Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Circuit Breaker Market 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global circuit breaker market is expected to experience significant growth, with its size expanding from approximately USD 6.5 billion in 2023 to about USD 8.6 billion by 2028. This represents a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2023 to 2028.
Several factors are driving this growth, including the increasing investments in power generation, particularly in renewable energy sources. There is also a growing global demand for a dependable and secure power supply, leading to the expansion and improvement of transmission and distribution networks. Furthermore, the railway sector is witnessing accelerated investments, further contributing to the growth of the circuit breaker market.
The report provides a comprehensive overview of the circuit breaker market across various regions. Its main goal is to estimate market size and evaluate future growth potential in different segments, including insulation type, voltage, installation, end user, and region. Moreover, the report includes a detailed competitive analysis of key market players, showcasing their company profiles, recent developments, and main market strategies.
The market is segmented based on insulation type, voltage, installation, end-user, and region, with a special focus on analyzing industry trends. Additionally, the report offers a market share analysis of top players, supply chain insights, and company profiles, collectively offering valuable insights into the competitive landscape and emerging high-growth segments within the circuit breaker market.
Prominent companies in the circuit breaker market, such as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland), play a significant role in shaping the industry's landscape.
Gas Circuit Breakers Lead the Market
Gas circuit breakers are projected to dominate the circuit breaker market in terms of insulation type during the forecast period. This dominance is attributed to their advantageous features like high dielectric properties and space-saving benefits. The Asia Pacific region is expected to have the largest market share for gas circuit breakers, followed closely by Europe. Investments in renewable energy sources in these regions are fueling the demand for upgrades to existing substations or new installations, particularly in SF6-based gas-insulated switchgear, driving the market for gas circuit breakers.
T&D Utilities as a Growing Segment
In the circuit breaker market, the industrial segment is set to exhibit the highest growth rate from 2023 to 2028. The increasing demand for electrical power is leading to higher investments in transmission and distribution infrastructure. Modern substations now serve as data hubs, necessitating the integration of smart utility solutions to improve protection and reduce energy losses.
Incorporating sensors into circuit breakers offers multiple advantages, including power quality measurements, reduced interruptions, secondary equipment protection, simplified maintenance, remote monitoring, and minimized use of valuable materials. Among the end-user segments, the transmission and distribution (T&D) sector is experiencing the fastest growth due to infrastructure upgrades and growing electricity demand in power utilities.
Asia Pacific's Rapid Growth
The circuit breaker market is witnessing rapid expansion in the Asia Pacific region, followed by Europe and North America. This growth is driven by the increasing development of transmission and distribution networks and industrialization initiatives, particularly in countries like China, Japan, and South Korea.
Notably, the State Grid Corporation of China (SGCC) plans significant investments in electric power infrastructure upgrades, including substantial funds for smart grids. Similarly, South Korea's Korea Electric Power Corp. (KEPCO) is investing heavily in a nationwide smart grid infrastructure. These investments are anticipated to boost the demand for circuit breakers in the Asia Pacific region.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 259 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $6.5 Billion |
| Forecasted Market Value (USD) by 2028 | $8.6 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Premium Insights
- Rising Inclination Toward Renewable Energy Sources to Boost Demand for Circuit Breakers
- Circuit Breaker Market in Asia-Pacific to Grow at Highest CAGR During Forecast Period
- T&D Utilities and China Dominated Circuit Breaker Market in Asia-Pacific, by End-user and Country, Respectively, in 2022
- Outdoor Segment to Dominate Circuit Breaker Market, by Installation, in 2028
- High Voltage Segment to Capture Larger Share of Circuit Breaker Market, by Voltage, in 2028
- T&D Utilities Segment to Account for Largest Share of Circuit Breaker Market, by End-user, in 2028
Market Dynamics
- Drivers
- Increasing Investments in Power Generation Using Renewable Energy Sources
- Rising Global Demand for Reliable and Secure Power Supply
- Growing Focus of Developing Countries on Modifying and Upgrading Existing T&D Infrastructure
- Rising Deployment of Modern Train Control Systems to Enhance Safety
- Restraints
- Stringent Environmental and Safety Regulations for Sf6 Circuit Breakers
- Availability of Low-Cost Products by Local Players from Unorganized Sector
- Opportunities
- Increasing Adoption of Smart Grid Technologies to Protect and Control Power Equipment
- Pressing Need to Replace Aging Grid Infrastructure and Build Reliable T&D Networks
- Challenges
- Risk of Cyberattacks on Modern Circuit Breakers
- Trends
- Revenue Shift and New Revenue Pockets for Circuit Breaker Manufacturers
Companies Profiled
- ABB
- Brush Group
- CG Power and Industrial Solutions
- Chint Electrics Co. Ltd.
- Eaton
- Efacec Power Solutions
- ENTEC Electric & Electronic
- Fuji Electric
- Hyundai Electric
- Kirloskar Electric
- LS Electric
- Mitsubishi Electric
- ORECCO
- Ormazabal
- Powell Industries
- SAFVOLT Switchgears
- Schaltbau
- Schneider Electric
- Secheron
- Siemens
- Sriwin Electric
- Tavrida Electric
- TE Connectivity
- Toshiba Corporation
- Yueqing Aiso Electric
- Yueqing Liyond Electric
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Circuit Breaker Market, by Insulation Type
7 Circuit Breaker Market, by Installation
8 Circuit Breaker Market, by End-user
9 Circuit Breaker Market, by Voltage
10 Circuit Breaker Market, by Region
11 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/u896e9
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