Circuit Breaker Market Size & Share, by Installation (Indoor, Outdoor), Insulation Type (Air, Gas, Vacuum, Oil), End-user (Power Generation, Transmission & Distribution Utilities, Railways) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5125
  • Published Date: Aug 02, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Circuit Breaker Market size was valued at USD 9.67 Billion in 2023 and is expected to cross USD 24.45 Billion by the end of 2036, registering more than 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of circuit breaker is estimated at USD 10.31 Billion. The growth of the market can be attributed to the growing investment in power generation. Power infrastructure must be expanded and upgraded when governments invest in power-producing projects. This includes the installation of more reliable circuit breakers for reliable power generation and supply. According to the International Energy Agency, investment in the power sector increased by 8% to USD 2.4 trillion in 2022. The majority of the investment is done in energy-efficient technologies.

Besides this, the factor that is also responsible for the market growth of circuit breakers is the growing age of grid infrastructure. As grid infrastructure ages, it necessitates more frequent upkeep and repairs. Circuit breakers are vital parts for preventing electrical faults and overloads on the grid. Upgrading or replacing aging circuit breakers can assist minimize the frequency of repairs and maintenance. The majority of electric transmission and distribution lines were built in the 1950s and 1960s with a 50-year average lifespan, currently, many of these lines are deteriorating or expired.


Circuit Breaker Market
Get more information on this report: Request Free Sample PDF

Circuit Breaker Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Use of Renewables for Electricity– The growing use of renewable energy sources. Circuit breakers are essential in controlling the supply and flow of electricity from renewable sources to the grid. Over the years 2022-2027, global renewable power capacity is predicted to increase by 2 400 gigatonnes (GW). Moreover, by 2025, around 35% of global power generation will be met by renewable sources
  • Increasing Transmission & Distribution Networks– To distribute electricity to consumers, transmission and distribution networks must be expanded. This growth necessitates the construction of new substations, power lines, and distribution infrastructure, all of which necessitate the use of circuit breakers for protection and control. Electricity networks are the foundation of secure and dependable power systems, with about 80 million km of transmission and distribution lines in place worldwide today.
  • Rising Importance of Smart Grid Technology– Circuit breakers are used in a variety of ways in smart grid network to improve grid performance, reliability, and efficiency. Circuit breakers outfitted with modern sensors and communication capabilities are enabled by the smart grid.  To achieve Net Zero Emissions, globally, by 2050, investment in smart grids must more than triple by 2030.

Challenges

  • Pressure of Cost and Prices – Enormous rivalry in the circuit breaker industry has resulted in pricing constraints, with companies frequently faced with the difficulty of balancing quality and features while maintaining reasonable prices.
  • Fast Expiry of Old Circuit Breaker
  • Security Caused by Digital Integration

Circuit Breaker Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

7.4%

Base Year Market Size (2023)

USD 9.67 Billion

Forecast Year Market Size (2036)

USD 24.45 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Circuit Breaker Segmentation

Insulation Type (Air, Gas, Vacuum, Oil)

The gas segment is projected to held 38% share of the global circuit breaker market in 2036. The growth of the segment can be attributed to the rising investment in green energy. According to the International Energy Agency, meeting long-term sustainability targets may necessitate a 50% increase in global grid spending over the next decade. Moreover, renewables lead to new power generation investment, accounting for 70% of the USD 530 billion invested in all new generation capacity in 2021. In renewable energy applications, particularly in high-voltage systems, gas-insulated circuit breakers are often employed. The distinct advantages, such as improved high-voltage handling and efficient protection against short circuits and overloads make them suitable for application in renewable grids.

Installation (Indoor, Outdoor)

In the year 2036, the outdoor segment in the circuit breaker market is predicted to have a large proportion of roughly 46%. The rising installation of wind and solar plants is expected to drive the growth of the segment. Global solar PV capacity addition investments climbed by more than 20% in 2022, exceeding USD 320 billion. Moreover, in 2022, 93% of the entire 900 GW of built wind capacity was in onshore systems, with the remaining 7% in offshore wind farms. Outdoor circuit breakers are used to isolate specific components of solar or wind power plants from the rest of the system. This enables safe maintenance, repairs, and troubleshooting without disrupting the entire operation.

Our in-depth analysis of the global market includes the following segments:

     Installation

  • Indoor
  • Outdoor

     Insulation Type

  • Air
  • Gas
  • Vacuum
  • Oil

 

     End User

  • Power Generation
  • Transmission & Distribution Utilities
  • Railways

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Circuit Breaker Industry- Regional Synopsis

APAC Market Forecast

Circuit breaker market share in Asia Pacific is predicted to be the greatest among all other regions, with a share of approximately 37% by the end of 2036. The growth of the market can be attributed majorly to the growing infrastructural development which will increase the demand for various circuit breakers. As of May 2023, in China, there were around 40,000 tens of thousand square meters of housing, which further increases to nearly 50,000 tens of thousands of square meters in June 2023. Furthermore, growing initiatives for the redevelopment of transmission lines. The Indian government announced a plan worth USD 29 billion to connect renewable energy by building transmission lines by 2030.

North American Market Statistics

The circuit breaker market in North America is expected to be the second largest, with a share of around 25% by the end of 2036. The growth of the market can be attributed majorly to the industrial growth in the region. The region's industrial sector, which includes manufacturing, oil and gas, mining, and other industries, demands reliable electrical distribution and protection solutions. In 2022, overall petroleum output in the United States was estimated to be at 19.988 million barrels per day (b/d), with crude oil accounting for 11.883 million b/d and the rest being hydrocarbon gas liquids.

Research Nester
Circuit Breaker Market Size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Circuit Breaker Landscape

    • Eaton
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Schneider Electric
    • WEG S.A.
    • LS ELECTRIC Co., Ltd
    • Kirloskar Electric Company
    • Powell Industries
    • ABB
    • GENERAL ELECTRIC
    • Siemens
    • CG Power and Industrial Solutions Limited
    • Mitsubishi Electric Corporation

In the News

  • Eaton announced the acquisition of 50% stake of Jiangsu huineng Electric Co., Ltd., a China-based low-voltage circuit breaker manufacturer. This acquisition will benefit the global distribution channels in various segment, such as grid modernization, commercial and industrial buildings, and renewable energy.
  • ABB India has announced the launch of Formula DIN-Rail, it is a complete range of circuit breakers for retail market, including Residual Current Circuit Breakers (RCCBs), Miniuatre Circuit Breakers (MCB), and Isolators

Author Credits:  Abhishek Verma


  • Report ID: 5125
  • Published Date: Aug 02, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of circuit breaker is estimated at USD 10.31 Billion.

The circuit breaker market size was valued at USD 9.67 Billion in 2023 and is expected to cross USD 24.45 Billion by the end of 2036, registering more than 7.4% CAGR during the forecast period i.e., between 2024-2036. Rising demand for renewable electricity, higher integration of smart grids, and upgrade of old transmission lines are the major factors driving the market growth.

Asia Pacific industry is predicted to hold 37% of the revenue share by 2036, owing to growing infrastructural development in the region.

Eaton, Schneider Electric, WEG S.A., LS ELECTRIC Co., Ltd, Kirloskar Electric Company, Powell Industries, ABB, GENERAL ELECTRIC, Siemens, CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation

In the year 2024, the industry size of circuit breaker is estimated at USD 10.31 Billion.
Circuit Breaker Market Report Scope
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying
Inquiry Before Buying Request Free Sample