Global Circuit Breaker Market

Analysts at GMI Research estimates that the Circuit Breaker Market was worth USD 6.3 billion in 2022, and forecast to touch USD 9.7 billion in 2030, growing at a CAGR of 5.6% from 2023-2030.

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Major Circuit Breaker Market Drivers

The circuit breaker market is predicted to grow significantly due to a rapid rise in spending in the renewable power market, and an increase in demand for high reliability and safe function of sub-station tools. Growing funding in the industrial sector coupled with the expanding commitment to using industrial infrastructure, are propelling the global market need for electrical switching equipment. These equipments are primarily employed in commercial and industrial segments. In 2020, World Investment Report states that the Asia Pacific region attracted a substantial USD 535 billion in FDI with notable contributions from Singapore and China. Therefore, the growing industrial sector investments mandate the usage of these equipments in different end-use and manufacturing industries.

The circuit breaker requirement is also driven by a few other drivers. The global circuit breaker market is gaining the attention of a high amount of investments in the energy segments, with a global industry investment reaching USD 308 billion in the past years. The market is on the rise for renewable energy. This, in turn, creates a significant necessity for circuit breakers. The interconnection of power plants and electrical grids relies on a technology blend called a circuit breaker. Hence, the market for circuit breakers is predicted to be driven by the increasing investments in the renewable energy segment. The power need has surged across residential, industrial, and commercial sectors. In addition, there is an increasing concern connecting the uninterrupted supply of power. This end-user concern is another driving factor in the market. The important drivers for market growth include the need for uninterrupted power flow, security against short circuits, and the growing reliability of power, all contributing to a predicted rise in demand during the forecast period.

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The electrification initiatives in different developing regions, focusing on connecting rural areas to the grid, and efforts in other nations to integrate different grid zones into an all-inclusive nationwide grid, are significant factors propelling the market outlook for utility-scale switches. The rapid development of infrastructure, boosted by the growing accessibility of electricity, is facilitating abundant electrical energy resources. For instance, during 2021, the World Bank allotted over USD 2.3 billion to infrastructure and reforms, backing the West Africa Power Pool. This initiative is deemed essential in accomplishing universal admittance to power around the 15 nations of the Economic Community of West African States by 2030. Therefore, the growing acceptance of electrical switching devices to confirm the reliable and safe function of gadgets and devices is boosting demand for infrastructure projects around the globe. This trend is predicted to positively impact the growth of the circuit breaker market share in the coming period.

Smart cities are urban locations characterized by improved infrastructure, efficient transportation systems, robust communication networks, and economic viability. The smart city concept encompasses different factors including increased energy efficiency, resilient transportation systems, developed healthcare and education amenities, intelligent water management, and smart grids. Different utilities are already delivering networked energy management solutions, incorporating features such as distant building control. Additionally, regional, and national governments, and municipalities are initiating smart city initiatives to propel technological innovation and systematic applications of the Internet of Things around urban landscapes. Collaborating with cities and developers’ utilities are integrating sensor technologies into municipal energy and environmental planning. As a result, innovations in smart city infrastructure are predicted to generate considerable opportunities for market extension in the forecast period.

However, the growing investments in technology advancements for circuit breaking have empowered foremost players to compete effectively in the global market. The adoption of competitive pricing strategies by small competitors, coupled with growing competition from unorganized players catering to industries such as construction, processing, transportation, and manufacturing, is predicted to serve as a significant restraint on growth of the global circuit breakers market size in the forecast period.

Governments globally are making substantial investments to develop the capacity and effectiveness of transmission and distribution systems, addressing the increased need for electricity. International Energy Agency stated that the yearly global energy spending was predicted to reach USD 1.9 trillion in 2021, making an approximately 10.0% rebound from the previous year and restoring the total investment volume to pre-crisis levels. The shift in composition towards power and end-use segments, moving away from traditional fuel production, is a notable factor of the energy transition. This transition towards renewable energy sources is predicted to propel the expansion of the circuit breaker market trends in the forecast period.

By Insulation Type, Gas Circuit Breaker Segment Registered the Highest Revenue Share in Global Market

The segment growth is attributed to the significant rise in the requirement for gas circuit breakers from utilities, commercial, and industrial segments globally. Moreover, the surge in focus on scattered power infrastructure and considerable development in the renewable energy sector is estimated to foster market growth in the forecast period. Furthermore, the growing funding in renewable energy is predicted to boost the market for Sulfur hexafluoride-based gas-insulated switchgear, propelled by the need for upgrading prevailing substations or installing new ones. Asia Pacific is projected to register the global gas circuit breaker market, with Europe following closely.

By Voltage, High Voltage Segment Dominated the Largest Market Share

The High Voltage circuit breaker market growth is primarily driven by the extensive application of high-voltage circuit breakers in industrial, utilities, and commercial segments. Furthermore, the predicted growth in rural electrification, the ongoing developments in building and construction activities connected to power infrastructure, and the rapid expansion of electric utility sectors around different nations such as Japan, Brazil, India, Australia, Germany, and China are predicted to propel the growth of the circuit breakers market in the forecast period.

