Circuit Breaker Market size is set to surpass USD 20 Billion by the end of 2035, expanding at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of circuit breaker was around USD 9 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.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~7% |
|
Base Year Market Size (2022) |
~ USD 9 Billion |
|
Forecast Year Market Size (2035) |
~ USD 20 Billion |
|
Regional Scope |
|
Insulation Type (Air, Gas, Vacuum, Oil)
The gas segment is projected to held 38% share of the global circuit breaker market in 2035. 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 2035, 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 |
|
|
Insulation Type |
|
|
End User |
|
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 2035. 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 2035. 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.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?