USD 14.28 billion
Report ID:
SQMIG20D2033 |
Region:
Global |
Published Date: February, 2024
Pages:
248
|Tables:
117
|Figures:
77
Circuit Breaker & Fuse Market size was valued at USD 14.28 billion in 2019 and is poised to grow from USD 15.05 billion in 2023 to USD 22.62 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
A circuit breaker & fuse is designed to protect an electrical circuit from damages caused by excess current from an overload or short circuit. Its primary function to interrupt current flow after a fault is detected is fuelling its demand in the market. An electrical fuse is an electrical safety device, which operates to provide overcurrent protection of an electrical circuit. The future outlook on the circuit breaker and fuse market is anticipated to grow owing to the increase in investments in power infrastructure, expansion of smart grid systems, and the integration of renewables sources along with the growing demand for advanced electrical protection devices.
The market is expected to prosper owing to the increasing need for upgrades for efficient networks and renewable energy connectivity. Transmission outage shifts the electricity around the blockage onto adjacent lines. The total amount invested in the production of renewable energy in 2019 was approximately USD 300 billion. A total of USD 308 billion was discovered to have been invested globally in the power sector's use of renewable energy in 2019. A specialised protective mechanism is quintessential for renewable energy sources like solar and wind power. As a result, in order to link power generation facilities to switchyards and the electrical grid, circuit breakers and fuses are needed. As it protects the power system and controls the supply, its demand will increase during the anticipated period.
The growing concerns over the reliability of renewable power have boosted the market for renewable generation and distribution, in turn, driving the global industry growth.
US Circuit Breaker & Fuse Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 14.28 billion
Largest Segment
Gas circuit breaker
Fastest Growth
Gas circuit breaker
Growth Rate
5.4% CAGR
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Global Circuit Breaker & Fuse market is segmented on the basis of insulation type, voltage, installation, end user, and region. By insulation type, the market is segmented into vacuum circuit breaker, air circuit breaker, gas circuit breaker, and oil circuit breaker. By voltage, the market is segmented into medium voltage and high voltage.
By installation, the market is segmented into indoor and outdoor. By end user, the market is segmented into T&D utilities, power generation, renewable, and railways. By region, the market is segmented into North America, Asia Pacific, Europe, MEA, and Latin America.
Circuit Breaker & Fuse Market Analysis by Insulation Type
The gas circuit breaker segment is expected to lead the insulation segment during the forecast period as it has high dielectric properties and requires less space. Europe will hold the largest share of the gas circuit breaker segment as this region is investing in renewable energy to upgrade their existing products.
Circuit Breaker & Fuse Market Analysis by Installation Type
The outdoor segment is expected to hold the largest share of the installation segment as the demand for installing solar and wind power plants are increasing. Rising number of infrastructure developments due to high rates of urbanization will further boost demand for the outdoor installation segment.
Circuit Breaker & Fuse Market Analysis by Voltage Type
The high voltage segment will hold the largest share of the circuit breaker & fuse market voltage in 2022. The growth of the High Voltage segment is driven by investments in electrical transmission networks to propel the demand for high voltage Circuit Breaker & Fuses.
The market for the High Voltage segment in Asia Pacific is expected to grow at the highest CAGR during the forecast period. With the increasing demand for electricity in residential areas and to provide power supply with high reliability, many utilities are investing in high-voltage Circuit Breaker & Fuses, which is expected to drive the Circuit Breaker & Fuse Market.
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Asia Pacific accounted for the largest share in 2022. China is the fastest-growing market in the region. China is considered the leading country in the world in power transmission & distribution.
The country mostly focuses on developing transmission lines that are capable of high-load transfer over long distances and creating a nationwide reliable power system. There are rapid development and growth of renewable energy projects such as wind and solar in China and other emerging economies.
The Government of China has passed the Renewable Energy Law, that would target 20% of the primary energy consumption from renewable sources by 2022. Subsequently, resulting in increased demand for circuit breaker & fuse market in this region.
North America is also expected to lead the global circuit breaker & fuse market as it has the dominance of key players and the government’s investment in developing novel technologies. This region is also witnessing massive growth in construction industry, thus further boosting the market growth.
Europe will emerge in the global competition due to its aim to replace older version with technologically advanced products. Players in this region are investing in R&D activities to expand and upgrade their product portfolio and cater rising demand for renewable power alternatives.
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Circuit Breaker & Fuse Market Driver
Rising investment in renewable power sector in countries is expected to boost demand
Circuit Breaker & Fuse Market Restraints
The global market is likely to face restrain due to high-cost installation and stringent policies against SF6
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The global Circuit Breaker & Fuse market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing on several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio.
Circuit Breaker & Fuse Market Top Player’s Company Profiles
Circuit Breaker & Fuse Market Recent Developments
Eaton announced a purchase of 50% share of Jiangsu Huineng Electric Co., Ltd. In 2022. The share pertains to its circuit breaker division. This partnership is expected to bring lucrative growth opportunities for the industry players.
The replacement of traditional infrastructure with tech-oriented setup is highly expected.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to global circuit breaker & fuse market analysis report, the global market is witnessing a strong growth during the forecast period owing to rising demand for advanced equipment in electronics, automotive and telecommunication segments. However, strict environmental & safety policies for SF6 Circuit Breaker & Fuses may hamper the growth of market. However, focus on smart cities and aging power infrastructure are two important factors that will drive the growth of the market in the coming years.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 14.28 billion |
Market size value in 2031 | USD 22.62 billion |
Growth Rate | 5.4% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Circuit Breaker & Fuse Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Circuit Breaker & Fuse Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Circuit Breaker & Fuse Market:
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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REQUEST FREE CUSTOMIZATIONCircuit Breaker & Fuse Market size was valued at USD 14.28 billion in 2019 and is poised to grow from USD 15.05 billion in 2023 to USD 22.62 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
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Report ID: SQMIG20D2033