Wilmington, Delaware, United States, April 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Extensive utilization of protection circuits in electricity distribution grids is expected to propel the circuit breaker market. The circuit breaker market industry stood at US$ 6.8 Bn in 2021 and is projected to expand at a CAGR of 7.4% from 2022 to 2031 and reach US$ 14.0 Bn by the end of 2031.
Rise in demand for advanced circuit breakers, especially solid-state circuit breakers, in modern power grids in several countries is anticipated to offer lucrative opportunities to companies in the market. Rise in adoption of circuit breakers in renewable energy applications, utility providers, and energy distribution substations is expected to drive the market.
Significant rate of adoption of advanced circuit breakers in home electrical system is projected to accelerate market development. Recent market trends underscore rapid adoption of solid-state digital circuit breakers among residential users such as homeowners.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 6.8 Bn | |
| Estimated Value | USD 14.0 Bn | |
| Growth Rate - CAGR | 7.4% | |
| Forecast Period | 2022–2031 | |
| No. of Pages | 174 Pages | |
| Market Segmentation | By Insulation, By Voltage, By End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies covered | ABB, Siemens AG, Schneider Electric, Eaton, Mitsubishi Electric Corporation, Toshiba Corporation, Powell Industries, General Electric, Camsco Electric Co., Ltd., Havells India Ltd. | |
Key Findings of Study
- Rise in Demand for Networked Power Grids in Smart City Infrastructure: Rise in trend of internet-connected devices in residential and commercial consumers is anticipated to bolster the adoption of advanced circuit breakers.
- Rapid pace of penetration of IoT technologies in urban settings, especially for supporting smart city initiatives, is estimated to spur the demand for circuit breakers. Increase in adoption of networked power grids is projected to bolster the application of smart circuit breakers.
- Increase in Trend of Distributed Energy Resources (DERs) to Bolster Usage of Digital Circuit Breakers: Growth in trend of integration of distributed energy resources (DERs) into the power grid is expected to offer significant business opportunities to companies in the market. Multiple DERs, such as solar panels, hybrid and electric vehicles (EVs), and battery storage, are being used in home electrical systems.
- Surge in installation of EV chargers among homeowners worldwide is anticipated to augment the market value. This has led to expansion of decentralized grid and is likely to spur advancement in circuit breaker technology.
- Rapid pace of DER implementation in the next few years is projected to encourage the usage of digital technologies such as solid-state circuit breakers. Strong policy push for enhancing the network of distributed energy resources in developed regions such as Europe and North America is anticipated to fuel the market growth.
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Key Drivers
- Rapid increase in demand for electricity among residential, commercial, and industrial users is likely to strengthen investments in distribution grid modernization. This is expected to drive the demand for circuit breakers.
- Governments of many developing and developed nations are making sizable investments in augmenting distribution grid capacities to meet the surge in demand.
- Rapid expansion in decentralized grid networks in developed and developing regions is anticipated to fuel the circuit breaker market. Introduction of networked digital circuit breakers has broadened the market outlook.
- Increase in trend of adoption of renewable energy sources in the power grid is likely to bolster the usage of circuit breakers in microgrids and minigrids.
Regional Growth Dynamics
Asia Pacific is anticipated to account for a major share of the market from 2022 to 2031. According to analysis of recent market trends in the region, rise in public and private investments in smart power grid infrastructure and smart city initiatives by the governments of developing countries are likely to propel the market. Surge in demand for electricity and high rate of adoption of solar renewable source of energy are expected to offer new growth avenues for the market in the near future.
North America and Europe are anticipated to record significant revenue during the forecast period. Growth of the market in these regions is fueled by modernization of power grids and focus of governments on smarter distribution grids.
Competition Landscape
Prominent companies in the circuit breaker market are focusing on new product development to strengthen their market share. The business landscape is fragmented, with the presence of large numbers of vendors, suppliers, and manufacturers that hold significant share of the market. Leading companies are engaged in unveiling innovative devices characterized with advanced functionalities such as vacuum circuit breakers and earth leakage circuit breakers.
Key players operating in the market are ABB, Siemens AG, Schneider Electric, Eaton, Mitsubishi Electric Corporation, Toshiba Corporation, General Electric, Powell Industries, Camsco Electric Co. Ltd., and Havells India Ltd.
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Circuit Breaker Market Segmentation
By Insulation
- Air Circuit Breaker
- Vacuum Circuit Breaker
- Gas Circuit Breaker
- Oil Circuit Breaker
By Voltage
- High
- Medium
- Low
By End-use Industry
- Commercial
- Residential
- Utility Scale
- Industrial
By Region
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- South America
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