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Report ID: SQMIG45N2077
Report ID:
SQMIG45N2077 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|
Tables:
118 |
Figures:
77
Global Circuit Breaker Market size was valued at around 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 rapid growth of infrastructure is resulting in a broad availability of ample electrical energy that is expected to support the rise of the circuit breaker industry. Electrical networks are now a required part of electrical networks in residential, commercial, and industrial structures and organizations with the introduction of circuit breakers. Heavy-load equipment needs its own circuit breaker in order to operate safely and reliably. The use of renewable energy sources, links between power generating stations and switch yards and the electrical grid, and greater investment in power generation are all anticipated to support the growth of the circuit breaker industry.
Additionally, the market is expanding as heavy gear is increasingly installed in businesses to increase productivity and efficiently carry out routine tasks. Additionally, the market is growing as more utilities and power plants install circuit breakers to ensure the safe operation of grids and the delivery of electricity to customers. Additionally, the usage of electric vehicles (EVs) to lessen air pollution from car exhaust and the consumption of fossil fuels is promoting market expansion.
The growth of the circuit breaker industry will be hampered by the regulatory restrictions on greenhouse gas emissions and competition from the current unorganized sector. Many countries have imposed safety limitations and controls on the SF6 circuit breaker since it has been found to generate greenhouse gasses. A rise in rivalry from the unorganized sector of the circuit breaker industry is another important factor anticipated to impede the expansion of the market for circuit breakers.
As more IOT-based circuit breakers are deployed globally, the market potential for the circuit breaker sector is expanding. Circuit breaker market expansion is anticipated to be fueled by Internet of Things-based circuit breaker monitoring and control. Using an online platform for monitoring and managing the operational parameters of a distribution circuit breaker might provide more useful information about the state of the circuit breaker. Circuit breaker devices with IoT integration will help to detect critical issues before they fail, which could lead to increased dependability and significant cost savings. Additionally, it will regularly check on the substation's load and control it; this data will be transmitted via WiFi to the control room.
US Circuit Breaker Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONCircuit 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.
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Report ID: SQMIG45N2077