The global circuit breaker market is set to attain a value of USD 25.75 billion by 2026, displaying a CAGR of 6.97% during the forecast period. The main driving factor for this is the ever-increasing demand for electricity around the world. According to the International Energy Agency (IEA), in 2018, world electricity demand increased by 4%, double the amount of the overall energy demand. Among nations, China and the US accounted for 70% of the total global demand. Increasing demand and consumption of electricity will lead to a corresponding rise in the demand for “circuit breakers”, since they are essential components in any electrical system. Circuit breakers are basically switching devices, that is, their primary function is to disturb or interrupt the flow of fault or abnormal current. This protects the electrical system from any damage and prevents any potential accidents.
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Some of the prominent companies in the global circuit breaker market include:
- CG Power and Industrial Solutions Limited
- Atom Power, Inc.
- Mitsubishi Electric Corporation
- Salzer Group
- Schneider Electric
- Larsen & Toubro Limited
- Kirloskar Electric Company
- Siemens AG
Key Market Driver – Enormous demand for electricity
Key Market Restraint – High installation and maintenance cost
Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
According to the Fortune Business Insights report, titled “Circuit Breaker Market Size, Share & Industry Analysis, By Voltage (Low Voltage, Medium Voltage, and High Voltage), By End User (Residential, Commercial, Industrial, and Utility), By Installation (Indoor and Outdoor), By Rated Voltage (Upto 500V, 500V-1kV, 1kV-15kV, 15kV-50kV, 50kV-70kV, 70kV-150kV, 150kV-300kV, 300kV-600kV, 600kV-800kV, and Above 800kV), and Regional Forecast, 2019-2026”, the global circuit breaker market value in 2018 was USD 15.09 billion. Additionally, the report also provides a comprehensive analysis of the various factors and trends that will shape the market during the forecast period.
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Rising Focus on Energy Accessibility to Favor Market Growth
Governments in the developing nations of Asia and Africa are aggressively building strong power infrastructure to bring electricity in the homes of the people, especially in rural areas. For example, through its rural cooperative program, Bangladesh has managed to bring electricity to 62% of its rural population. India has successfully electrified 95% of rural households in its poorest states, as reported by the IEA in 2018. Furthermore, international organizations such as the World Bank are providing the required monetary assistance to these countries, further enhancing their capabilities. For instance, the World Bank, through its International Development Agency, is providing USD 375 million to aid the Ethiopia Electrification Program launched in 2017, which aims at last-mile service delivery. Such rapid progress in power infrastructure is expected to create massive sales opportunities for circuit breaker producers, thereby bolstering the global circuit breaker market growth during the forecast period.
Queries Addressed In The Market Report:
- What opportunities are present for the market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2020?
1. By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
2. By Installation Location
- Indoor Circuit Breakers
- Outdoor Circuit Breakers
3. By End User
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Industrial Development to Propel the Market in Asia-Pacific
Among regions, Asia-Pacific is expected to dominate the global circuit breaker market share owing to the fast-paced industrial and manufacturing sector development, especially in China and India. Moreover, increasing infrastructure activities in the region will further enlarge the global circuit breaker market size till 2026. Heightened urbanization will make Africa the most promising regional market for circuit breakers in the coming decade, while oil and gas exploration and refinement activities will fuel the market in the Middle East. North America and Europe are anticipated to make sizeable contributions to the global circuit breaker market revenue in the forecast period.
Development of Innovative Products to Intensify Competition
Key players in the global circuit breaker market are increasingly focusing on creating and launching new and innovative products so as to gain a competitive edge. For example, in April 2019, Hannover-based ABB introduced their solid-state circuit breaker that is designed to enable electrical systems and grids to adapt renewable energy solutions and improve industrial battery storage capacities. Similarly, Schneider Electric upgraded their Masterpact circuit breakers product line with the Masterpact MTZ, which is specifically designed to empower smart devices to cope with Internet of Things (IoT) tools and solutions.
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Key Features of Market Research Report:
- This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Circuit Breaker Market Analysis (USD billion), Insights and Forecast, 2015-2026
5.1. Key Findings/Summary
5.2.Market Analysis, Insights and Forecast – By Voltage
5.3.Market Analysis, Insights and Forecast – By End User
5.4.Market Analysis, Insights and Forecast – By Installation
5.5.Market Analysis, Insights and Forecast – By Rated Voltage
5.6. Circuit Breaker Market Analysis, Insights and Forecast – By Region
5.6.5.Middle East & Africa
6. North America Circuit Breaker Market Analysis (USD billion), Insights and Forecast, 2015-2026
6.1.Key Findings/ Summary
6.2.Market Analysis, Insights and Forecast – By Voltage
6.3. Circuit Breaker Market Analysis, Insights and Forecast – By End User
6.4. Circuit Breaker Market Analysis, Insights and Forecast – By Installation
6.5. Circuit Breaker Market Analysis, Insights and Forecast – By Rated Voltage
6.6. Circuit Breaker Market Analysis, Insights and Forecast – By Country
7. Latin America Circuit Breaker Market Analysis (USD billion), Insights and Forecast, 2015-2026
7.1.Key Findings/ Summary
7.2.Market Analysis, Insights and Forecast – By Voltage
7.2.2. Medium Voltage
7.2.3. High Voltage
Key Industry Developments
- In May 2019, As per the agreement made with Eaton and Schneider Electric, OmniCable is authorised to sell circuit breakers to all electrical distributors in the United States w.e.f. June 2019.
- In February 2019, Schneider Electric, the world renowned company in digital transformation of energy management is recently launched the new generation Masterpact MTZ high power low voltage circuit breaker. It offers multiple benefits of enhanced performance, increased reliability and safety.
- In July 2018, Siemens got a contract of worth $17.5 million to deliver inverters, power and distribution transformers, gas insulated medium voltage switchgear, circuit breakers, monitoring and controlling system for the largest solar power plant of a capacity 258MW in Southeast Asia.
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