Global Circuit Breakers Market Size, Share & Industry Trends Analysis Report By Installation (Outdoor and Indoor), By Insulation Type, By Voltage, By End User, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Circuit Breakers Market
Market Report Description
The Global Circuit Breakers Market size is expected to reach $13.8 billion by 2028, rising at a market growth of 5.7% CAGR during the forecast period.
A circuit breaker is defined as an electrical switching mechanism used to protect and control an electric power supply. It can be operated manually or automatically. During a short circuit or another sort of electrical fault, a large fault current travels through the device that trips the circuit. This contributes to the protection of the electrical system. In addition, it is used to protect the electrical system in small and medium substations, high voltage transmission, railway systems, distribution lines, and other applications.
Also, the participation of domestic governments, non-profit organizations, and international financial institutions such as the World Bank in the growth of the energy access rate have a significant impact on the global adoption of circuit breakers. Furthermore, rising electricity usage proportionately increases the demand for circuit breakers. Circuit breakers are used in energy-related applications to define the sensitivity of high residual current in order to give the best possible protection. The SF6 circuit breaker, on the other hand, emits greenhouse gases that would hamper market growth.
Because of increased urbanization and population growth, there is a huge increase in the requirement for updating electrical transmission networks, particularly in emerging economies. As a result, governments in these nations are focusing on increasing their power generation capacity in order to fulfill the growing demand for electricity in both rural and urban regions. Hence, the need for circuit breakers has increased. In addition, governments in industrialized countries are replacing obsolete electrical equipment with energy-efficient systems in order to assure electrical safety and reduce waste. Countries, for example, are modernizing their electricity grids and transmission lines, which is boosting industry growth.
COVID-19 Impact Analysis
Due to the outbreak of COVID-19, the market for circuit breakers is likely to decline in 2020. For the past two months, the COVID-19 pandemic has had a detrimental influence on the electricity industry around the world. Electricity demand curves have taken on new shapes, particularly in nations where the pandemic had a significant impact. In addition, lockdowns across countries to combat the spread of the virus are reducing electricity demand, which is likely to have a negative influence on the global market. Furthermore, grid modernization efforts are likely to decline throughout this time period.
Market Growth Factors
The rise in investments in power generation, particularly renewable energy sources
As per the International Energy Agency (IEA), the total investment in renewable energy generation in 2020 is estimated to be USD 281 billion globally. In 2018, global investments in renewable energy in the power industry were USD 308 billion. Photovoltaic and wind turbines, for example, necessitate a specialized safety mechanism. Circuit breakers are therefore required to connect power plants to switchyards and the electrical grid. In an electrical system, it is one of the most crucial and critical components. It protects the power system and regulates the power supply. Concerns about renewable energy's reliability have strengthened the market for renewable generation and distribution.
Growing demand for Medium Voltage Circuit Breakers and increased electrification Initiatives
With increasing investment in the power transmission and distribution industry, medium voltage circuit breakers are in high demand. Medium voltage circuit breakers are those that have a medium voltage range of 400 volts to 15 kV. The reason they are called so is that they can't operate properly in very low voltage circumstances, and neither can they operate perfectly at very high voltage. As a result, they commonly work at a medium voltage level around this amount. There is an increased need for medium voltage fuses in transformers, T&D networks, circuit and motor protection, as well as industrial applications, and renewable energy generation and distribution.
Marketing Restraining Factor:
The adverse impact of the COVID-19 pandemic
The COVID-19 pandemic has hindered the expansion of the power industry, as more countries implement state-wide lockdowns to prevent the sickness from spreading further. The renewable energy sector, which had been growing at a breakneck pace until recently, has slowed in recent months. This slowdown is primarily due to economic downturns, which have resulted in lower power consumption from a variety of end-use industries. With lower power consumption, utilities are expected to invest very little in replacing existing grid infrastructure and installing new renewables.
Based on Installation, the market is segmented into Outdoor and Indoor. In 2021, the Outdoor segment had the highest share of the market. As infrastructural upgrades take place in nations with high urbanization rates, the demand for outdoor circuit breakers is expanding. The growth of the segment would be driven by an increase in demand for outdoor circuit breakers from industrial and utility applications for the protection of electrical equipment and circuits. Moreover, rising infrastructural developments, as well as the building and construction of power infrastructures such as generation, transmission, and distribution, as well as the rapid growth of the renewable energy industry, are expected to boost demand for outdoor circuit breakers in these industries.
