Global Circuit Breaker Market

Global Circuit Breaker Market, By Insulation Type (Vacuum Circuit Breakers, Air Circuit Breakers, Gas Circuit Breakers, and Oil Circuit Breakers); By Voltage (High Voltage, and Medium Voltage); By Installation (Indoor and Outdoor); By End-User (T&D Utilities, Power Generation, Renewables Energy, Railway, and Others); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC2191
  • Available Format: PDF
  • Page: 201

Report Overview

Global circuit breaker market is anticipated to grow due to the increasing demand for power supply and transmission from across the globe. Additionally, increasing investment in the renewable energy sector also propelss the growth of the circuit breaker market.

Global Circuit Breaker Market- Industry Trends & Forecast Report 2027

Global circuit breaker market was worth USD 5.8 billion in 2020 and is further projected to reach USD 8.6 billion by 2027, at a CAGR of 6.0% during the forecast period (2021-2027). A circuit breaker is a necessary component of any electrical system. It controls electricity when voltage and current suddenly rise and helps prevent accidents. A safe power supply worldwide coupled with renewable energy sources contributes to the circuit breaker market's growth. Additionally, increasing investments in the industrial sector both in developing and developed countries have propelled the global circuit breaker market.

global circuit breaker market

Source: BlueWeave Consulting

Global Circuit Breaker Overview

A circuit breaker is an automatically operated electrical switch designed to protect a circuit from damage caused by excessive electrical supply. Its primary function is to interrupt current flow after protective relays detect a fault. In the event of a short circuit or any other electrical problem, a high voltage current flows through the cables and interrupts the circuit, protecting the electrical system from damage. Circuit breakers typically focus on power generation, renewable energy, and other areas. The circuit breaker is a device used for switching various types of loads in commercial or industrial  complexes, hotels, etc.

Global Circuit Breaker Market Trend

Growth Drivers

Rising Power Demand from Emerging Economies

Circuit breakers are majorly used in the power generation or electricity sector. They are installed to protect the electrical system from damage by an excessive supply of voltage. The population of emerging countries has risen dramatically over time, resulting in increased energy consumption. As a result of its growing population, the Asia-Pacific region has the highest demand for power and energy. In 2019, the entire population of East Asia and the Pacific was anticipated to be over 2.34 billion people, according to the World Bank. Growing populations have therefore increased the electricity demand. According to BP Statistics, electricity generation in Asia-Pacific was 8257.7 tetra watt-hours in 2010, which grew to 12919.3 tetra watt-hours in 2020. The rising population has increased the demand for more power and oil, further pushing industries to produce more energy, thus fueling the market growth of the circuit breaker market.

Increasing Investment in Renewable Energy Industry

Due to increased demand, nonrenewable energy sources will become exhausted in the near future. The need for energy generation from renewable resources is growing as a result of increasing energy consumption. To ensure a reliable supply of power, governments are focusing on creating cleaner and greener environments. Additionally, many industries are analyzing environmental impacts and total operational costs. One of Amazon's new renewable energy projects involves a total of 14 projects planned for June 2021 in the United States, Canada, Finland, and Spain as part of its goal to use 100% renewable energy by 2025-five years ahead of the original deadline of 2030. Ten gigawatts (GW) of electricity have been generated by the company's renewable energy investments to power 2.5 million U.S. homes. Amazon is now the most significant corporate buyer of renewable energy in the U.S. and around the world. Accordingly, we can observe that increasing investment in renewable energy has accelerated the growth of the circuit breaker market.

Restraints

Circuit Breakers Cause Environmental Concerns

Most of the high voltage circuit breakers leveraged across the distribution and transmission systems come insulated with sulfur hexafluoride, which happens to be a major greenhouse gas. The gas becomes susceptible to leakages into the atmosphere with the growing age of the equipment or frequent servicing and maintenance. In addition to this, many of the government policies in the European region have regarded some of the pivotal raw materials like hexavalent chromium, cadmium or flame retardants to be a growing issue as they have been found to cause cancer upon exposure. As a result, the growing concerns toward the environmental and overall protection of the people working closely with circuit breakers is impeding the growth of the global circuit breaker market.

Impact of COVID-19

Energy and power companies were among the worst-affected industries by COVID-19 irrespective of their geography. Due to COVID-19, energy & power companies experienced financial stress and power chain disruption, resulting in decreased demand for power. During the pandemic, continuous and uninterrupted power supplies were essential to working on medical and other equipment. Currently, the majority of electric power is generated by burning fossil fuels or hydropower; though, solar and wind power generation have gained significant traction in recent years. Thus. the global circuit breaker market has negatively affected due to COVID-19.

