Delray Beach, FL, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The global Circuit Breaker Market size is expected to grow from USD 6.5 billion in 2023 to USD 8.6 billion by 2028, at a CAGR of 5.5% according to a new report by MarketsandMarkets™. The circuit breaker market growth is driven by various factors, including increasing investments in power generation, particularly from renewable energy sources. There is a rising global demand for secure and reliable power supply, along with growing capacity additions and improvements in transmission and distribution (T&D) networks. Additionally, the railway sector is experiencing accelerated investments, contributing to the expansion of the circuit breaker market.
Key drivers for this growth include increasing investments in smart grid technologies aimed at protecting and controlling power equipment, as well as the replacement of aging infrastructure. Additionally, the demand for reliable transmission and distribution (T&D) networks presents high-growth opportunities for the circuit breaker market.
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Circuit Breaker Market Scope:
| Report Coverage | Details |
| Market Size | USD 8.6 billion by 2028 |
| Growth Rate | 5.5% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023- 2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Circuit Breaker Market by insulation type, voltage, installation, end user, and region. |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, South America. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increasing adoption of smart grid technologies to protect and control power equipment |
| Key Market Drivers | Growing investments in power generation, specifically from renewable energy sources |
Transmission and Distribution (T&D) utility segment is the largest contributor in the circuit breaker market
In 2023, the T&D utilities segment is estimated to hold the largest share of the circuit breaker market, and this trend is expected to persist throughout the forecast period. The growth of the utilities segment is primarily propelled by the rising investments in transmission and distribution (T&D) networks to meet the growing power demand, particularly in regions like Europe and Asia Pacific. These investments aim to enhance the capacity and reliability of the power infrastructure, driving the demand for circuit breakers in the T&D utilities sector.
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Circuit Breaker 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
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
Asia Pacific is expected to be the largest and fastest-growing region in the circuit breaker Industry
Asia Pacific is anticipated to be the largest and fastest-growing market in the circuit breaker industry. This region is segmented into key countries, including China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Countries in Asia Pacific are witnessing a surge in power demand driven by rapid urbanization and industrialization. To address the need for energy efficiency and uninterrupted power supply, the State Grid Corporation of China (SGCC) has planned significant investments. Approximately USD 62 billion, accounting for 11.1% of the total investment, is allocated to grid technologies, including circuit breakers, to accommodate a substantial amount of renewable energy in the grid. China has emerged as a major consumer of smart grid technology due to the ongoing transformation in its energy landscape. The country's focus on energy efficiency, clean energy adoption, and power industry transformation further supports the demand for smart grid infrastructure. By 2020, China is expected to have over 100 GW of installed wind capacity and a significant increase in solar PV installations, resulting in a higher demand for circuit breakers in the market.
Key Market Players:
Some of the major players in the Circuit Breaker Companies are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).
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