Global Circuit Breaker Market

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

Report ID: SQMIG45N2077 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 118 | Figures: 77

Circuit Breaker Market News

  • In April 2024, Schneider Electric launched EcoStruxure Power, a new set of smart circuit breakers that integrate IoT technology for real-time monitoring and predictive maintenance. These circuit breakers are designed to increase energy efficiency and reduce downtime work in engineering and commerce.  
  • In December 2023, ABB launched its advanced SACE Tmax XT circuit breakers, with digital capabilities for remote monitoring and control. The purpose of these circuit breakers is to improve efficiency and ensure high safety standards in electrical systems.  
  • In October 2023, Siemens announced the development of a new environmentally friendly circuit breaker that will use oxygen instead of sulfur hexafluoride (SF6), a potent common greenhouse gas used in high-voltage circuit breakers This innovation Is part of Siemens’ commitment to sustainability and environmental reduction.
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Global Circuit Breaker Market size was valued at around USD 6.05 Billion in 2022 and is expected to rise from USD 6.36 Billion in 2023 to reach a value of USD 9.4 Billion by 2031, at a CAGR of 5.0 % during the forecast period (2024–2031). 

The circuit breaker market is highly competitive, with a mix of global electrical equipment manufacturers, specialty circuit breaker suppliers and local players. The competition is primarily driven by increasing electrical demand, modern outdated power systems and rising concepts in integrating renewable energy. Companies focus on innovation, mergers and acquisitions, and strategic collaboration to remain competitive. 'Siemens AG (Germany) ', 'ABB Ltd. (Switzerland) ', 'Schneider Electric SE (France) ', 'Mitsubishi Electric Corporation (Japan) ', 'Eaton Corporation plc (Ireland) ', 'General Electric Company (US) ', 'Toshiba Corporation (Japan) ', 'Fuji Electric Co., Ltd. (Japan) ', 'Hitachi, Ltd. (Japan) ', 'Legrand SA (France) ', 'Littelfuse, Inc. (US) ', 'Rockwell Automation, Inc. (US) ', 'TE Connectivity Ltd. (Switzerland) ', 'WEG SA (Brazil) ', 'Sensata Technologies, Inc. (US) ', 'Larsen & Toubro Limited (India) ', 'Havells India Limited (India) ', 'CHINT Electrics Co., Ltd. (China) ', 'NOARK Electric (China) ', 'S&C Electric Company (US) '

One of the major drivers of the circuit breaker market is the increasing demand for electricity, especially in emerging economies experiencing rapid industrialization and urbanization. These devices are essential for the stability and safety of the power grid and to prevent overloads and short circuits. Additionally, as power infrastructure matures, especially in developed regions, governments and private companies are investing in the modernization of power systems, further driving the advanced circuit breaker market. 

Advances in Smart Circuit Breakers: A key trend in the circuit breaker market is the development and adoption of intelligent circuit breakers. These devices are equipped with advanced digital technologies, such as sensors, monitoring systems and communication capabilities, enabling real-time feedback to electrical systems. Smart circuit breakers, predictive maintenance, remote control and response to system failures enabling increased performance and reliability of power supply. With the expansion of the Internet of Things (IoT), smart circuit breakers are gaining popularity in the residential and industrial sectors, driving growth. 

North America occupies a dominant position in the global circuit breaker market, owing to well-established electrical infrastructure, high demand for electricity, and large investments in high-voltage power generation. With extensive systems that require reliable circuit breakers to stabilize and protect the grid which is going to drive demand for advanced circuit breakers to upgrade aging power lines, inject renewable electricity into the grid and increase energy efficiency. North America is also at the forefront of technology development, focusing on smart circuit breakers and environmentally friendly solutions to meet stringent environmental regulations. Moreover, the presence of major global circuit breaker manufacturers such as ABB and Eaton contribute to the competitive edge of the region. The North America region in the market continues to evolve with the adoption of digital technologies and smart grid solutions, driving further demand for advanced circuit breaker systems.  

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Global Circuit Breaker Market

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