Fort Collins, Colorado, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The Thermal Magnetic Circuit Breakers Market size was valued at USD 1.2 Billion in 2022 and is anticipated to reach USD 2.4 Billion by 2032 at a CAGR of 7.3%.
Thermal Magnetic Circuit Breakers play a significant role in shielding conductors and other elements connected to the circuit from electronic problems such as overloads and short circuits. They utilize an electromagnet and a bimetallic strip to protect on an instantaneous and time-delayed basis, making them highly efficient in detecting and responding to faults in power system devices.
The growing electricity demand, the need for reliable electrical infrastructure, and the increasing adoption of current-sensitive electronics in various devices are major factors driving the market growth. According to the International Energy Agency (IEA), electricity consumption will increase by 700 TWh from 2021 to 2022. Additionally, renewable electricity generation increased by 600 TWh in 2022 compared to 2021. This surge in demand for electricity, driven by data centers, EV charging depots, and factories, necessitates expanding robust and reliable power infrastructure to meet the demand.
The market is also benefiting from the worldwide increase in construction activity. The India Brand Equity Foundation reports that around USD 122 billion has been invested in new infrastructure development. The U.S. Census Bureau states that, as of November 2023, total construction expenditure was around USD 2050.1 billion. Thermal magnetic circuit breakers are preferred for residential and commercial uses because of their fast speed of current interruption. Moreover, various smart devices incorporate current-sensitive electronics, making circuit breakers that instantaneously disconnect the power supply in case of a large current influx, thereby protecting the circuits of the devices even more crucial.
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Segmentation Overview:
The global thermal magnetic circuit breakers market has been segmented into product, application, and region. The largest market share was held by single-pole circuit breakers, commonly used to power low-voltage circuits such as light fixtures and plug-in outlets in residential spaces. They aim to safeguard the lighting system and stabilize the electrical system from overcurrent. Power generation held the greater market share in 2022. This can be attributed to the increasing investment in upgrading the grid infrastructure and the rising integration of renewable power sources into the grid.
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Thermal Magnetic Circuit Breakers Market Report Highlights:
- The global thermal magnetic circuit breakers market growth is anticipated to have a CAGR of 7.3% by 2032.
- Thermal Magnetic Circuit Breakers protect electrical infrastructure and devices from overloads and short circuits. They use an electromagnet and a bimetallic strip, making them highly efficient in detecting faults. With the growing demand for electricity, particularly in data centers, EV charging depots, and factories, there is a need for robust power infrastructure. The market is also benefiting from increased construction activity. Thermal magnetic circuit breakers are preferred for residential and commercial use due to their quick current interruption.
- North America is expected to hold a significant share in the market for the coming years, due to prominent players like ABB, Schneider Electric, and Rockwell Automation, among others. Furthermore, the region's increasing number of data centers contributes to the market, as server safety is crucial in these facilities. Thermal magnetic circuit breakers can effectively accomplish this task.
- Some prominent players in the thermal magnetic circuit breakers market report include E-T-A, Eaton, Schurter, ABB, Square D, Schneider Electric, Phoenix Contact, TE Connectivity, Rockwell Automation, Carling Technologies, Siemens, Weidmuller, Cooper Bussmann, and Altech.
Industry Trends and Insights:
· Phoenix Contact offers Step Power power supplies designed to meet the specific requirements of modern building automation. These power supplies can power smart meter gateways, Raspberry Pis, and other smart home components through USB ports. They can also quickly charge mobile devices and other 5V loads.
· Schneider Electric, the world's leading company in the digital transformation of energy management and automation, has recently launched its cutting-edge Battery Lab. This event marks a significant milestone in Schneider Electric's efforts to spearhead the new energy transition while underlining its commitment to sustainable energy solutions and environmental consciousness.
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Thermal Magnetic Circuit Breakers Market Segmentation:
By Product: Single-pole, and Multi-pole
By Application: Transmission & Distribution Network, Power Generation, Information and Communication Technology, Home Appliance, Industrial/Commercial and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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