London, Nov. 07, 2023 (GLOBE NEWSWIRE) -- As suggested by a newly published report of Fairfield Market Research, the global circuit breakers market is poised for substantial growth, with forecasts predicting a total market size of US$21.5 Bn by the year 2030.
The study reports that the renewable energy integration and smart grid infrastructure collectively fuel the growth of this market.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Estimated Market Size in 2030 | US$21.5 Bn | |
| CAGR | 6.5 % | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | Siemens AG, Schneider Electric SE, ABB Ltd., Mitsubishi Electric Corporation, Eaton Corporation plc, GE’s Alstom, Fuji Electric Co., Ltd., Toshiba Corporation, Rockwell Automation, Inc., Hitachi Industrial Equipment Systems Co., Ltd., Powell industries, Havells, Kirloskar Electric, Hyundai Electric, Furukawa Electric | |
“As circuit breakers play an indispensable role in safeguarding electrical circuits against overloads and short circuits, they remain in demand as industries look for ensuring the safety of equipment and prevention of potential damage,” says the company analyst.
The surge in demand for circuit breakers reflects an impressive CAGR of over 6.5% from 2023 to 2030. The catalyst for this expansion can be attributed to various factors, including the rising demand for electrical distribution and power transmission systems.
A rapid shift toward EVs, and growing electrification of public transportation systems are further expected to bring in new avenues for circuit breaker manufacturers.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/circuit-breakers-market
Key Research Insights
- Medium voltage circuit breakers remain dominant with approximately 58% market value share.
- The residential sector registers the maximum adoption, accounting for around 39% revenue share.
- Outdoor installations remain sought-after over indoor; the former brings in more than 58% of the total market revenue.
Insights into Segmentation Analysis
Medium voltage circuit breakers, typically used in industrial settings, power distribution networks, and infrastructure projects, dominate the market with around 58% share of the market value.
In contrast, low voltage circuit breakers, commonly found in residential, commercial, and small-scale industrial applications, are expected to witness increased demand in the coming years.
The residential sector leads the circuit breakers market space in terms of application, accounting for over 39% of the overall market revenue. The trend toward smart homes and home automation is driving demand for advanced circuit breakers with smart capabilities.
On the other hand, the commercial and industrial sectors follow closely, collectively representing over 45% of the market share.
Outdoor installations of circuit breakers are preferred, accounting for over 58% of total installations in the global circuit breakers market.
Key Report Highlights
- Governments worldwide have implemented stringent guidelines for electrical installations to prevent accidents, fires, and electrical hazards, creating a strong foundation for market growth.
- Smart grid infrastructure development will be a strong driving force that would offer multiple revenue generation opportunities for circuit breakers equipped with intelligent features.
- Smart grids enable bidirectional communication between utilities and consumers, enabling real-time monitoring and control of electricity flow. Smart circuit breakers integrated into these grids can effectively optimise power distribution, reduce losses, and facilitate demand-side management.
Insights into Regional Analysis
Asia Pacific in the Bandwagon
The Asia Pacific region is at the forefront of the global circuit breakers industry, contributing over US$5 Bn in revenue to the market, and maintaining dominance with approximately 44% of the overall market valuation.
Rapidly surging demand for electricity in highly populous nations like China, India, Japan, South Korea, and southeast Asian nations fuels the expansion of the circuit breakers market in this region.
Government initiatives to enhance grid stability, improve energy efficiency, and promote renewable energy integration are further propelling circuit breaker installations.
The Asia Pacific market for circuit breakers is expected to achieve a solid CAGR of more than 7% through 2030.
Western Markets Hold a Collective Share of over 40%
North America's well-established power sector and infrastructure continue to create opportunities for circuit breaker manufacturers, driven by grid modernisation and the integration of smart technologies.
Developed western markets of North America, and Europe collectively hold over 40% of the market share.
Competitive Landscape Analysis – Circuit Breakers Market
Several major competitors in the global circuit breakers market are actively shaping the industry's landscape. Key players such as Siemens AG, Schneider Electric SE, ABB Ltd., Mitsubishi Electric Corporation, and Eaton Corporation plc are advancing innovative solutions to meet the increasing demand for circuit breakers across various sectors.
As the global market for circuit breakers continues to grow, these manufacturers are expected to play a pivotal role in meeting the evolving needs of industries, governments, and consumers, ultimately contributing to a safer and more efficient electrical infrastructure worldwide.
Browse Global Circuit Breakers Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Voltage, By Application, By Installation, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/circuit-breakers-market
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