Circuit Breaker Market Analysis | 2023-2028

Market Insights

The circuit breaker market was estimated at USD 5.77 billion in 2023 and is likely to grow at a CAGR of 5.90% during 2023-2028 to reach USD 8.19 billion in 2028.

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Market Dynamics

Introduction

A circuit breaker is a crucial electrical safety device designed to automatically interrupt the flow of electricity in a circuit during overloads, short circuits, or other faults. It prevents damage to electrical systems, appliances, and reduces fire risks by stopping excessive current flow. Unlike fuses, circuit breakers can be reset and reused after tripping. Common types include Miniature Circuit Breakers (MCBs), Molded Case Circuit Breakers (MCCBs), and Residual Current Circuit Breakers (RCCBs), catering to various voltage levels and applications. Widely used in residential, commercial, and industrial setups, circuit breakers ensure reliable power distribution and protection, enhancing safety and operational efficiency.

Market Drivers

The development of the circuit breaker market is projected to be fuelled by increased investment in power generation, including the use of renewable energy sources and linking power generating stations to switch yards and the electrical grid, plans for electrification of rural areas in developing countries, increasing installation of circuit breakers in utilities and power plants, and several other factors.

One of the major drivers of the circuit breaker market is the increasing demand for electricity across various sectors. Here are some key factors that contribute to the growth of the circuit breaker market:

• Increasing focus on operational safety,
• Growing measures to integrate reliable and sustainable electrical infrastructure.
• The demand for electrical safety equipment, such as circuit breakers, will rise with the increased government investments and legislative provisions to build microgrid networks.
• The expansion of smart grids and the increasing emphasis on grid infrastructure modernization will promote industry growth.

Plans for electrification are being launched in developing countries to help connect rural areas to the grid. Enough electrical energy is now readily available as a result of the rapid infrastructure development, which is expected to drive the Circuit Breaker Market's expansion.

Also, the market is expanding as heavy machinery is being installed in businesses to increase productivity and efficiently carry out routine tasks. Additionally, the market is growing due to the increasing installation of circuit breakers in utilities and power plants to guarantee the secure running of grids and the delivery of electricity to customers. Also, the usage of electric vehicles (EVs) to lessen air pollution from car exhaust and the consumption of fossil fuels is promoting market expansion.

The legal restrictions on greenhouse gas emissions and competition from the currently unorganized sector will prevent the circuit breaker industry from growing. As a result of the SF6 circuit breaker's identification as a greenhouse gas emitter, a number of countries have imposed safety limitations and guidelines.

The global potential for the circuit breaker industry is growing as IOT-based circuit breakers are being used throughout the world. Circuit breaker market expansion is anticipated to be fuelled by the Internet of Things-based circuit breaker monitoring and control. By using an online platform to track and manage the distribution circuit breaker's operational parameters, it is possible to gather more helpful information about the circuit breaker's condition. Additionally, IoT-integrated circuit breaker devices will help spot critical issues before they fail, which might lead to increased dependability and significant cost savings.

Key Players

The following are the key players in the circuit breaker market (arranged alphabetically)

• ABB
• BEL Fuse
• Crompton Greaves
• Eaton
• Fuji Electric
• Hitachi
• Hubbell
• L&T
• Meidensha
• Mersen S.A.
• Mitsubishi
• Powell Industries
• Schneider Electric
• Siemens
• Toshiba
• TE Connectivity

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

Rated Voltage Type

"<500V segment dominated the market in 2022 and is expected to maintain its position"

• The market is segmented as <500V, 500V to 1kV, 1 to 15kV, 15 to 50kV, 50 to 70kV, 70 to 145kV, 145 to 300kV, 300 to 550kV, 500 to 800kV, and >800kV.
• The <500V segment dominated the market in 2022 and is expected to maintain its position during the forecast period as well.
• Rural electrification initiatives in developing economies are the major factor driving the growth of the <500V segment.

End-Use Industry Type

"Utility segment is projected to witness the fastest growth during 2023-2028"

• The market is segmented as residential, industrial, commercial, and utility.

• The utility segment is projected to witness the fastest growth during 2023-2028 driven by stringent energy efficiency protocols, inclination towards deployment of smart grid and control networks, and expansion of primary & secondary distribution networks.

Regional Analysis 

"Asia-Pacific is estimated to be the largest market during the forecast period"

• Asia-Pacific is estimated to be the largest market driven by growing investment and infrastructure development in China, Japan, India, South Korea, ASEAN Countries, and Others.
• The expanding industrial sector, rapid urbanization, significant economic development in the region, and increased focus on power distribution in remote areas are the major factors driving the growth of the Asia-Pacific region.
• North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s circuit breaker market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The circuit breaker market is segmented into the following categories. 

By Voltage Type

• Low

  • Type Analysis: ACB, MCB, MCCB, and Others
• Medium
  • Type Analysis: ACB, VCB, GCB, and Others
• High
  • Type Analysis: ACB, GCB, VCB, and Others

By Rated Voltage Type

• <500V
• 500V to 1 kV
• 1 to 15 kV
• 15 to 50 kV
• 50 to 70 kV
• 70 to 145 kV
• 145 to 300 kV
• 300 to 550 kV
• 550 to 800 kV
• >800 kV

By Rated Current Type

• <500 A
• 500 to 1500 A
• 1500 to 2500 A
• 2500 to 4500 A
• >4500 A

By Installation Type

• Indoor
• Outdoor

By application Type

• Power Distribution
• Power Transmission

By End-Use Industry Type

• Residential
• Commercial
• Industrial
• Utility

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Click Here, to learn the market segmentation details.

Report Customization

Customization options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the voltage types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.