Circuit Breaker Market Size, Share, Growth Analysis, By Type (Low voltage, High voltage), By Application (Outdoor, Indoor), By Insulation Type (Vacuum, Oil), By End User (T&D Utilities, Power Generation), By Region - Industry Forecast 2024-2031

Circuit Breaker Market size was valued at USD 5.77 billion in 2021 and is poised to grow from USD 6.06 billion in 2022 to USD 9.1 billion by 2030, at a CAGR of 5.0% during the forecast period (2023-2030).

The circuit breaker market is highly competitive, with several players vying for market share. These companies are focused on developing advanced and innovative products, expanding their reach, and strengthening their distribution networks to gain a competitive edge in the market. Some of the strategies adopted by these companies include mergers and acquisitions, partnerships, collaborations, and product launches. 'Siemens AG', 'ABB Ltd.', 'Schneider Electric SE', 'Mitsubishi Electric Corporation', 'Eaton Corporation plc', 'General Electric Company', 'Toshiba Corporation', 'Fuji Electric Co., Ltd.', 'Hitachi, Ltd.', 'Legrand SA', 'Littelfuse, Inc.', 'Rockwell Automation, Inc.', 'TE Connectivity Ltd.', 'WEG SA', 'Sensata Technologies, Inc.', 'Larsen & Toubro Limited', 'Havells India Limited', 'CHINT Electrics Co., Ltd.', 'NOARK Electric', 'S&C Electric Company'

With the increasing demand for clean energy, the adoption of renewable energy sources such as wind, solar, and hydroelectric power is on the rise. Circuit breakers play a crucial role in the efficient and safe operation of these renewable energy sources, which is driving the demand for circuit breakers in the market.

Increasing demand for smart and digital circuit breakers: With the growing need for energy efficiency and automation in homes, buildings, and industries, there is a rising demand for smart and digital circuit breakers. These circuit breakers can communicate with other devices and systems, allowing for remote monitoring, control, and diagnostics, which improves safety, efficiency, and reliability.

Asia Pacific used the biggest demand for circuit breakers in 2022 due to the building market's sizeable share of 41.42% and forecasted rapid increase at 7.3% CAGR by 2030. China is generally recognized as the world leader when it comes to the transmission and distribution of power. The construction of long-distance transmission lines capable of carrying huge loads and the upkeep of a robust power infrastructure are the government's top priority. The number of wind and solar energy programs in China is expanding and forming quickly. Construction has begun on the Three Gorges on Land wind project, a 22 GW undertaking in the Gansu province. Along with the expansion of renewable energy projects, the number of substation installations will rise. The transaction covers the businesses of low and medium voltage power busbars, protection and metering devices, and low and medium voltage switchgear components and panels of C&S Electric.