Circuit Breaker Market to Grow at over 4.5% CAGR until 2024
The latest report by IMARC Group, titled “Circuit Breaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global circuit breaker market size reached US$ 7 Billion in 2018. A circuit breaker is a safety device designed to protect an electrical circuit from damage caused by an overload or a short circuit in the current supply. Its primary function is to stop the flow of current when fluctuations are detected. It can be easily reset, unlike a fuse which needs to be replaced, and can be used when ground fault protection is required. Circuit breakers are available in different sizes ranging from small devices that protect low-current circuits to large switchgear designed to protect high-voltage circuits. In recent years, the leading companies have been focusing on R&D activities to manufacture new circuit breakers and improve the capabilities of existing ones.
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Circuit Breaker Market Trends:
With the rising population, increasing urbanization rates and economic reforms, especially in developing countries, there has been a considerable increase in the need to upgrade electrical transmission networks. In line with this, several countries are expanding their existing power generation capacity to meet the electricity requirement in both rural and urban areas. This has resulted in the growing demand for electrical devices, such as circuit breakers. Besides this, governments of various nations have undertaken initiatives to replace the old electrical equipment with energy-efficient systems to ensure electrical safety and reduce wastage. For instance, European and North American countries have started revamping their power grid construction and transmission lines, which is expected to drive the growth of the circuit breaker market in the coming years. Looking forward, the circuit breaker market size reach a value is projected to reach US$ 10 Billion by 2024, growing at a CAGR of 4.5% during 2019-2024.
- Based on the product type, the market has been segmented into indoor and outdoor circuit breakers. Outdoor circuit breakers currently represent the most popular product type, accounting for the majority of the total market share.
- On the basis of the voltage, the report finds that low voltage circuit breakers dominate the market, holding the largest share. Other major segments include medium and high voltage.
- The market has also been categorized based on the technology into air, vacuum, oil and SF6. Amongst these, air circuit breakers exhibit a clear dominance in the market.
- On the basis of the end use, transmission and distribution represent the largest end use segment. Other end use segments are renewable, power generation and railways.
- Region-wise, Asia Pacific enjoys the leading position in the global circuit breaker market. Other major markets are North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being ABB, Alstom, Eaton Corporation, GE, Mitsubishi Electric Power Products, Schneider Electric, Siemens, Camsco Electric, G&W Electric, Kirloskar Electric, L&T, Powell Industries, Schurter Holding, Sensata Technologies and Toshiba.
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