Insulation Type Outlook
Based on Insulation Type, the market is segmented into Gas, Oil, Vacuum, and Air. In 2021, the Gas Circuit Breakers segment acquired the biggest revenue share of the Circuit Breakers Market. Gas circuit breakers are popular because of their strong dielectric properties and small footprint. Because of increased investments in renewable energy, demand for renovations to existing substations or the construction of new ones is likely to boost the market for SF6-based gas-insulated switchgear in the Asia Pacific, followed by Europe. The growth of the segment would be driven by the increased demand for gas circuit breakers from the industrial, utility, and commercial sectors. Moreover, increased focus on distributed power infrastructure and rapid growth of the renewable energy sector is expected to fuel market growth.
Based on Voltage, the market is segmented into High, Medium, and Low. The Medium voltage segment obtained a significant revenue share of the Circuit Breakers Market in 2021. This is because medium voltage breakers are highly used in industrial, infrastructure, and utility-scale applications. In addition, the medium-scale breaker applications have the most applications and are predicted to increase at a high rate. Due to its compact size and better dependability over air circuit breakers, vacuum circuit breakers are the most preferred type of medium-voltage breaker for industrial situations. The fundamental difference between vacuum circuit breakers and air circuit breakers is that the contact assembly is enclosed in a vacuum bottle. The moveable contact assembly is made up of a stem with the enclosed contact on one end and a driving mechanism outside the vacuum bottle on the other.
End User Outlook
Based on End User, the market is segmented into Utilities, Industrial, Residential, and Commercial. In 2021, the Utilities segment held the maximum revenue share of the Circuit Breakers Market. This is due to the rising need for energy in developing and developed nations, which resulted in increased demand for circuit breakers in utility applications. Furthermore, rising energy consumption combined with cleaner electricity generation is likely to fuel the expansion of the renewable power generating segment. For utility applications, medium and high voltage switching devices are commonly utilized. SF6 circuit breakers are losing favor in utility-scale applications due to environmental concerns, and a replacement for an SF6-based automatically operated electrical switch is being researched, developed, and demonstrated.
|Market size value in 2021||USD 9.4 Billion|
|Market size forecast in 2028||USD 13.8 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 5.7% from 2022 to 2028|
|Number of Pages||259|
|Number of Tables||453|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Installation, Insulation Type, Voltage, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2021, the Asia Pacific emerged as the dominating region in the Circuit Breakers Market by procuring the maximum revenue share. This is owing to the enormous consumer base and presence of major players in the region. Moreover, significant growth in the renewable energy sector, increased investment in upgrading aging power infrastructure, and rapid industrialization in the region are expected to fuel the circuit breakers market in the coming years.
Free Valuable Insights: Global Circuit Breakers Market size to reach USD 13.8 Billion by 2028
KBV Cardinal Matrix - Circuit Breakers Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG and ABB, Ltd. are the forerunners in the Circuit Breakers Market. Companies such as Schneider Electric SE, Mitsubishi Electric Corporation, Eaton Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, ABB Group, Eaton Corporation PLC, Schneider Electric SE, Alstom Holdings, Mitsubishi Electric Corporation, Furukawa Electric Co., Ltd., Toshiba Corporation, Kirloskar Electric Co. Ltd., and Powell Industries, Inc.
Recent Strategies Deployed in Circuit Breakers Market
» Partnerships, Collaborations and Agreements:
- Feb-2022: Eaton came into a partnership with LG Electronics, a South Korean multinational conglomerate corporation. Through this partnership, Eaton would combine its intelligent power management technology along with its smart breakers and EV chargers, within LG ThinQ Energy mobile app and LG energy administration solutions to clarify load management in the home.
- Jan-2022: Eaton formed a partnership with Samsung, a multinational electronics corporation. Under this partnership, Samsung SmartThings Energy platform consumers can use Eaton smart circuit breakers to expand their capabilities to observe and gain intuition into energy use from connected technology beyond Samsung devices all over their homes.
- Jun-2021: Mitsubishi Electric signed a memorandum of understanding with Siemens, a German multinational conglomerate corporation. This MoU aimed to conduct an expediency study on the joint development of high-voltage switching solutions with zero global-warming potential that replace greenhouse gases with clean air for covering. Additionally, the companies would research methods for climbing up the application of clean-air insulation technology to larger voltages. Moreover, the companies would begin with a 245kV dead-tank circuit destroyer that would boost the accessibility of climate-neutral HV switching solutions for consumers across the globe.
- Jun-2021: Toshiba Energy Systems & Solutions came into a partnership with Meidensha, a manufacturer and provider of water treatment equipment, electronic equipment, and information equipment. Through this collaboration, the companies aimed to jointly develop gas-insulated switchgear (GIS) for 72kV/84kV utilizing a natural origin gas.
