Global Circuit Breaker & Fuse Market

Circuit Breaker & Fuse Market Size, Share, Growth Analysis, By Insulation type(Vacuum Circuit Breaker, Air Circuit Breaker, Gas Circuit Breaker, Oil Circuit Breaker), By Voltage(Medium voltage, high voltage), By Installation(Indoor, Outdoor), By End-User(T&D Utilities, Power Generation, Renewables, Railways), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2033 | Region: Global | Published Date: February, 2024
Pages: 248 | Tables: 117 | Figures: 77

Circuit Breaker & Fuse Market Insights

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.

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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).

Circuit Breaker & Fuse Market Top Player’s Company Profiles  'ABB Ltd.', 'Alstom SA', 'Eaton Corporation', 'Siemens AG', 'Schneider Electric SE', 'Mitsubishi Electric Corporation', 'General Electric', 'Toshiba Corporation', 'Honeywell International Inc.', 'Legrand SA', 'Rockwell Automation Inc.', 'Larsen & Toubro Limited', 'TE Connectivity Ltd.', 'Hubbell Incorporated', 'S&C Electric Company', 'Powell Industries Inc.', 'Fuji Electric Co. Ltd.', 'Littelfuse Inc.', 'Mersen SA', 'Entec Electric & Electronic Co. Ltd.'

investments in the power sector in renewable power industry were found to be worth USD 328 billion in 2022. Renewable sources such as photovoltaic and wind generators require a dedicated protection system. Hence, the Circuit Breaker & Fuse is required to connect the power generating stations to switchyards and the electrical grid, making it pivotal for the industry. It is one of the most important and critical components in an electrical system. 

Increasing use of AI and IoT: The market has evolved with the use of AI and IoT and is expected to continue incorporating these technologies in electrical industry. To overcome manual challenges, AI technologies are more likely to appear solution-oriented

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.

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Global Circuit Breaker & Fuse Market

Report ID: SQMIG20D2033

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