Medium Voltage Circuit Breaker Market size is estimated to cross USD 19 Billion by the end of 2036, expanding around 10% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of medium voltage circuit breaker was about USD 7 Billion. The growth of the market is rising due to the growing consumption of renewable energy. In the next five years, the globe is expected to add more renewable energy capacity than it has since the first commercial renewable energy power plant was constructed more than a century ago. Throughout the years 2023–2028, nearly 3 699 GW of new renewable capacity will become available. Therefore, the medium voltage circuit breaker market growth is set to be influenced by this factor. Long-term deployment of these circuit breakers is encouraged by the fact that they are critical to preserving grid stability and averting power disruptions.
Additionally, the governments in different countries have created legislation, initiatives, and a welcoming atmosphere to draw in foreign capital and quickly expand the global position in the renewable energy sector. Therefore, this factor is also estimated to drive the demand for medium-voltage circuit breakers.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~10% |
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Base Year Market Size (2023) |
~ USD 7 Billion |
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Forecast Year Market Size (2036) |
~ USD 19 Billion |
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Regional Scope |
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Type (Outdoor, Indoor)
The outdoor segment in the medium voltage circuit breaker market is expected to gather the highest revenue share of about 60% during the forecast period. The major factor influencing the segment growth is the growing need for electricity in rural regions. However, it is projected that by 2022, there is going to be over 759 million people without access to power worldwide. The number of individuals without access to electricity has surged recently, returning to levels seen in 2019 as a result of the COVID-19 pandemic's effects and Russia's invasion of Ukraine. Sub-Saharan Africa, where about 79% of the world's population lacks access to electricity, is where much of this expansion is observed. Therefore, this further boosts the adoption of medium-voltage outdoor breakers. Also, this region is having huge adoption of sustainable energy solutions which might further provide power to this rural region at more affordable rates. Furthermore, by incorporating the production of green power into their operations, farmers and forest owners have stabilized, expanded, and diversified their sources of revenue. Therefore, this segment is observing growth hence further influencing medium voltage circuit breaker market growth.
End-Use (Residential, Commercial, Utility Scale, Industrial)
The industrial segment in the medium voltage circuit breaker market is expected to gather the highest revenue share of about 40% during the forecast period. The deployment of medium voltage circuit breaker units will be complemented by the growing need for industrial automation and improved production processes for dependable and efficient operation. By detecting possible problems, improving equipment performance, and lowering unscheduled shutdowns, predictive maintenance, condition monitoring, and remote monitoring are the essential elements that increase operational efficiency and reduce downtime of industrial operations. The favorable business environment is expected to be enhanced by the expanding focus on integrating wide-ranging frequency distribution linkages and the growing concern for energy efficiency. As a result, the segment is expected to observe growth over the coming years.
Our in-depth analysis of the global medium voltage circuit breaker market includes the following segments:
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Insulation |
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Type |
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End-Use |
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APAC Market Forecast
The Asia Pacific medium voltage circuit breaker market is projected to generate the highest revenue share of over 30% during the forecast period. This growth is set to be influenced by the rising urban population. Asia is inhabited by roughly 2.2 billion people or 54% of the world's metropolitan population. Asia is expected to include 1.2 billion more urban residents by 2050, a 50% increase in population. Hence, with this, the infrastructure development is also growing driving the medium voltage circuit breaker market growth. Furthermore, the need for various commercial sectors is also growing significantly in this region which further demands the huge need for power. Additionally, the demand for wind energy is also surging in this region which is also boosting demand for medium voltage circuit breakers.
European Market Analysis
The medium voltage circuit breaker in Europe is also estimated to have significant growth during the forecast period. The growth of the medium voltage circuit breaker market in this region is set to be influenced by the growing adoption of IoT in medium-voltage circuit breakers. It improves the efficiency of the circuit breaker by helping with power management. that everything stays dependable and stable.
Author Credits: Payel Roy, Dhruv Bhatia
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