Global Circuit Breaker Market: By Insulation Type

Based on insulation type, the circuit breaker market is grouped into vacuum circuit breakers, air circuit breakers, gas circuit breakers, and oil circuit breakers. In 2020, gas circuit breaker accounted for the largest market share.Gas circuit breakers are essential equipment for protecting the transmission system. They cut off current instantly in the event of system failure due to unfortunate weather conditions. Gas circuit breakers have dielectric properties and require less space. Hitachi is working on a new generation of circuit breakers capable of handling currents and voltages up to 550 kV and precisely accommodating increases in breaker capacity.

Global Circuit Breaker Market Share

Source: BlueWeave Consulting

Global Circuit Breaker Market: By Voltage

Based on voltage, the circuit breaker market is grouped into medium voltage and high voltage. In 2020, the high voltage circuit breaker segment accounted for the largest share in the circuit breaker market. In recent years, the increasing use of technology and increasing investments in the power generation industry by several governments have propelled the growth of this segment. Furthermore, the growing power demand from the residential sector and the installation of the safe and secure system have further influenced the development of this segment.

Global Circuit Breaker Market: Regional Insights

Geographically, the circuit breaker market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The Asia-Pacific accounted for the largest share in the circuit breaker market in 2020 and is likely to dominate during the forecast period. The growth in the Asia-Pacific circuit breaker market is majorly due to the rising demand for power from countries such as China, India, Japan, and South Korea. China is the global leader in the renewable energy industry and power distribution system. The country is increasingly focusing on the generation of power from renewable energy sources. Additionally, the the Government of China is investing in the development of infrastructure for both off-shore and on-shore projects. Furthermore, the government has passed the renewable energy law to target 20% of primary consumption of renewable sources.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

Some of the key players in the circuit breaker market are ABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, CG Power and Industrial Solutions, XIGAO Group, LS ELECTRIC, Huayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity. Meidensha, Toshiba, Powell Industries, and other prominent players. Because of circuit breakers, it has been possible to protect the transmission system from fluctuation in the current owing to which they are safe and secure. Thus advancement in technology is helping key players to develop more advanced circuit breakers.

Recent Developments

InSeptember 2021, Blixt Tech AB and Infineon Technologies AG have announced a collaboration to create solid-state circuit breakers (SSCB) based on Infineon's product line. By delivering more excellent electrical safety, real-time circuit-level measurement, and complete control of the power flow, the new solid-state circuit breakers have the potential to upset the USD 38 billion circuit breaker business.

  • In September 2021,Schneider Electric, the global energy management, and automation leader, introduced a new generation of ComPacTTM molded-case circuit breakers.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USDBillion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, Australia, China, India, UAE, South Africa, Saudi Arabia, Turkey

Product/Service Segmentation

By Insulation Type, Voltage, End-User, Technology,  Installationand Region

Key Players

Key Players for the market areABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, Mitsubishi Electric, CG Power and Industrial Solutions, XIGAO Group, LS ELECTRIC, Huayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity. Meidensha, Toshiba,  PowellIndustries, and other prominent players

 

By Insulation Type

  • Vacuum Circuit Breakers
  • Air Circuit Breakers
  • Gas Circuit Breakers
  • Oil Circuit Breakers

By Voltage

  • Medium
  • High

By End-User

  • T&D Utilities
  • Power Generation
  • Renewables Energy
  • Railway
  • Others

By Region

  • The Asia-Pacific
  • North America
  • Europe
  • The Middle East & Africa
  • Latin America

Frequently Asked Questions:

Ans: Global circuit breaker market has reached USD 5.8 billion in 2020.
Ans: The major factors driving the growth of the global circuit breaker market are the increasing investment in renewable energy industry and rising demand for power from emerging economies.
Ans: The key players in the global circuit breaker market are ABB, Schneider Electric, Siemens, Mitsubishi Electric, Eaton, Mitsubishi Electric, CG Power and Industrial Solutions, XIGAO Group, LS ELECTRIC, Huayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity. Meidensha, Toshiba, PowellIndustriesV., and other prominent players.
Ans: Based on voltage, the high voltage segment accounted for the larger share in the global circuit breaker market.
Ans: Asia-Pacific holds the largest share in the global circuit breaker market.