The global circuit breaker market is set to attain a value of USD 25.75 billion by 2026, displaying a CAGR of 6.97% during the forecast period. The main driving factor for this is the ever-increasing demand for electricity around the world. According to the International Energy Agency (IEA), in 2018, world electricity demand increased by 4%, double the amount of the overall energy demand. Among nations, China and the US accounted for 70% of the total global demand. Increasing demand and consumption of electricity will lead to a corresponding rise in the demand for circuit breakers, since they are essential components in any electrical system. Circuit breakers are basically switching devices, that is, their primary function is to disturb or interrupt the flow of fault or abnormal current. This protects the electrical system from any damage and prevents any potential accidents.
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Some of the prominent companies in the global circuit breaker market include:
- CG Power and Industrial Solutions Limited
- Atom Power, Inc.
- Mitsubishi Electric Corporation
- Salzer Group
- Schneider Electric
- Larsen & Toubro Limited
- Kirloskar Electric Company
- Siemens AG
Key Market Driver – Enormous demand for electricity
Key Market Restraint – High installation and maintenance cost
According to the Fortune Business Insights report, titled “Circuit Breaker Market Size, Share & Industry Analysis, By Voltage (Low Voltage, Medium Voltage, and High Voltage), By End User (Residential, Commercial, Industrial, and Utility), By Installation (Indoor and Outdoor), By Rated Voltage (Upto 500V, 500V-1kV, 1kV-15kV, 15kV-50kV, 50kV-70kV, 70kV-150kV, 150kV-300kV, 300kV-600kV, 600kV-800kV, and Above 800kV), and Regional Forecast, 2026”, the global circuit breaker market value in 2018 was USD 15.09 billion. Additionally, the report also provides a comprehensive analysis of the various factors and trends that will shape the market during the forecast period.
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Rising Focus on Energy Accessibility to Favor Market Growth
Governments in the developing nations of Asia and Africa are aggressively building strong power infrastructure to bring electricity in the homes of the people, especially in rural areas. For example, through its rural cooperative program, Bangladesh has managed to bring electricity to 62% of its rural population. India has successfully electrified 95% of rural households in its poorest states, as reported by the IEA in 2018. Furthermore, international organizations such as the World Bank are providing the required monetary assistance to these countries, further enhancing their capabilities. For instance, the World Bank, through its International Development Agency, is providing USD 375 million to aid the Ethiopia Electrification Program launched in 2017, which aims at last-mile service delivery. Such rapid progress in power infrastructure is expected to create massive sales opportunities for circuit breaker producers, thereby bolstering the global circuit breaker market growth during the forecast period.
1. By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
2. By Installation Location
- Indoor Circuit Breakers
- Outdoor Circuit Breakers
3. By End User
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Industrial Development to Propel the Market in Asia-Pacific
Among regions, Asia-Pacific is expected to dominate the global circuit breaker market share owing to the fast-paced industrial and manufacturing sector development, especially in China and India. Moreover, increasing infrastructure activities in the region will further enlarge the global circuit breaker market size till 2026. Heightened urbanization will make Africa the most promising regional market for circuit breakers in the coming decade, while oil and gas exploration and refinement activities will fuel the market in the Middle East. North America and Europe are anticipated to make sizeable contributions to the global circuit breaker market revenue in the forecast period.
Development of Innovative Products to Intensify Competition
Key players in the global circuit breaker market are increasingly focusing on creating and launching new and innovative products so as to gain a competitive edge. For example, in April 2019, Hannover-based ABB introduced its solid-state circuit breaker that is designed to enable electrical systems and grids to adapt renewable energy solutions and improve industrial battery storage capacities. Similarly, Schneider Electric upgraded their Masterpact circuit breakers product line with the Masterpact MTZ, which is specifically designed to empower smart devices to cope with the Internet of Things (IoT) tools and solutions.
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Table of Content
5. Global Circuit Breaker Market Analysis (USD billion), Insights and Forecast, 2015-2026
5.1. Key Findings/Summary
5.2.Market Analysis, Insights and Forecast – By Voltage
5.3.Market Analysis, Insights and Forecast – By End User
5.4.Market Analysis, Insights and Forecast – By Installation
5.5.Market Analysis, Insights and Forecast – By Rated Voltage
5.6.Market Analysis, Insights and Forecast – By Region
5.6.5.Middle East & Africa
6. North America Circuit Breaker Market Analysis (USD billion), Insights and Forecast, 2015-2026
6.1.Key Findings/ Summary
6.2.Market Analysis, Insights and Forecast – By Voltage
6.3.Market Analysis, Insights and Forecast – By End User
6.4.Market Analysis, Insights and Forecast – By Installation
6.5.Market Analysis, Insights and Forecast – By Rated Voltage
6.6.Market Analysis, Insights and Forecast – By Country
7. Latin America Circuit Breaker Market Analysis (USD billion), Insights and Forecast, 2015-2026
7.1.Key Findings/ Summary
7.2.Market Analysis, Insights and Forecast – By Voltage
7.2.2. Medium Voltage
7.2.3. High Voltage
Key Industry Developments
- In May 2019, As per the agreement made with Eaton and Schneider Electric, OmniCable is authorized to sell circuit breakers to all electrical distributors in the United States w.e.f. June 2019.
- In February 2019, Schneider Electric, the world-renowned company in the digital transformation of energy management is recently launched the new generation Masterpact MTZ high power low voltage circuit breaker. It offers multiple benefits of enhanced performance, increased reliability and safety.
- In July 2018, Siemens got a contract of worth $17.5 million to deliver inverters, power and distribution transformers, gas-insulated medium voltage switchgear, circuit breakers, monitoring and controlling system for the largest solar power plant of a capacity 258MW in Southeast Asia.
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