Circuit Breakers Market Business Growth and Industry Development by 2030

Significant development of the end-use industries including power, oil & gas, mining, chemicals, pulp & paper, and others and involvement of domestic governments, non-profit organizations, and international financial institutions have increased the growth of the global circuit breakers market. However, greenhouse gas emission from the SF6 circuit breaker hinders the market growth.

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The circuit breakers market size was valued at $9.4 billion in 2020, and is estimated to reach $17.8 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. In addition, involvement of domestic governments, non-profit organizations, and international financial institutions, such as the World Bank in the development of electricity access rate majorly influences the adoption of circuit breaker at the global level. In addition, increase in the consumption of electricity fuels the demand for circuit breakers, thereby propelling the growth of the market.

By voltage, the high segment held the largest share in 2020, accounting for nearly half of the global circuit breakers market, due to applications in commercial, industrial, and utilities sectors. However, the low segment is expected to register the highest CAGR of 6.6% during the forecast period, owing to rise in demand for low voltage circuit breakers from residential and commercial users.

By insulation type, the gas segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for gas circuit breakers from industrial, utilities, and commercial sectors across the globe. In addition, rise in focus towards distributed power infrastructure and the rapid growth of the renewable energy sector are anticipated to drive the growth of the market during the forecast period.

By end user, the residential segment is expected to register the highest CAGR of 6.6% during the forecast period, as residential sector is the largest consumer of circuit breakers. However, the utilities segment is expected to hold the largest share in 2020, contributing to nearly two-fifths of the global circuit breakers market, due to increase in demand for electricity from developing and developed economies.

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By region, the global circuit breakers market across Asia-Pacific, followed by North America, dominated the market in 2020, holding around one-third of the market, due to presence of key market players and huge consumer base in the region. However, the market across Europe is expected to register the highest CAGR of 6.6% during the forecast period, owing to rapid expansion of renewable energy sector, rapid expansion of the renewable energy sector, and increased investment toward upgradation of aged power infrastructure.

The global circuit breakers market analysis covers in-depth information of the major circuit breakers industry participants. The key players operating and profiled in the report include ABB, Ltd., Alstom, Eaton Corporation Plc, Furukawa Group, Kirloskar Electric, Powell Industries, Mitsubishi Electric Corporation, Schneider Electric, Siemens AG, and Toshiba Corporation.

Other players operating in the value chain of the global circuit breakers market are Tavrida, LS Electric, Huayi Electric, Myers Power Products, and others.

KEY FINDINGS OF THE STUDY
• In 2020, the high voltage segment accounted for about 47.2% of the share in the global circuit breakers market, and is expected to maintain its dominance during the forecast period.
• In 2020, the outdoor segment accounted for 61.8% circuit breakers market share in the year 2020, and is anticipated to grow at a rate of 6.3% in terms of revenue, increasing its share in the global circuit breakers market.
• Residential is the fastest-growing end-user segment in the global circuit breakers market and is expected to grow at a CAGR of 6.6% during 2021-2030.
• Europe is expected to grow at the fastest rate, registering a CAGR of 6.6%, during the forecast period.
• In 2020, Asia-Pacific dominated the global circuit breakers market with more than 33.7% of the share, in terms of revenue.

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