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By Installation, Outdoor Segment Exhibits Highest Growth in Global Market

A significant majority of installed breakers are outdoor, automatically functioning electrical switches. Therefore, there is a high demand for outdoor breakers as compared to indoor breakers. These outdoor, automatically operated switchgear assemblies are specifically for utility-scale applications. Industrial machinery and equipment, in some cases, necessitate outdoor breakers, while indoor breakers find widespread usage in commercial, industrial, and residential settings.

By End User, T&D Utilities Segment Accounted for the Largest CAGR of Global Circuit Breaker Market

The predicted drivers for the circuit breaker market include the surge in electricity demand and the replacement of aging infrastructure. Notably, distribution utilities claim the largest market shares, primarily attributed to the growing investments by Transmission and Distribution utilities in smart grid technologies.

By Region, Asia Pacific Registered the Highest Market Growth

The Asia Pacific region registered market growth significantly due to a considerable rise in infrastructure development, technological innovation in end-use industries, and improvement in manufacturing projects. The Asia Pacific region serves as an international manufacturing hub, where different electrical switches find application in manufacturing and industrial units. The growing deployment of industrial and manufacturing trip units around this region is predicted to propel need and contribute to the growth of the Asia Pacific circuit breaker market.

Breakers have different important applications, including metros, bullet trains, railways, IT hubs, commercial centers, and many more, where a reliable and stable electricity supply is imperative. The growing need for electrical switches is remarkably propelled by speedy urbanization. The increase in power generation plants and energy transmission infrastructure has expanded the requirement for automatically functioning electrical switches. Leading the global technology and making of these breakers are countries including China, South Korea, Japan, and India.

Top Market Players

Various notable players operating in the market include ABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, Mitsubishi Electric, CG Power and Industrial Solutions, TE Connectivity, LS ELECTRIC, Hyundai Electric, Secheron, Chint Electric, TE Connectivity, Tavrida Electric, Toshiba, Powell Industries, and others

Key Developments

• • In 2023, Schneider Electric launched EvoPacT, a new medium voltage circuit breaker in Canada to offer different benefits including real-time monitoring, Built-in Sustainability, Innovative and Resilient Design, and Longer Lifetime.
  • In 2023, Mitsubishi Electric Corporation acquired Scibreak AB to develop the competitiveness of their integrated business functioning.
  • In 2022, Schneider Electric announced an investment of 138 Cr in the Vacuum Circuit Breaker Facility to develop the production potential of vacuum circuit breakers across Kolkata.
  • In 2022, Siemens successfully launched new 3VA UL large frame molded case circuit breakers to allow users to adopt powerful, smart, and safe systems while enabling them to develop their work procedures.

Segments covered in the Report:

The Circuit Breaker Market has been segmented on the basis of insulation type, voltage, installation and end user. Based on the insulation type, the market has been segmented into Vacuum Circuit Breaker, Air Circuit Breaker, Gas Circuit Breaker and Oil Circuit Breaker. By voltage, the market is segmented into High Voltage and Medium Voltage. Based on installation, the market has been segmented into Indoor and Outdoor. Based on the end user, the market is segmented into T&D Utilities, Power Generation and Renewables.

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Report Coverage	Details
Market Revenues (2022)	USD 6.3 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Insulation Type, By voltage, By end user, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, Mitsubishi Electric, CG Power and Industrial Solutions, TE Connectivity, LS ELECTRIC, Hyundai Electric, Secheron, Chint Electric, TE Connectivity, Tavrida Electric, Toshiba, Powell Industries., among others; a total of 14companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Circuit Breaker Market by Insulation Type:

• • Vacuum Circuit Breaker
  • Air Circuit Breaker
  • Gas Circuit Breaker
  • Oil Circuit Breaker

Global Circuit Breaker Market by voltage:

• • Medium Voltage
  • High Voltage

Global Circuit Breaker Market by installation:

• • Indoor
  • Outdoor

Global Circuit Breaker Market by end user:

• • T&D Utilities
  • Power Generation
  • Renewables
  • Railways

Global Circuit Breaker Market by Region

• • North America Global Circuit Breaker Market (Option 1: As a part of the free 25% customization)

    • By Insulation Type
    • By voltage
    • By installation
    • By end user
    • US Market All-Up
    • Canada Market All-Up

  • Europe Global Circuit Breaker Market (Option 2: As a part of the free 25% customization)

    • By Insulation Type
    • By voltage
    • By installation
    • By end user
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Global Circuit Breaker Market (Option 3: As a part of the free 25% customization)

    • By Insulation Type
    • By voltage
    • By installation
    • By end user
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Global Circuit Breaker Market (Option 4: As a part of the free 25% customization)

    • By Insulation Type
    • By voltage
    • By installation
    • By end user
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Circuit Breaker Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ABB
  • Schneider Electric
  • Siemens
  • Mitsubishi Electric
  • Eaton
  • CG Power and Industrial Solutions
  • TE Connectivity
  • LS ELECTRIC
  • Hyundai Electric
  • Secheron
  • Chint Electric
  • Tavrida Electric
  • Toshiba
  • Powell Industries