. Power infrastructure must be expanded and upgraded when governments invest in power-producing projects. This includes the installation of more reliable circuit breakers for reliable power generation and supply. According to the International Energy Agency, investment in the power sector increased by 8% to USD 2.4 trillion in 2022.
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The majority of the investment is done in energy-efficient technologies. Besides this, the factor that is also responsible for the market growth of circuit breakers is the growing age of grid infrastructure. As grid infrastructure ages, it necessitates more frequent upkeep and repairs. Circuit breakers are vital parts for preventing electrical faults and overloads on the grid. Upgrading or replacing aging circuit breakers can assist in minimizing the frequency of repairs and maintenance. The majority of electric transmission and distribution lines were built in the 1950s and 1960s with a 50-year average lifespan, currently, many of these lines are deteriorating or expired.
Circuit Breaker Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The gas segment to garner the highest growth
- Market in North America to grow at the highest rate
Increasing Use of Renewables for Electricity across the Globe to Boost Market Growth
The growing use of renewable energy sources. Circuit breakers are essential in controlling the supply and flow of electricity from renewable sources to the grid. Over the years 2022-2027, global renewable power capacity is predicted to increase by 2 400 gigatons (GW). Moreover, by 2025, around 35% of global power generation will be met by renewable sources. To distribute electricity to consumers, transmission and distribution networks must be expanded. This growth necessitates the construction of new substations, power lines, and distribution infrastructure, all of which necessitate the use of circuit breakers for protection and control.
Electricity networks are the foundation of secure and dependable power systems, with about 80 million km of transmission and distribution lines in place worldwide today. Circuit breakers are used in a variety of ways in smart grid networks to improve grid performance, reliability, and efficiency. Circuit breakers outfitted with modern sensors and communication capabilities are enabled by the smart grid.
Circuit Breaker Market: Regional Overview
The global circuit breaker market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding infrastructural development to Drive Market Growth in the Asia Pacific Region
The circuit breaker market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The growth of the market can be attributed majorly to the growing infrastructural development which will increase the demand for various circuit breakers. As of May 2023, in China, there were around 40,000 tens of thousands of square meters of housing, which further increased to nearly 50,000 tens of thousands of square meters in June 2023. Furthermore, growing initiatives for the redevelopment of transmission lines. The Indian government announced a plan worth USD 29 billion to connect renewable energy by building transmission lines by 2030.
Growing Modernization and Smart Technologies to Propel Growth in the North American Region
The North American circuit breaker market is estimated to garner the highest CAGR by the end of 2035. The integration of renewable energy sources, such as solar and wind, into the power grid has increased the demand for circuit breakers that can handle fluctuations in power generation and ensure grid stability. The U.S. Energy Information Administration (EIA) reported that renewable energy sources accounted for 21% of total electricity generation in the United States in 2020. The adoption of smart grid technologies and the need for more efficient and responsive electrical systems have driven the demand for advanced circuit breakers that can monitor and manage power distribution effectively. As industrial sectors expand, the demand for electricity increases. This has led to a higher demand for circuit breakers to maintain safe and efficient power distribution in manufacturing facilities. The growth of data centers, driven by digital transformation and the demand for cloud services, requires robust electrical infrastructure, including circuit breakers, to ensure uninterrupted power supply.
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Circuit Breaker, Segmentation by Insulation Type
- Air
- Gas
- Vacuum
- Oil
Amongst these segments, the gas segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the rising investment in green energy. According to the International Energy Agency, meeting long-term sustainability targets may necessitate a 50% increase in global grid spending over the next decade. Moreover, renewables lead to new power generation investment, accounting for 70% of the USD 530 billion invested in all new generation capacity in 2021. In renewable energy applications, particularly in high-voltage systems, gas-insulated circuit breakers are often employed. The distinct advantages, such as improved high-voltage handling and efficient protection against short circuits and overloads make them suitable for application in renewable grids.
Circuit Breaker, Segmentation by Installation
- Indoor
- Outdoor
Amongst these segments, the outdoor segment is anticipated to hold a significant share over the forecast period. In the year 2035, the outdoor segment in the circuit breaker market is predicted to have a large proportion of roughly 46%. The rising installation of wind and solar plants is expected to drive the growth of the segment. Global solar PV capacity addition investments climbed by more than 20% in 2022, exceeding USD 320 billion. Moreover, in 2022, 93% of the entire 900 GW of built wind capacity was in onshore systems, with the remaining 7% in offshore wind farms. Outdoor circuit breakers are used to isolate specific components of solar or wind power plants from the rest of the system. This enables safe maintenance, repairs, and troubleshooting without disrupting the entire operation.
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Circuit Breaker, Segmentation by End User
- Power Generation
- Transmission & Distribution Utilities
- Railways
A few of the well-known market leaders in the global circuit breaker market that are profiled by Research Nester are Eaton Corporation, Schneider Electric, WEG S.A., LS ELECTRIC Co., Ltd, Kirloskar Electric Company, Powell Industries, ABB, GENERAL ELECTRIC, Hitachi Energy, Siemens, CG Power, Industrial Solutions Limited, Mitsubishi Electric Corporation, and other key market players.
Recent Development in the Market
- Eaton announced the acquisition of a 50% stake in Jiangsu Huineng Electric Co., Ltd., a China-based low-voltage circuit breaker manufacturer. This acquisition will benefit the global distribution channels in various segments, such as grid modernization, commercial and industrial buildings, and renewable energy.
- ABB India has announced the launch of Formula DIN-Rail, it is a complete range of circuit breakers for the retail market, including Residual Current Circuit Breakers (RCCBs), Miniature Circuit Breakers (MCB), and Isolators.
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