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The circuit breaker market size is estimated to grow at a CAGR of 6.11% between 2023 and 2028. The market size is forecast to increase by USD 3,378.61 million. The growth of the market depends on several factors, such as the increased adoption of renewable energy, the increase in the number of residential and commercial building projects, and the growing investments in electric power systems.
This report extensively covers market segmentation by power rating (high, medium, and low), end-user (commercial, industrial, residential, and utilities), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Circuit Breaker Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There is a significant increase in the number of infrastructural projects related to commercial and residential buildings across the world, due to factors such as population growth and support from government bodies. In addition, some cities are experiencing a higher number of construction projects than others, mainly due to the need to meet the growing needs of people.
For example, seven cities in India, namely Gurugram, Mumbai, Bengaluru, Pune, Chennai, Kolkata, and Hyderabad, have been witnessing a robust increase in the number of residential housing units. Therefore, with the rising number of commercial and residential construction building projects, the demand for electricity is increasing, which is fuelling the demand for power generation as well as transmission and distribution equipment in India. Hence, such factors are driving the market growth during the forecast period.
Smart grids can be referred to as improved grids that communicate with their components for better operability. In addition, these reduce blackouts and enable the efficient use of power. Furthermore, countries such as the US, Germany, Japan, and the European nations have agendas for developing renewable energy resources that bank on smart grids.
Moreover, a smart grid is an integrated network that connects all the assets of a power network, namely generation, transmission, distribution, and consumption. In addition, the main feature of a smart grid is its ability to generate large volumes of data. The vast amount of information generated, coupled with variable power consumption sources, such as automation devices, sensors, and other smart devices, broadens the opportunities for utilities to handle multiple databases and synchronize them. Hence, the increasing adoption of smart grids, especially in the power sector is positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Refurbished and counterfeit products are generally segmented as grey-market products, which are usually sold by illegal, and unauthorized companies. In addition, refurbished products can be referred to as used circuit breakers, fuses, and relays in electrical equipment, including switchgear, which have been untested by electrical equipment manufacturers and are sold as new products in the market.
Moreover, counterfeit products are re-engineered copies of genuine components, which are made to look like and sold as branded products. Thus, these channels are usually not approved by the original manufacturers. Therefore, counterfeit components in electrical equipment pose a threat to market growth as well as to the safety of end-users. Furthermore, as most of these products are untested, they may not operate properly during current overloads or leakage, leading to damaged circuit components, fire hazards, and injury to the workforce. Hence, such factors can hinder the market growth during the forecast period.
The high segment is estimated to witness significant growth during the forecast period. Factors such as the rapid growth in renewable energy adoption globally coupled with a growing increase in demand for high voltage circuit breakers for switching loads in industries, buildings, commercial complexes, and hotels are signficantly contributing to the growth of this segment.
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The high segment was the largest segment and was valued at USD 3,078.21 million in 2018. In addition, this segment interrupts the air between two separable contacts with the aid of magnetic blowout coils. Moreover, high-voltage circuits are used for switching loads in industries, buildings, commercial complexes, and hotels. Such an application will fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on end-user, the segment is classified into commercial, industrial, residential, and utilities. The commercial segment, including office buildings, retail centers, hotels, and other commercial properties, continues to grow across the globe. In addition, the construction and expansion of these facilities require electrical systems and circuit breakers for safety and reliable electrical distribution. Moreover, commercial establishments rely heavily on uninterrupted electrical power to operate lighting, heating, cooling, computers, and other essential equipment. Therefore, circuit breakers help maintain electrical system reliability by preventing disruptions caused by faults. Modern commercial buildings often incorporate advanced technologies, including smart building management systems. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 44% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Some of the main countries that are significantly contributing to the growth of the market in APAC include China, Taiwan, South Korea, and Japan. In addition, a primary factor for the growth of the regional circuit breaker market is the growing demand for electronics in the automotive, aerospace, and electronic and electrical industries from developing countries, such as China and India.
Furthermore, an increase in disposable incomes is expected to increase the demand for automobiles and electronic and electrical devices. Moreover, the significant industrial development in countries such as China, India, South Korea, Indonesia, and Taiwan will witness a high level of automation required in the respective industrial segment which will positively impact the market growth in the region. Hence, such factors drive the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global circuit breaker market witnessed a significant slowdown due to the temporary halt in operations across manufacturing units, including automotive manufacturing units in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers circuit breakers such as SACE Infinitus, Tmax T circuit breakers, and Tmax XT circuit breakers.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
BCH Electric Ltd., Camsco Electric Co. Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, General Electric Co., Larsen and Toubro Ltd., LS ELECTRIC Co. Ltd., Meidensha Corp., Mitsubishi Electric Corp., Myers Power Products Inc., Powell Industries Inc., Schneider Electric SE, Siemens AG, Tavrida Electric GmbH, Toshiba Corp., Zhejiang CHINT Electrics Co. Ltd., TE Connectivity Ltd., Salzer Electronics Ltd., and Hyundai Electric and Energy Systems Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The circuit breaker market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Circuit Breaker Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.11% |
Market Growth 2024-2028 |
USD 3,378.61 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.67 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., BCH Electric Ltd., Camsco Electric Co. Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, General Electric Co., Larsen and Toubro Ltd., LS ELECTRIC Co. Ltd., Meidensha Corp., Mitsubishi Electric Corp., Myers Power Products Inc., Powell Industries Inc., Schneider Electric SE, Siemens AG, Tavrida Electric GmbH, Toshiba Corp., Zhejiang CHINT Electrics Co. Ltd., TE Connectivity Ltd., Salzer Electronics Ltd., and Hyundai Electric and Energy Systems Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Power Rating
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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