» Product Launches and Product Expansions:
- Oct-2021: Schneider Electric unveiled Resi9, a range of electrical consumer units. The unit offers the highest level of domestic circuit conservation safety up to date. Additionally, the electrical unit provides matchless time saving, modify to the adjustment.
- Oct-2021: Schneider Electric launched the PowerPacT Molded Case Circuit Breaker series. The circuit breaker allows consumers to grow operational efficiency and provide incomparable accuracy to power tomorrow. Additionally, the Enhanced circuit is furnished with features such as an Updated front cover design, Visi-TripTM LED breaker locator, Zigbee wireless technology, and Semi-transparent breaker.
- Jan-2021: ABB India introduced DIN-Rail, an entire range of Miniature Circuit Breakers, ResidualCurrent Circuit Breakers, and Isolators. The DIN-Rail suite offers outstanding protection to electrical circuits from possible harm caused by short circuits, overload, and earth leakages in buildings.
- Sep-2020: Siemens introduced the 3WA series. This launch aimed to modernize Sentron's offering of air circuit breakers to accommodate all low-voltage power circulation needs in the digital ecosystem. Additionally, the 3WA series support software-based engineering and planning, digital monitoring and testing, and an absolute combination of automation and IoT systems.
- Aug-2020: Schneider Electric unveiled new era ComPacT molded-case circuit breakers. The ComPacT series offers connectivity-ready, and modular plug-and-play additions that expand the abilities for enhanced observation abilities.
» Acquisitions and Mergers:
- Nov-2021: Schneider Electric took over DC Systems B.V. Through this acquisition, Schneider Electric would integrate its offering, to provide consumers growing resiliency and simplicity for compatible applications including building microgrids in an untrustworthy public grid ecosystem, or long-distance applications such as governmental lighting.
- Aug-2021: Mitsubishi Electric Power Products subsidiary of Mitsubishi Electric Corporation completed the acquisition of Smarter Grid Solutions, the UK's leading dedicated smart grid technology company. Through this acquisition, the company aimed to decarbonize electric power manufacturing and has spent the last decade developing leading products and procedures. Additionally, Mitsubishi Electric Power Products would integrate Smarter Grid Solutions products within their portfolio of grid control products to assist consumers to respond to changes and still get the best achievement from electric grids.
- Mar-2021: Eaton completed the acquisition of HuanYu High Tech, a subsidiary of HuanYu Group. Under this acquisition, High Tech’s strong product offering and production abilities integrated with Eaton’s global scale and approach to the wide Southeast Asian market would allow for to growth of low-voltage electrical components companies in Asia.
- Mar-2021: Eaton took over Tripp Lite, a manufacturer of power protection and connecting electrical devices. Through this acquisition, Tripp Lite’s portfolio would improve the width of edge computing and scattered IT product offerings and expand the single-phase UPS enterprise.
- Aug-2020: Schneider Electric completed the acquisition of ProLeiT AG, the world's leading provider of control system solutions in the food and beverage industry. This acquisition aimed to improve solution offering and dept domain expertise to provide more value to customer-packaged goods producers.
- Jan-2020: Siemens signed an agreement to acquire C&S Electric Limited. Through this acquisition, the company aimed to reinforce its position as the main provider of low-voltage power circulation and electrical installation technology in one of the world’s rapid-growing economies.
Scope of the Study
Market Segments Covered in the Report:
By End User
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Siemens AG
- ABB Group
- Eaton Corporation PLC
- Schneider Electric SE
- Alstom Holdings
- Mitsubishi Electric Corporation
- Furukawa Electric Co., Ltd.
- Toshiba Corporation
- Kirloskar Electric Co. Ltd.
- Powell Industries, Inc.
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How valuable will the circuit breakers market be in the future?
The global circuit breakers market size is expected to reach $13.8 billion by 2028.
What are the key driving factors and challenges in the circuit breakers market?
Growing demand for Medium Voltage Circuit Breakers and increased electrification Initiatives are increasing are driving the market in coming years, however, the adverse impact of the COVID-19 pandemic growth of the market.
What are the major top companies in the competitive landscape?
Siemens AG, ABB Group, Eaton Corporation PLC, Schneider Electric SE, Alstom Holdings, Mitsubishi Electric Corporation, Furukawa Electric Co., Ltd., Toshiba Corporation, Kirloskar Electric Co. Ltd., and Powell Industries, Inc.
Which segment is leading the market in 2021?
The High voltage segment is leading the Global Circuit Breakers Market by Voltage in 2021, thereby, achieving a market value of $6.0 billion by 2028.
Which region dominated the circuit breakers market in 2021?
The Asia Pacific market dominated the Global Circuit Breakers Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5.0 billion by 2028.